When the concept of the Bitcoin was still in its infancy in 2007, who would have thought that the unassuming cryptocurrency would become known around the globe. The digital currency remains a very risky product with great price fluctuations; however, its value and potential has grown dramatically. During the year of 2013, Bitcoin’s value increased from US$20 (~RM 65) to over US$ 1,000 (~RM 3,295). Bitcoin is slowly gaining acceptance in mainstream commerce as a valid tender. Some companies have begun accepting payments in Bitcoin include example OverStock.com and Virgin Galactic.
A visual history of Bitcoin
For someone who has only recently been introduced to Bitcoins or cryptocurrencies, the concept can be a little daunting because of the technical jargon.
Rob Lons is one such person who was new to this idea. He only learned about Bitcoin in early 2013 but what he read and saw quickly captivated him. He tried to learn more about Bitcoin but didn’t find any central hubs which had a narrative on the virtual currency. So he created one of his own. A few months of hard work, cutting and collating data, and he had created a timeline with 150 entries on the history of Bitcoin.
Whether you’re making transactions in Bitcoin or you’re just learning about it, the timeline is filled with interesting tidbits. For example, on 22 May, 2010, someone purchased a Pizza using 10,000 Bitcoins. As of today, that number of Bitcoins would equal US$ 6,267,300 (~RM 20.7 million)! That’s one lucky Pizza joint!
A price chart of Bitcoin from 1 Jan 2013 to 23 Feb 2014
In case you’re curious about the price of Bitcoin, below is a chart. On 1 Jan 2013, the price of Bitcoin equalled US$13.28 (~RM 43.75) on the Coinbase xchnage. On 23 Feb 2014, a Bitcoin equalled US$ 623.06 (~RM 2,052.67).
Some recent and significant news related to Bitcoin has been the crashes associated with the Mt. Gox bitcoin exchange. As of 23 February 2014, the price of Bitcoin on the Mt Gox exchange is less than half of the price on Coinbase’s exchange. This discrepancy and looming shadow has raised raised concerns among some people
What are you thoughts about Bitcoin? Post in the comments below.
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