Bitcoin has ran into its fair share of judgement and hate, if it’s from people accusing the blockchain of harming the earth, or countries banning them, we will take a look at Bitcoin’s run-ins and how it has gone through minor setbacks, and major comebacks.
A History Lesson
All of us are familiar with the powerful force that is beginning to stir debates and new eyes on the future of Money. Satoshi Nakamoto (an unknown individual or group) invented the cryptocurrency. The currency began use in 2009 when it’s implementation was released as open-source software. The creation of Bitcoin is a reward for the mining process. Bitcoin’s trading history is among the most volatile. The cryptocurrency’s very first big price increase occurred in 2010 when the value of a single bitcoin jumped from just a fraction of a penny to $0.08. The same coin has a current value of $54k. It was an unexpected price increase that many didn’t see coming.
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The Up’s And Downs, The Good And The Bad
BTC has faced many ups and downs in years, on top of bans and many tiny setbacks – but still the blockchain has risen. Bitcoin caught a huge break in 2017, when BTC caught mainstream attention; many developments and media outlets have had some sort of impact on price. Elon Musk and Jack Dorsey are two examples of people who have succeeded in getting both good and bad press about these coins.
Prices have also been affected by factors such as Bitcoin halves, which are events in which there is a decline in Bitcoin supply due to an algorithmic change. Nearly 300% has been seen in the price of Bitcoin after the May 2020 halving. Prior halving events of 2012 and 2016 had significantly higher price gains, with 600% and 8,000% respectively. Among many factors, the halving in the reward given to miners that also doubles the asset’s stock-to-flow ratio seems to have a significant effect on Bitcoin’s price and that is important to know.
Numerous countries have tried to ban or banned the mining of crypto coins, as this creates a harmful carbon footprint that impacts the environment. China has often taken the stance that crypto mining is an “extremely harmful” industry that jeopardizes China’s pursuit of carbon neutrality, as stated by Meng Wei, a spokesperson for China’s macroeconomic agency, the National Development and Reform Commission. El Salvador and New York also prioritize cryptocurrency.
It is a constant battle. The outcome of this fight will be decided in the future. Only time will determine if Bitcoin will experience another crash, or even rise.
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