Bitcoin (BTC), the first cryptocurrency ever created, is often referred to as "digital gold" due to its high market capitalization. For anyone serious about cryptocurrency investment, Bitcoin remains a foundational asset to hold.
As of November 2024, Bitcoin's all-time high was recorded on November 22, reaching approximately ¥15,431,554 (via bitFlyer). But how did Bitcoin evolve from being virtually worthless to a globally recognized asset? Understanding its price history and key milestones can help investors make informed decisions.
What Is Bitcoin (BTC)?
Bitcoin is a decentralized cryptocurrency introduced in 2008 by Satoshi Nakamoto, a pseudonymous individual (or group) who published the groundbreaking whitepaper:
"Bitcoin: A Peer-to-Peer Electronic Cash System."
Key innovations of Bitcoin include:
✅ Decentralization – No central authority controls transactions.
✅ Peer-to-peer transactions – Users exchange value directly without intermediaries.
✅ Lower transaction costs – Enables micro-payments and new business models.
How Bitcoin Changed Finance and Beyond
Bitcoin's success popularized blockchain technology, influencing sectors beyond finance:
- Smart Contracts – Ethereum (ETH) expanded Bitcoin’s utility with programmable agreements.
- Web3 Ecosystem – Enabled decentralized apps (DApps), NFTs, and DeFi platforms.
👉 Discover Satoshi Nakamoto’s mysterious identity and legacy
Bitcoin vs. Electronic Money: Key Differences
| Feature | Bitcoin (BTC) | Electronic Money (e.g., PayPal) |
|------------------|-----------------------------------|--------------------------------|
| Issuer | Decentralized network | Centralized entity (e.g., bank)|
| Price Volatility | High (market-driven) | Stable (pegged to fiat) |
| Global Use | Borderless transactions | Regionally restricted |
Bitcoin’s Unique Traits:
- First cryptocurrency – Launched in 2009.
- Blockchain-based – Transparent, immutable ledger.
- Fixed supply – Capped at 21 million BTC.
Bitcoin’s Price History: 2008–2024
Key Milestones
| Year | Event | Price Impact |
|-------|----------------------------------------|--------------------------------|
| 2008 | Satoshi Nakamoto’s whitepaper released | Conceptual groundwork laid. |
| 2009 | Genesis Block mined; BTC launched | 1 BTC = ~¥0.06 (electricity cost-based) |
| 2010 | First commercial transaction (Pizza Day) | 10,000 BTC for 2 pizzas (now worth ~¥157B!) |
| 2013 | Cyprus crisis boosts BTC adoption | Surged to ~¥120,000 |
| 2017 | BTC Cash fork; BTC hits ¥2M | Bubble peaks, then correction |
| 2020 | PayPal integrates BTC | New ATH: ~¥3M |
| 2024 | Spot BTC ETFs approved (SEC) | Price surpasses ¥15M |
👉 How Bitcoin ETFs are reshaping institutional investment
When Does Bitcoin’s Price Fluctuate Most?
- Adoption Spikes – e.g., Tesla/PayPal integrations (2020–2021).
- Media Coverage – Positive news vs. hack scandals (e.g., Mt. Gox).
- Halving Events – Supply cuts every 4 years (next: 2028).
- Fiat Crises – Investors flock to BTC during inflation (e.g., 2023 SVB collapse).
FAQ
Q: How many Bitcoins are left to mine?
A: ~1.8 million BTC (as of 2024), with the last coin expected by 2140.
Q: Is Bitcoin legal?
A: Yes, in most countries. Some, like El Salvador, even accept it as legal tender.
Q: Can Bitcoin be hacked?
A: Bitcoin’s blockchain is secure, but exchanges remain vulnerable (e.g., Mt. Gox).
Grow Your Bitcoin Holdings with Lending
Earn passive income by lending your BTC through trusted platforms like BitLending:
- Annual yield: Up to 8% interest.
- Supported assets: ETH, XRP, stablecoins (USDT, USDC).
Diversify your crypto portfolio while minimizing volatility risks!
🚀 Ready to dive deeper? Explore Bitcoin’s future potential with OKX’s expert insights.
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