Bitcoin was the talk of the town when the price of the cryptocurrency surged to $19,783 in 2017. But then the bitcoin bubble burst and the crypto's price promptly fell.
On Wednesday, Feb. 12, bitcoin hit $10,489.78, the highest price it has logged since Sept. 2019. The price rise has been attributed to concerns surrounding coronavirus and global economic stability. Traditionally, bitcoin rises in times of uncertainty or turmoil, similar to gold.
2020 has been a good year so far for the crypto, with bitcoin up more than 44% from the start of the year.
Bitcoin came into the scene in 2007 when the developer Satoshi Nakamoto invented it. However, no one knows who Satoshi Nakomoto is.
The first real-world transaction using bitcoin took place in 2010 when programmer Laszlo Hanyecz offered to pay 10,000 bitcoins for a pizza, around $25 USD.
Watch the brief timeline of bitcoin in the video above to learn more.
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