The history of bitcoins has been filled with ups and downs as the unstable cryptocurrency over the years was full of contradictions and successes. Bitcoin has been in existence from 2009 and the technology it is based on has roots that go back further. Here is a short history of bitcoins.
1998 - 2009 Pre-Bitcoin
Even though Bitcoin was the primary cryptocurrency, there were initial attempts to create online currencies with books with secure encryption. Two examples were Bitgold and B-Money formulated but not ever fully established.
2008 - The mysterious Mr Nakamoto
An white paper entitled Bitcoin - an e-money system in a peer-to-peer network was published on the cryptography mailing list. It was published by someone who calls himself Satoshi Nakamoto, whose true identity is still a mystery.
Bitcoin.com.au cites the first transaction, when Satoshi sent Hal Finney, an early enthusiast, 100 BTC as a key event in bitcoins history.
2009 - Bitcoin Starts
Bitcoin software is accessible to the public for the initial time, and mining will begin. Mining is the process of creating new bitcoins and recording and verifying transactions in the blockchain.
2010 - Bitcoin Is Being Evaluated For the First Time
Since it was never traded but only mined, it was difficult to assign the financial value to units of the emergent cryptocurrency. In 2010, somebody decided to vend for the first time - 10,000 of them for two pizzas. If the purchaser had these bitcoins, they would cost more than $ 100 million at today's prices.
2011 – Emerging Competing Cryptocurrencies
With the growing popularity of Bitcoin and the idea of using encrypted and decentralized currencies, the initial alternative cryptocurrencies emerge. They are sometimes referred to as Altcoin and usually try to improve the original design of Bitcoins for higher speed, anonymity or other benefits. Among the earliest to appear were Litecoin and Namecoin. Currently, more than 1000 cryptocurrencies are in exchange, often with new ones emerging.
2013 - Bitcoin Price Decline
Shortly after Bitcoin's price hit $ 1,000 for the initial time, it began to fall rapidly. Many of those who invested at the time suffered losses when the price fell to $ 300 - it would take more than two years to reach $ 1,000 again.
2014 - Fraud and Theft
With a currency designed for obscurity and lack of control, Bitcoin may not surprise and prove to be an attractive and profitable target for criminals. In Jan 2014, the world's leading bitcoin exchange Mt.Gox fell and the 850,000 Bitcoins owners lost them. The investigation is still trying to understand what happened, but in any event, someone wrongly received a $ 450 million package. At current prices, those mislaid coins will cost $ 4.4 billion.
2016 - Ethereum and ICO
This year, cryptocurrency has almost stolen the thunder of Bitcoin, as the Ethereum platform has become increasingly popular. This platform makes use of the crypto-currency referred to Ether to simplify intelligent contracts and blockchain applications. The arrival of Ethereum was manifested by the development of Initial Coin Offers (ICOs).
They are fundraising platforms that offer investors the opportunity to trade stocks or shares of startups in the same way they can create and trade cryptocurrencies. The SEC warned investors that ICOs could certainly be cheaters or Ponzi systems due to lack of control that was masquerading as legitimate investments. Doing to this the Chinese government went even further and banned it.
2017 - Bitcoin Ranges $ 10,000 and Continues To Rise
The gradual increase in the number of places where Bitcoin took place contributed to its continued popularity, while its value remained below previous highs. As usage increased, it became apparent that more and more money was flowing into the ecosystem of bitcoins and cryptocurrencies.
During this period, the market capitalization of all cryptocurrencies increased from $ 11 billion to over $ 300 billion. Banks such as Citi Bank, Barclays, BNP Paribas and Deutsche Bank have announced they are looking for ways to work with Bitcoins. In the meantime, the technology underlying Bitcoin - Blockchain - has flashed a revolt in the fintech industry (and beyond) that has just begun.
2018 - Bitcoin Volatility Reaches a Record Low
After the summits of 2017, the cryptocurrency community started the new year with a tough start. The Bitcoin price fell to $ 10,000 in January when a wave of FUD conquered the markets. The situation got even worse in February when Bitcoin fell to $ 7,000 on February 6, 2018.
Finally, it is advisable to invest in the bitcoin since it is an industry that is growing at a very high rate.
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