From then to now – The bitcoin journey
Today, the average number of bitcoin transaction numbers 228,138. In the 10 years since its inception, bitcoin has turned from a concept on paper into a full-fledged global market. How did this happen? What’s the story of bitcoin? This article will be taking you through the history of bitcoin.
2008: A Peer-to-Peer Electronic Cash System
Prior to bitcoin, there have been many instances of cryptocurrency theories, proposals and attempts. The two most well-known attempts at cryptocurrency were B-Money and Bit Gold. However, none of them was able to take off.
In 2008, the domain of “bitcoin.org” was registered and a month later, a whitepaper called, A Peer-to-Peer Electronic Cash System was released. More specifically, the paper was released on The Cryptography Mailing list by someone named, Satoshi Nakamoto. His message read:
“I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party.
Satoshi Nakamoto, a pseudonym, is considered to be the creator of bitcoin.
2009: Genesis Block
In 2009, the bitcoin network came into existence. It was open source and Satoshi Nakamoto mined the first block (Block #0), which is today known as the genesis block. Mining the block gave Satoshi Nakamoto a reward of 50 bitcoins.
And, the first receiver of the first bitcoin transaction was a programmer and early supporter, Hal Finney.
From there the bitcoin market began to grow. The first notable, real world transaction was when Laszlo Hanyecz, a Florida programmer, paid 10,000 bitcoins for two pizzas from Papa John.
2011: Transaction Growth
- By 2011, there were several organisations that were accepting bitcoin payments such as Electronic Frontier Foundation and Wikileaks.
- Bitcoin Foundation, the premier non-profit corporation which promotes the use of Bitcoin is founded in 2012.
- By 2013, many countries began giving some recognition to bitcoins and cryptocurrency.
Today, bitcoin is one one of the hottest investment and trading options in the world. Bitcoin opened new opportunities such as bitcoin mining and utilization of blockchain technology in the world. The bitcoin market has taken a life of its own and continues to expand, even though there have been concerns. From the history of bitcoin, you can assess that bitcoin is here to stay.
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