Bitcoin is the largest of all the cryptocurrencies today. Abbreviated as “BTC” it was the first one to introduce the blockchain technology which created the cryptocurrency trend and since then has been the inspiration of several altcoins. The post below offers a brief on the history of Bitcoin.
The genesis of BTC
It all started with registration of “bitcoin.org” on August 18, 2018. In the month of November, an anonymous Japanese developer Satoshi Nakamoto posted a paper (Bitcoin: A Peer-to-Peer Electronic Cash System) to a crypto mailing list. He implemented the BTC software as an open-source code and Bitcoin was officially released in 2009 January.
Nakamoto mined out the first ever block of Bitcoin blockchain in the first quarter of 2009. The first person to receive the maiden BTC transaction was crypto advocate Hal Finney. He received 10 BTC coins. However, the first ever commercial transaction with Bitcoin was witnessed in 2010. It was a programmer named Laszio Hanyecz who inaugurated Bitcoin’s use in the real world by buying pizzas with 10,000 coins.
Nakamoto disappeared in 2010. But before leaving the chain, he handed over the alert key of Bitcoin network and its code repository control to Amherst-based software developer Gavin Andersen.
2011 & 2012
In 2011 February, Bitcoin passed the threshold of 1 cent and BTC was worth 1 USD for the 1st time in its history. However, since the coin was initially used in black markets, it started receiving bad press as well- along with the good ones. Later in 2011, a Bitcoin spin-off was launched by the name of “Litecoin”. Both in 2011 & 2012, Bitcoinsaw severe price fluctuations. For example, it rose to a whopping $31.50 in June 2011 but dropped down to around $11.00 after a month.
In 2012 September, Bitcoin Foundation came to the scene with the aim to promote the development & uptake of the coin.
The year 2013 was a milestone year in the history of Bitcoin. It is “the” year when, for the FIRST time, the coin was able to pass the mark of $1,000. However, the BTC price fell to $770 in the first quarter of 2014. The following two years were almost same for Bitcoin as we saw it struggling to up its value in the market. Also in this period BTC’s nemesis Ethereum appeared.
In the year 2017, Bitcoin made history by reaching its All Time High with a hike of $19,666 on December 17. But soon after, China posed a ban on Bitcoin trading which was a huge blow for the coin and plummeted its prices to around $ 6,914 in February 2018. Over the following months, BTC prices have fluctuated between around $11,480 – $5,848. However, experts are optimistic and have predicted a rise to minimum $1, 200 by the end of this year.