The first units of Bitcoin, the world’s most popular decentralised digital currency, were created by an individual or group of individuals using the pseudonym Satoshi Nakamoto, in 2008, which makes it 14 years old.
“Despite challenges, Bitcoin has continued to thrive and has become an alternative to the centralised financial world. As Bitcoin turns 14 years old, it is worth reflecting on the incredible journey that it has been on thus far and the many innovations that it has inspired. Here’s to hoping that the next 14 years are just as exciting for Bitcoin and the broader cryptocurrency world,” said Rajagopal Menon from WazirX, India’s Most Trusted Bitcoin & Cryptocurrency Exchange.
Bitcoin uses cryptography for security and is not controlled by any government or financial institution. Transactions with bitcoin are recorded on a public ledger called the blockchain, and users can remain anonymous if they choose. The value of bitcoin is determined by supply and demand on exchanges, and it can be bought and sold like other currencies or assets. Some people use bitcoin as a long-term investment, while others buy and sell it as a speculative asset or as a way to make purchases online.
It is important to note that the use of bitcoin carries some risks, including the possibility of price volatility and the potential for fraud or security breaches. As per data from Statista, Bitcoin reached its all-time high with a value of 65,000 USD in November 2021. On its 14th birthday, the coin traded at about 16,700 USD, which is down by three-quarters from its record high. Over the last year, the lowest Bitcoin traded at was in November, for $15,787.53, according to Dow Jones Market Data.
Overall, on Tuesday evening the global cryptocurrency market cap dropped 0.2% to $805.9 billion at 7:14 p.m. EST.