The origin and concept
The bitcoin protocol was found in 2008 by Satoshi Nakamoto. The idea was later picked up in 2009. The protocol described the possibility to create a virtual economy which would be shared among peers. The concept was both unique and full of promise. It was also the first prototype of what a blockchain based network could create. It caught immediate attention and people were eager to join.
This system allows the currency to flow online, on networks without any authority approvals or permissions. It is a decentralized network. Unlike banks, the process to buy bitcoin and to invest in it is a relatively easier one.
How To Determine The Value:
Like all currencies, cryptocurrencies start with no perceived value. The value is generated by the people on the network. The people together build the demand of the currency. The people on the network get different rights, the types of people vary. These include three main categories:
- Developers
- Miners
- Traders
The value is greatly determined by the number of people willing and able to buy the product at a particular price. Then, it depends on how well is the currency developed. Bitcoin is actively seeking better technologies and reinforcements. Because the lookout for updates does not stop, the network keeps getting stronger and better. Adding more and more infrastructure and therefore value to the currency.
How big is Bitcoin?
According to the bitcoin, website their blockchain ledger is 161.1 GB’s of data as of July 2018.
The Last Bitcoin:
The 21 millionth coin will be the last bitcoin if rules and the agreement remain intact and uncontested; as it is always open to voting. Based on assumptions and sheer speculation the 21 millionth coin is likely to fall in the year 2140. This year the hype and popularity of bitcoin will cross all limits. It will be breaking the internet. It will be a household name and the youngest of younger people will be interested and keeping tabs on it.
The hype and the sense of emergency cocooned around the last bitcoin along with a skyrocketing demand will inflate the price too much. The limited supply and the risen price will add to the bitcoin as a brand. The market clear eventually and the price will stabilize. The transactions may still happen at a high frequency, or even higher than ever before.
As of April 2018, 17 million bitcoins had been mined. Only 4 million are left until the last one.
