By Cryptonew.org 
Bitcoin is the first cryptocurrency in the world, created in 2009 by an anonymous person or group of people known as Satoshi Nakamoto. Bitcoin operates on blockchain technology, a distributed ledger that records all transactions globally. Known as “digital gold,” Bitcoin differs from traditional currencies because it is not controlled by any government or financial institution.
Total Supply of Bitcoin
The total supply of Bitcoin is capped at 21 million units. This means that only 21 million Bitcoin will ever exist, creating scarcity similar to precious assets like gold. As of August 2024, over 19.4 million Bitcoins have been mined, which accounts for about 92% of the total supply. Bitcoin mining is expected to continue until around the year 2140, when the last Bitcoin will be mined.
Price History of Bitcoin
Bitcoin has undergone several major price fluctuations since its launch:
- 2009-2010: When first created, the value of Bitcoin was nearly zero. In the early years, it was mainly used by tech enthusiasts.
- 2011: Bitcoin first reached the price of 1 USD, marking the beginning of broader community interest.
- 2013: Bitcoin’s price surged to around 1,000 USD by the end of 2013, before undergoing a significant price decline over the following years.
- 2017: Bitcoin reached an all-time high of nearly 20,000 USD in December 2017. This was the first major boom in the crypto market.
- 2020-2021: Bitcoin experienced another price surge, reaching an all-time high of nearly 69,000 USD in November 2021, driven by interest from large financial institutions and broader adoption.
- 2022-2023: The Bitcoin market was affected by global economic factors, causing the price to drop sharply below 20,000 USD by mid-2022, before gradually recovering in 2023.
- 2024: By 2024, Bitcoin’s price hit over 60,000 USD, reflecting the inherent volatility of the crypto market.
Bitcoin’s Role in the Crypto Market
- The First and Most Prominent Cryptocurrency: Bitcoin is the first cryptocurrency and has laid the foundation for the development of the entire crypto market. It serves not only as a medium of exchange but also as a store of value, often referred to as “digital gold.”
- Benchmark for Other Cryptocurrencies: Bitcoin is often considered the standard by which other cryptocurrencies are measured. The price of other cryptocurrencies is frequently influenced by Bitcoin’s volatility, and it is the most traded currency compared to other cryptocurrencies.
- Liquidity and Widespread Acceptance: Bitcoin has the highest liquidity among cryptocurrencies, with the ability to be easily converted into cash or other cryptocurrencies. It is also more widely accepted than other cryptocurrencies, in both online and offline transactions.
- Leader in Technology and Regulation: Bitcoin not only leads in terms of technology but also plays a crucial role in shaping regulatory frameworks related to cryptocurrencies. The development and adoption of Bitcoin have prompted governments and financial institutions to begin considering and adjusting regulations related to cryptocurrencies.
- Risk Hedging Tool: Amid instability in traditional financial markets, Bitcoin is considered by many investors as a risk-hedging tool, similar to gold. It has become an important part of the investment portfolio for many financial institutions and individuals.
Disclaimer: Information from CryptoNew – This article is based on aggregated information for source internet and is intended for reference purposes only. Readers should conduct their own research before making any decisions that could affect themselves or their businesses and should be prepared to take full responsibility for their choices.