Satoshi Nakamoto published the white paper called Bitcoin (BTC) e-cash system, unveiling the efficiency of Bitcoin block chain network.
Satoshi took off on the Bitcoin project August 18th, 2008 when they purchased bitcoin.org
Bitcoin and all cryptocurrencies, would not be possible without block chain technology.Satoshi mined the first block of the BTC network January 3, 2009.
Satoshi embedded the first line of the newspaper "the times" on the first block so as to refer permanently to the economic pre-condition that lead to the technology of Bitcoin.
This first block of 50 bitcoins is now referred to as the "Genesis block".
For the first few months of their exestence, Bitcoin had almost no value. Six month after trading started in April 2010, the value of Bitcoin was less than 14 cents. In May, it was bought and by earlyahsst November, it Rose to 36 cents before attaining equilibrium at around 29cents.
Early Markets
While Bitcoin was still low in price and not yet valuable, it was showing it had real global value. It rose to $1.06 February 2011 before reducing in value to 87 cents.
From earlier April to late May, the cost for a BTC rose from 86 cents to $8.79.
After Gawker published a story about currency's appeal in the online drug dealing community, the price goes more than double, even trippled in a week about $27. The market worth of bitcoins in circulation was nearly $130 million. By September 2011 come around. though the value had reduced back to around $4.77.
In 2011, litecoin appeared, as had other spin-off conceptualizations of BTC, often referred to as altcoin. Litecoin was second in market cap with namecoin and seven others trailing in the distance....
BTC price grew steadily in 2012 and in September of the same year, the BTC foundation was founded to promote bitcoin's development and uptake
Amid federal, criminal, regulatory and software related issues, BTC value constantly rose and crashed. It's price reached $755 an November 19 and it crashed down to $378 the same day.... By November 30, it was all the way up to $1,163 again.
Although that was the begging of another long-term crash that ended with BTC dropping back to $152 by January 2015.
Internet fraudsters took over
Lack of centralized control and anonymity make digital currency a lucrative venture and opportunity for online criminals.
In January 2014, Mt.Gox, the world's largest Bitcoin exchange at that time, collapsed and declared bankruptcy, loosing 850,000 bitcoins, it is likely that the Bitcoin were actually stolen slowly over time, starting in 2011, and resold on various exchanges for cash, until one day Mt.Gox checked their wallets and found they were empty.
When this hack spread outs and some major stakeholders gone bankrupts, crypto traders were advised to use a hardware or software wallets to safely store their currencies.
Bitcoin recovers
Bitcoin price rose steadily year over year, going from $434 in January 2016 to $998 in January 2017.
In July 2017, a software upgrade to BTC was approved, intending to enhance the lightening network as well as prove stability.
Few days after the upgrade was implimented, in August, BTC was trading at around $2,700, and by the end of the year, Bitcoin reach the all time high of just under $20,000.
Simultaneously at that time, a new block chain called Ethereum was noised abroad in the cryptocurrency sphere and was the number of two currency on the market, generating over $200,000 different projects and still counting....
Interestingly, all of them use the Ethereum block chain. Though all these projects have their own cryptocurrencies with different purpose and goals which are quite and often different from BTC's.
Then cryptocurrency world continues to expand and grow in market cap as there now also other block chains trying to compete with Ethereum, such as cardano or Tezos.
Actual recovery
Bitcoin was not able to sustain all it's all-time, and Ethereum, which reached it's own all-time high in January 2018 at around $1,400 was also not able to sustain.
Security and financial regulations concerns due to continued exchange hacks contributed to the decline and by the end of 2018, Bitcoin had dropped down to around $3,700.
Since the end of 2018, BTC along with most other cryptocurrencies, Ethereum not excluded have rebounded in the present.
As the market becomes more equilibria with increased knowledge, and with the implication of concepts such as stablecoins and decentralized finance, it is easy to be happy about investment and technological potential, weather Bitcoin or another block chain projects you might be interested in....
Conclusion
"Ten thousand Bitcoin for two large pizzas"
This is considered the first real world Bitcoin transaction in history. Famously known as "Bitcoin pizza day", May 22, 2010 was the first time Bitcoin, which is now valued at about $12,000 per piece was used to purchase something tangible.
To get these two pizzas, the bitcoins were sent to a volunteer in England, who made a transatlantic phone call and paid for the $30 delivery of the pizza to a man in Florida.
Also read on:
History of cryptocurrency
History of Ethereum
Binance BNB
Labels: Cryptocurrency
