The story of BitcoinDue to the financial crisis of 2008, thousands of companies and millions of people all over the world went bankrupt and the whole financial system was on the verge of a collapse. In the midst of the financial crisis, the first cryptocurrency BITCOIN arose as a phoenix from the ashes and its quick success challenged the financial system. Cryptocurrency is an extremely safe digital currency, which is produced, based on mathematical principles. Cryptocurrency can very simply and cheaply be transferred all over the world via Internet. This does not require any assistance from either the banks or governmental institutions.
This means that in a situation where the national banks’ trust melted like a spring snow, many people decided to change their money into cryptocurrency, which is not bound to any state or bank and thus is not a subject to their negative impacts. In October of 2009, ’’Liberty Standard’’ revealed for the first time the value of a bitcoin, which was then 1309 bitcoins for 1 dollar. Four years later, the value of only one bitcoin was 1242 dollars, this is 1.6 million times more. Thanks to this, one Norwegian lad was able to make a fortune of 886 000 US dollars from only 27 dollars.
Who was smart enough to bet on the rise of bitcoin’s value, made a huge profit, this also includes the likes of Bill Gates and Richard Branson. Much more important than the increase of somebody’s assets, is that bitcoin has as a cryptocurrency, survived, and deserves it’s spot under the sun. Transfers with bitcoin can be made all over the world. The only requirements are: access to the internet and being Bitcoin’s client.