As American poet, Maya Angelou said “The more you know of your history the more liberated you are” – Similarly, knowing the history of bitcoin makes your crypto-knowledge stronger and liberate you with all possible doubts.
2008 – A lot has happened since the creator of Bitcoin penned down what bitcoin is/going to be about – so far, its value has gone up from zero to $19000 and from close of $20K to $9000 mark as of today. On October 31, 2008, Satoshi Nakamoto, the pseudonymous person/group behind Bitcoin published the whitepaper of Bitcoin. The whitepaper didn’t just give birth to Bitcoin but also introduced Blockchain technology to the world.
The Bitcoin Whitepaper was entitled “Bitcoin: A Peer-to-Peer Electronic Cash System”, elaborating Satoshi Nakamoto’s vision to revolutionizing the monetary system with a digital currency called Bitcoin. As other cryptocurrencies emerged later days, Bitcoin back then was the only currency and is known as the first cryptocurrency in the history of digital currency.
With Bitcoin, the growth of Blockchain Technology also emerged. This technology or suite of technologies is a public ledger that underpins the digital currency. However, this trend of technology is now transforming almost every industry besides the monetary system.
2009 – The domain “Bitcoin.org” was registered on August 18, 2008, but the information about who and where the domain was registered is still out of sight. However, the first block was mined on the bitcoin network on January 3, 2009. Reportedly, the first bitcoin transactions were created on January 12, 2009, when Satoshi Nakamoto gave 10 bitcoins to a developer, Half Finey who began running bitcoin code – that was the first-ever debut to decentralized technology. In 2009 alone, the first-ever Bitcoin to fiat exchange, Liberty Standard Exchange was established in October.
Wait., there is a lot, actually.
2010 – Every year, bitcoiners around the world celebrate Bitcoin Pizza day on May 22 but do you when was this tradition began?
It was on May 22, 2010, when a computer programmer Laszlo Hanyecz agreed to pay 10,000 Bitcoins for two Papa
John’s pizzas – and the day then became part of folklore. This transaction marked the first every real use-case of Bitcoin on top of blockchain technology, the distributed ledger technology.
Later on November 27, 2010, the world’s first mining pool was launched, known as “SlushPool”.
2011 – As Bitcoin started gearing up in a financial world, other alternative coins began emerging in 2011 – Litecoin, Swiftcoin, Namecoin to name a few. Nevertheless, in the year 2011 Bitcoin’s name made the headlines on top publications and during that time, the price of bitcoin began soaring in double-digit.
2012 – Following the hacks of exchange like Mt.Gox crypto exchange, a new and the regulated crypto exchange, Coinbase was launched in June 2012 which at present is “one of the largest crypto exchange in terms of volume”. It was the same year when Ripple, the San Francisco based payment firm came into existence”. It is also the parent company behind XRP, the third-largest cryptocurrency by market capitalization.
2013 – 2019 – Different countries across the world including the world’s second-largest populated country, India started checking out Bitcoin in the year 2013. It was the same year when regulatory bodies were gradually scrutinizing the crypto industry and started issuing the caution notice against risks involved in engaging with fake schemes related to digital currencies.
Year by year, new cryptocurrencies and other supported market players established. Notably, in the year 2017, Bitcoin topped over $19000, a figure very close to $20000 and busted drastically at the end of 2017 and the dark shadow of this low value remained for the rest of 2018. Moreover, 2017 was the same year when ICO (initial coin offering) projects went crazily viral – while few projects delivered the actual promised product to the market others turned out to be fake, raising million dollars from the public via fake token sale.
Today, crypto enthusiasts assume the market is matured with the investors aware of both sides of the market behavior – boom and the bust. As of today, crypto market counts pretty good and trusted trading platforms such as Binance, Kraken, Coinbase and leading alternative currencies such as Ethereum, XRP, Bitcoin Cash, Tether, Litecoin, Binance Coin, EOS, Bitcoin SV, TRON – other players contributing the crypto industry are crypto wallet, custodial solutions, companies offering authentication services, Defi (Decentralised finance), Dapps and other protocols.
At the time of writing this, Bitcoin sits at $9154 against USD which saw a brief decline of 1.07 percent within the past 24Hrs. Moreover, the current market capitalization of Bitcoin counts at $164,989,655,101.
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