March 2014 – Bitcoin is almost 5 years old, and it is getting so much attention. The opinions are divided, some people think that it’s one of the best revolutions in technology, others the biggest bubble in history. The prices are going up and down, due to many facts as you can see for yourself in the first part of the article about Bitcoin. So let’s continue and see how Bitcoin Is going to develop.
In the beginning of 2014 the price has dropped rapidly due to some restrictions in China on Bitcoin and closing one of the largest Bitcoin Exchanges Mt. Gox. The price goes up and down from some 400$ to 600$ and 700$.
July 18– DELL start accepting Bitcoin. Founder Michael Dell announces that dell.com starts to accept Bitcoins, and it becomes the biggest company to accept Bitcoin. Many of the leading major online retailers follow up as well, and start to accept Bitcoin as well.
December 11 – Microsoft starts to accept Bitcoin for from US customers for apps, games and other digital content.
December 19 – Charlie Shrem the CEO of the Bitcoin exchange BitInstant is sentenced to 2 years in prison for his role in laundering money for users of the ‘Silk Road’an online market place. The price of the Bitcoin drops very low: 313$ per Bitcoin.
2015 – Bitcoin doesn’t have a great start. The price is 275$.
January 4– Bitstamp exchange is hacked. Hackers managed to steal 18.866 Bitcoins from Bitstamp’s operational how wallet, which is around 5.2 million dollars. Bitstamp immediately shuts doen the operations for 8 days to rebuild it’s trading platform.
June 3– New York state releases the BitLicense. New York state released a set of customized rules, meant to regulate Bitcoin and the Digital Currency businesses that serve Bitcoin customers in the state of New York. These are the first regulations on Digital Currencies. According to these regulations digital companies that are serving NY customers must apply for a BitLicense which was 5000$, provide fingerprints of the employees for the FBI, written approval of all new business activities and a few more. New York based customers were banned by many exchanges such as Bitfinex, Kraken, Bitquick and ShapeShift. The price of the Bitcoin is 226$.
August 01– Mark Karpeles the CEO of the failed exchange Mt.Goxwas arrested in Japan. It is thought that Mt. Gox has stolen over 744.400 Bitcoins.
August 15-Bitcoin XT Fork is released. Bitcoin core developers Mike Hearn and Gavin Andresen released a separate version of the Bitcoin Software called Bitcoin XT. This raise controversy among the Bitcoindevelopment community.
October 22– The European Union declares that there is no subject to add VAT (Value Added Tax)into the cryptocurrencies. The value of the Bitcoin is 273 $.
October 31 -Bitcoin is on the front page of the world popular magazine “The Economist”. They wrote an article on Bitcoin “The trust Machine” and the article focused on Blockchain Technology and also promoting that the banks and the government institutions can implement this new technology. The value of the Bitcoin is 323$.
2016 –Bitcoin has a good start. The price is something more that 400$. It is steady and major drops are not recorded since 2014. Still low compared to the 1242$ at the end of 2014.
January 14– Mike Hearns and ex Google developer who was heavily involved in the Bitcoin community and projects in the early days, declares that he doesn’t want to have anything with Bitcoin and that Bitcoin has failed. Due to this statement in 24 hours the price dropped more than 50$. Bitcoin value at the moment is 431$. People in the Bitcoin community accused him to purposely attacking Bitcoin in order to promote his new project R3 CEV, that is focused on using Blockchain technology to improve the operations of the of the global banking industry
February 21– Influential members of the Bitcoin community had a meeting in Hong Kong to discuss a development plan and timeline scaling for Bitcoin. They have proposed making a Hard Fork in the Bitcoin protocol that will increase the block size limits between 2MB and 4MB.
July 9 -Bitcoin value: $652
For the second time in Bitcoin’s history the block reward was decreased at 12.5 Bitcoin’s pre mined block. The block reward for the number of newly created Bitcoin’s will end in the year of 2140. The next halving block is expected to be in July 2020.
August 2– Bitfinex the largest Bitcoin exchange by volume was hacked. Bitfinex announced that 119.756 Bitcoins of customers had been stolen, which was roughly to $72 million. The price of Bitcoin dropped nearly 20% or 480$ per Bitcoin.
By the end of 2016Bitcoin price in continuing to go up. There are no major drops by the end of 2016.
2017 This is the year of the Bitcoin. In 2017 Bitcoin will Skyrocket its price. Let us see how the things are turning positive for Bitcoin.
January 3– Bitcoin price is 1020$. For the first time in 3 years Bitcoin price is this high.
April 1– Japan declares Bitcoin as legal tender. The value of Bitcoin is 1085$. Japan recognizes Bitcoin as a legal payment method, due to months of debates.
August 1st – Bitcoin splits into Bitcoin (BTC) and Bitcoin Cash (BCH). After years of debating the Bitcoin code splits in two differnet directions. The first is supporting the optimization of Bitcoin Blocks through Segwit, while the second one supports bigger blocks up to 8MB. Therefore this bigger blocks are called BitcoinCash(BCH). This effectively doubled the holding of the people who owned Bitcoin. Example: If you had 10 Bitcoins before August 1st you would have 10 Bitcoins and 10 Bitcoin Cash. The price of the Bitcoin is 2787$. The following months you will see an enormous raise in the price of the Bitcoin.
September 3– China bans companies from raising money through ICO’s. The Bitcoin price has almost doubled in a month 4668$. They have defined that the initial coin offerings (ICOs) as an unauthorized fundraising tool that involves scams. The price 10 days later dropped at 4223$.
September 12– the head of JP Morgan Jamie Dimon calls Bitcoin as fraud. He also said that he would fire any employees trading Bitcoin. At an investor conference in New York he said that Bitcoin will eventually blow up. ‘’It’s a fraud’’ and ‘’worse than tulip bulbs’’. The price of the Bitcoin was 4166$, and after 10 days it dropeed to 3807$.
October 13th – Bitcoin price breaks new record. 5000$ per Bitcoin. This is the highest record so far in Bitcoin history, with all the speculations, regulations, bans of exchanges, Bitcoin finds it’s way up.
October 31-CME( Chicago Mercantile Exchange & Chicago Board of Trade) announced that it plans to introduce trading in Bitcoin futures by the end of the year, only a month later to dismiss such a plan. The price of Bitcoin is 6121$ and as a result of the announcement Bitcoin price from 6400$ hit a high of 6600$ in a few hours. It’s market cap hit’s $110 billion.
November 28-Bitcoin breaks another record. 10.000$ per Bitcoin.
December 18– Bitcoin price all time high: 19498$ per Bitcoin. This is a new record in all Bitcoin history.
December 28– South Korea threatens to shut down all cryptocurrencies exchanges. Bitcoin price dropped as South Korea announced more measures to regulate Bitcoin trading.
2018 – The start for Bitcoin is not so good. The price keeps dropping and dropping. A lot of the countries like Indonesia, India, China, US, Canada and many more are talking about shutting exchanges and putting more regulations into place. After being 19498$ on 18th of December to drop to 6456$ on 6 February. However, with all the regulations, speculations, and everything that has been going on around the years, Bitcoin is still staying strong. Last update 26 February and this is the day when I am writing this post Bitcoin price is 10.263$. So will the price keep going up this year? I believe it will. But let’s wait and see. As you see from the history chart, the price did not explode for 3 years. For 3 years it was going up and down roughly from 250$ to 700$. Last year in just a 4 months the price went from 2787$ ti all the time record high 19498$. In addition, just two months after that to drop to 6456$.
Is this all on purpose, for some people to cash out more money?
Is the Bitcoin price going to have a new record this year?
I leave it up to you to decide. Please like, comment, share.
All of the informations are borrowed from:Wikipedia, 99 Bitcoins, Coindesk, Reddit, Bitcoin magazine.
Thank you for reading
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