Nine years ago, the very first block of Bitcoin was mined. Jan 03 2009 was the date when the history took a turn. Satoshi Nakamoto mined the first block that contained 50 Bitcoins, the block was named Genesis Block. Since its inception, the cryptocurrency hasn’t look back.
There are no confirm date of its actual birth but since the first ever block of Bitcoin was mined on 03 Jan 2009, the date is considered as the birthday of Bitcoin. You might also consider 31st Oct 2008 as it’s birthday because that’s when the whitepaper on Bitcoin was sent by an anonymous programmer aka Satoshi Nakamoto.
Back then those 50 Bitcoins were worthless but now it’s 726,950.75 USD. There are so many stories that are getting limelight lately. A man from Australia had 1400 Bitcoins back then in 2010 which he had in a hard drive. In 2010 there were no digital wallets that could safely store the bitcoins safely and globally. That guy dumbed the hard drive in the bin and later he came to know about the price rise. He had nothing to lose but soon he lost almost $4.8 million back then. Price of 1400 bitcoins while writing this post is 2o million USD.
Bitcoin has seen a great journey of ups and downs throughout these 9 long years. Let me take you on a tour of Bitcoin’s journey.
Timeline of Bitcoin since 2009
A whitepaper is sent with the concept of cryptocurrency and Bitcoin on the blockchain technology. The idea of pure peer to peer network of electronic cash is proposed in this paper.
The mining of very first block of Bitcoin happens. Later this month the first ever transaction happens between Satoshi and Hal Finney who is a developer and the cryptographic artist.
BTC got the very first equivalent of currencies. Back then $1 was equal to 1309 BTC. This equation took the cost of electricity involved to create the Bitcoin on a computer.
The organization discovers the vulnerability in how system verifies the value of Bitcoin and gets hacked out of $184 bn BTC. The value of 1 BTC was $1 in that period which hit the floor after this.
BTC gets into the negative spotlight due to the harm it can do in money laundering. The governmental bodies declare it a threat to financial systems.
BTC crosses first million dollar mark. At that time the value of BTC was $0.50 per.
The Silk Road, Drug marketplace that dealt in BTC establishes. The platform chose BTC because it was not traceable and the best way to trade drugs online.
BTC has the market value of $1bn. BTC Forum founder reports a theft of 25,000 BTC from his digital wallet. This was the first major theft in the history worth $375,000 in one go.
Federal Judge Mazzant supports BTC by saying “It is clear that BTC is usable as money to purchase goods and services”
BTC crosses $700 mark while US Senate holds first hearing on the digital currency.
BTC no more a “currency of criminals” says the US Govt while auctions more than 29,000 BTC seized from The Silk Road.
The big head of technology industry, Microsoft started accepting BTC as payments. You can use BTC to purchase games, add apps to windows phone or to buy Microsoft software.
2015- Mid 2016
This time saw a steady rise of BTC. The price plunges to $770 and beyond.
2017 and beyond
This year was purely for Bitcoin’s growth. BTC has seen tremendous growth right through the ceiling. At the beginning of the year BTC was around $900 and by the end, it almost reaches $20,000 mark. However, the current situation of BTC is low than expected. Experts expected it to cross 20k mark before the year-end but it didn’t and right now it stands at $14649.40.
Birth of Bitcoin cash, aka “BCH”. The fork on August 1 separates from the original chain and becomes as important as the latter chain.
Peter Saddington, A career entrepreneur buys a Lamborghini for $115. Not Joking. Saddington bought BTC in 2011 when it was $2.52. Come October 2017 and the price plunges to sky high, enough that Saddington can buy a Lamborghini. Here’s the video of his interview on his experience.
So the first decade of revolutionary cryptocurrency is nearing and I see a good scope of it as more and more people are using it. However, there are some problems that still makes BTC a headache. Like BTC is not a good option to go for when transacting smaller amounts, say the nanopayments. The average fee is high, around $29 to be exact. Apart from this, there is good number of reasons why BTC is the king of cryptocurrency and will be.
Over to you. What do you think about BTC? Are you going to invest in BTC any soon? Let me know in the comments below. Do you know someone who’s looking for this information? Share this with them and also share in your network.