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A Brief Bitcoin History
Published 05-26-2017

 

 

In 2008, a man calling himself Satoshi Nakamoto released a whitepaper called “Bitcoin: A peer to peer electronic cash system” (https://bitcoin.org/bitcoin.pdf) describing a new digital currency that was immune to forgery and immune to falling prey to the problems facing fiat currencies. In January 2009 bitcoin came online. Nakamoto mined the first block (the Genesis block) for a reward of 50 bitcoins. Websites dedicated to bitcoin started popping up and transactions started happening; the most notable was a transaction for 2 pizzas for the price of 10,000 bitcoins.

At the time, the price of bitcoin was less than a penny per coin.

Over the next 2 years, websites slowly started accepting bitcoins for payments and donations and growth exploded with more and more websites and people starting to use and mine bitcoin.

In early 2011, Bitcoin was the same price as the dollar, a dedicated magazine for cryptocurrencies was launched educating more and more people about Bitcoin. Bitcoin started being mentioned on TV, in financial news and documentaries and even in fictional TV shows.

Bitcoin started getting the attention of financial crime organizations and watch groups seeking to prevent the use of bitcoin for money laundering, tax evasion and other financial crimes.

In April of 2011, inventor Satoshi Nakamoto separated himself from bitcoin, it’s open source nature ensuring that other developers would continue to contribute to it’s code. After he had given this gift to the world, his parting words were that he had moved onto other things. It has become the topic of many debates, but the general speculation is that Satoshi Nakamoto is not 1 person, but instead, a group of seriously intelligent mathematicians, coders and financial gurus whose bitcoin addresses suggest that they are holding more than $1 Billion worth of unspent bitcoins. No one has heard from him (or them) since.

In the same year, the infamous darknet market, Silk Road, was launched. Using bitcoin as a payment method, the site allowed the sale and purchase of various legal and illegal substances, guaranteeing the privacy of both sellers and buyers.It has since been shut down with the owner being sentenced to prison for various crimes.

The FBI and other justice departments broke several laws, including hacking the Silk Road servers, to obtain sufficient evidence to prosecute, violating various privacy laws in the process.

Despite the negative press surrounding the Silk Road, it showed the world that there was a definite need for a private peer to peer money system - people started realizing that they should be allowed to use their money in anyway shape or form, for whatever purpose without the prying eyes of big brother watching - a revolution was started and gained momentum because the masses were seeing that Bitcoin was exactly that - a way for people to use money without having to explain themselves to anyone and was exactly what the world needed.

Bitcoin payment processors such as BitPay and Coinbase started popping up, allowing more websites to accept bitcoin as a form of payment.

2013 was a tumultuous year for bitcoin, it had started the year at around $14 per bitcoin and before the end of the year would reach over $1000 per bitcoin. The financial world was ablaze with news of this new gold. People started sitting up and taking notice. In the same year, 2 companies launched the world’s first Bitcoin ATM’s allowing people to withdraw or deposit fiat against bitcoin. Restaurants, casinos, universities and other websites started accepting bitcoin as a payment method. The world was starting to take notice. Sadly around the beginning of December, bitcoin started falling. For the next year the price of bitcoin tumbled slowly all the way down to $200 a bitcoin.

Even though bitcoin tumbled, many people realized that the fall was due to the inorganic growth of bitcoin to reach $1000 and took comfort in the speculation that if it had been there before, it would get there again, reinforced by the actions of many companies whose interest in bitcoin never waned, such as Microsoft who started accepting payments for apps and Xbox games.

In 2015 Bitcoin was trading at around $200 in the beginning of the year before starting it’s march upwards, by the end of the year the price of bitcoin had doubled - more than 160,000 merchants were now using bitcoin.

2016 was a year of non stop rallies for bitcoin which rose all the way up to over $1000 and breaking its previous high price. Japan officially recognized bitcoin as a currency. Big companies such as Steam and Uber accept bitcoin as a payment method.

By the end of 2016 there were nearly 800 bitcoin ATM’s worldwide.

In March of 2017 1 bitcoin was worth more than 1 ounce of gold.

An ETF for Bitcoin was submitted by the Winklevoss twins, gathering more interest in Bitcoin

The ETF was declined, resulting in a sharp decline in price but quickly reverted and Bitcoin

In May of 2017 bitcoin broke past the $2500 barrier.

And this is just the beginning.

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MCEC Arnljot Blindheim


I've been marketing both offline & online for many years now and tried different programs and I love it. As I have gained some experience over the years Tried The Good - Bad - and the Ugly. The internet can be and is a harsh enviroment if you dont know what you're doing. MCEC Arnljot Blindheim
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