Why Bitcoin Was Created
After the 2008 economic crash, people started to realize that the world’s financial systems are broken. The US dollar goes down in value every year. The centralized banking systems put people at the mercy of their high fees and antiquated processes. Trust in the systems of the world, be they political or financial, continue to be at an all-time low. When Satoshi Nakomoto released the now infamous Bitcoin whitepaper in October 2008, he proposed a new form of currency that could be decentralized, meaning no one had control over it, no banks or governments. It would be peer-to-peer, meaning anyone could send money quickly and easily without incurring ridiculous fees. It would be anonymous, meaning no one could stick their nose into your personal business. And it would be trustworthy, meaning the ledger created by the blockchain technology that Bitcoin was built on would be secure and without error.
How Bitcoin Works (Video)
Bitcoin Price Increase History
Here is a quick overview of the important price changes for Bitcoin.
- January 2009 – February 2010 : $0
- February 2011 – April 2011 : $1.00
- July 8th 2011 : $31
- April 11th 2013 : $266
- November 2013 : $350 – $1,242
- March 2nd & 3rd 2017 : $1,290
- May 2017 : $2,000
- May – June 2017 : $2,000-$3,200
- August 2017 : $4,400
- September 2017 : $5,000
- October 13th 2017 : $5,600
- October 21st 2017 : $6,180
- November 6th 2017 : $7300
- November 17th – 20th 2017 : $8,300
- November 25th 2017 – $8,700
- November 27th 2017 – $9,700
- November 28th 2017 – $10,000
- November 29th, 2017 – $11,500
- December 5th, 2017 – $12,000
- December 6th, 2017 – $13,000
- December 7th, 2017 – $17,000
- December 8th, 2017 – $18,000
- December 17th, 2017 – $19,000
Current Price of Bitcoin
How To Buy Bitcoin
Here are a few tips for purchasing Bitcoin.
- Bitcoin can be purchased on an online exchange. There are many exchanges, but the largest and most trusted exchange is Coinbase. On Coinbase you can purchase with a credit card or by linking your bank account.
- You do not have to buy a whole Bitcoin, you can buy part of a Bitcoin (a Satoshi). Think of it in the context of a dollar bill, quarters, dimes, nickels and pennies. You can buy half a Bitcoin, .5, or .4, .3, .2,.1 etc. So if the price of one Bitcoin is at $10,000, buying .1 Bitcoin will cost you $1,000 USD.
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