When the first few transactions were made and a “proof of concept” was made available to the general public did the actual users of Bitcoin start pouring in, mainly used for trading on the black markets – the most famous example being “Silk Route” that only accepted Bitcoin or btc, as a currency of exchange for 30 months after its inception.
The increase in bitcoin trading:
The Chinese government was the first one to completely ban Bitcoin, a move that began in late 2017 and was fully acted out in early 2018. Due to the ever sky rocketing value of the currency and itreaching an all-time high of $19,783.06 on 17th December 2017, the government decided the currency wasn’t suitable to be used as a currency of exchange. Ever since, the value of the currency has been a 4-5 digit figure, with massive fluctuations seen every now and then depending on how the currency performs in the market.
Today, Bitcoin is still widely used by institutions globally. However its popularity mainly remains limited to general knowledge amongst people over actual everyday market usage due to its exuberantly high prices and equally significant fluctuations.
Bitcoin in its initial years was an affordable unit of exchange, going for less than a dollar per unit. However in the months that followed in the early months of the following decade, the value of the currency began rising substantially, and was soon going for 2 even 3 digit numbers.