Home / Bitcoin / How did Bitcoin perform in 2018?

How did Bitcoin perform in 2018?

Bitcoin BTC – the cryptocurrency that started it all – was released in 2009 as open-source software by a person or group of people using the name Satoshi Nakamoto. The idea was to create a peer-to-peer electronic currency that was not based on any central or intermediary authority to validate the exchange of money.

Bitcoin transfer it is instead verified through a distributed consent system called mining and the confirmed transactions are listed on the Bitcoin blockchain – essentially a shared public ledger.

The entire transaction process makes Bitcoin a pseudonymous currency that guarantees a certain level of privacy – if done carefully. This meant that some people who abandoned themselves to illegal activities found attractive Bitcoin; in turn, raising the eyebrows of regulators around the world.

Over the years, Bitcoin has been sacked by many prominent leaders and organizations including the Bank of International Settlements (BIS), Warren Buffet, Bill Gates and Jamie Dimon.

It has been called "fraud", "ponzi scheme", "terrorist money" and "a speculative bubble".

Popular digital media – including Facebook, Google, Twitter, Snapchat, LinkedIn, MailChimp and Bing – have imposed restrictions on their advertisements on their platforms. The governments of different countries have issued general bans on everything related to Bitcoin and cryptocurrencies.

According to a tracking website, Bitcoin has been declared dead 336 times so far.

Yet, through all this, Bitcoin has survived and is gathering more attention than ever before.

Not all the concerns raised on Bitcoin come from ignorance or fear. The cryptocurrency continues to cede to high transaction fees, slow speed, scalability problems and the alleged centralization of power in the hands of a few miners.

Since then a series of cryptocurrencies and blockchain networks have emerged, which claim to improve on Bitcoin, but in terms of market adoption, none has managed to approach the pinnacle of virtual currency.

Review of BTC / USD performance

The year 2017 saw the BTCs gain historical gains, as it brought the "cryptographic boom" from the front. BTC opened 2017 at $ 963 and closed the year at $ 12.897, marking an increase of more than 1200% of the market price. The year 2018 has seen an inversion of this trend.