Digging into The Detailed History of Bitcoin

Picture of Joshua White
Joshua White
Digging into The Detailed History of Bitcoin

It was for the first time in history that in 2009 a currency was developed which could exist and operate without the intervention of any central authority like a bank or government. Bitcoin emerged as the first-ever cryptocurrency, an all-new form of the currency system, which introduced the concept of digital assets to the world. It was integrated with a unique technology where it revealed how cryptography could into operational control of a digital currency. Although Satoshi Nakamoto, the craftsperson behind Bitcoin designed it primarily as a medium of exchange, today it is quite often compared to gold, owing to its potential value as an asset. The first ever Bitcoin launched in the market was encrypted in the ‘genesis block’ which revealed its cryptographic encryption, about blockchain network, and much more, which was all new to the world. However, over a decade and a few years, Bitcoin exhibited rapid growth and developed in the global market. And Read more difference between Real Bitcoin or Bitcoin EFTs.

The Beginning of Bitcoin

Many people and cryptocurrency analysts associate the origin of Bitcoin with a tumultuous and chaotic financial period in the United States. From 2007 to 2009, the country experienced a significant financial crisis, which resulted in widespread distrust of banks and governments.

Finally in 2009, under the pseudonym, Satoshi Nakamoto introduced Bitcoin. However, earlier in 2008, the whitepaper for Bitcoin was already released in the global market where the blockchain network, the concept of the ledger, immutable encryption of data, and decentralized operation of the digital currency were all explained in detail. Even though Bitcoin had no prior forefather for reference to the global market, yet soon enough it worked for itself to build a market for itself.

After the official introduction and launch of the Bitcoin blockchain, with the genesis block, on Jan. 3, 2009, it took several months to bag in popularity. After seven to eight months, almost 1.1 million Bitcoins were reported to have been mined. However, the value of those early mined BTC was negligible in today’s date value of around $22 billion if not more. Bitcoin was a new interest for many, who essentially found the design, operations, and decentralized operation enthusiastically intriguing.

However, until 2010, Bitcoin was simply an asset and not used for real transaction purposes. Finally, on May 22, 2010, the first transaction of 10,000 BTC for 2 Papa John’s pizzas priced at $25 was made by a man in Florida. It is hard to imagine that a single BTC was worth only one-fourth of a cent in the beginning. However, since then, Bitcoin has grown in value and established a legacy for itself, reaching an all-time high of $60,000. It is worth noting that the Bitcoin community celebrates May 22 as “Pizza Day.”

Cryptocurrency Market

The year 2010 was a pivotal moment in the history of the Bitcoin market’s growth. It was during this year that Mt. Gox, the first exchange for Bitcoin transactions, was designed and launched. Mt. Gox quickly became the largest Bitcoin exchange, handling approximately 70% of all Bitcoin transactions worldwide. Its emergence represented a significant milestone in the evolution of the cryptocurrency industry, and its impact was felt for many years to come.

In a quick period that is from 2011 to 2013, Bitcoin came into a parallel line with the US dollar. Litecoin, XRP (Ripple), and a few more cryptocurrencies made an introduction in the market this same year, bringing in a competitive market, however, Bitcoin headed the list.

The Mt.Gox Crisis

One of the greatest disasters in the history of Bitcoin was marked in 2011 when Bitcoin was gaining momentum in market value and at the same time Mt.Gox got hacked. It was the first time it was hacked with 2,000 BTC being stolen. The value of the total Bitcoin stolen was around $30,000 at that time. Later in 2014, when 850,000BTC were stolen from Mt. Gox. It was a major slash-off for it, however, the demand and growth of BTC once again proved a global platform.

Investment scopes with Bitcoin today have reached new heights, with global financial icons and business whales having BTC in their investment portfolio. Similarly, Yuan Pay Group also reflects the immense prospects of Yuan investment as well which is in an ever-increasing phase right now. So, if you have not yet stepped into the new age investment zone, plan for it now.