5 Min Read | June 10, 2021
Hey Convey Warriors!
Are you ready to take a tour of Bitcoin's journey?
Well, gather all your senses here and start exploring your beloved cryptocurrency- Bitcoin price journey from 2009 to 2021.
Let us get started with some interesting facts first.
For some exciting bitcoin details, have a look at the infographic below:
Now that we are done with the facts, let us find out how and when bitcoin came into existence.
The history of bitcoin is quite interesting, especially its creation. So, before diving into dates and events, let us start with how bitcoin was created.
Do you know- although Bitcoin came into existence in 2008, the concept of cryptocurrency was introduced a decade ago?
Surprised? Well, it’s true!
In the year 1998, Wei Dai introduced the concept of cryptocurrency on the cypherpunks mailing list. He suggested the idea of a new kind of money that utilizes cryptography to control its creation and transactions, instead of central authority. Then in 2009, the first cryptocurrency was introduced.
Let’s understand how bitcoin was created with a short story.
In the year 2008, Satoshi published a white paper of 9-page that contained the first-ever mention of bitcoin. Nakamoto called it a “peer-to-peer electronic cash system.”
Only a few months later, Satoshi released the first software of bitcoin and partnered with coders and developers online to improve it.
This collaborative environment continued until 2011 when Satoshi Nakamoto vanished without any warning. But they emailed a fellow bitcoin developer saying they had “moved on to other things,” before cutting off all online communication.
Now, you might be thinking, why did Nakamoto walk away? He/They could have been today one of the richest ones in the world.
But, but, wait! There’s a catch: Nakamoto never walked away empty-handed.
An Argentine researcher named Sergio Demian Lerner calculated that before disappearing, Nakamoto accumulated around a million bitcoins. Today, this stash is worth over $5 billion.
So, bitcoin is the first establishment of the concept “cryptocurrency” which was introduced in 2009 by Satoshi Nakamoto in a cryptography mailing list. Since then, the crypto community has grown exponentially with various developers working on bitcoin.
Now, you must be concerned about the identity of Satoshi. Well, don’t worry! You aren’t the only one.
There are many who often raised unjustified concerns over the anonymity of Satoshi. Many of these concerns are linked to a misunderstanding of bitcoin’s open-source nature.
Since the bitcoin software and protocol are published openly, any developer (you too, if you are a developer) across the world can study the code and create their own modified version of the bitcoin software.
Just like today’s developers, Satoshi’s influence was restricted to the changes he made being adopted by others and hence, he didn’t control bitcoin.
As such, the identity of bitcoin’s inventor is apparently as relevant today as that of the person who developed the paper.
Now that you know who created bitcoin, let us find out some important dates and events related to Bitcoin.
Do you know that although bitcoin was introduced in 2009, the idea of introducing bitcoin germinated in 2008?
Yes, you heard it right!
On August 18, 2008, the domain name bitcoin.org was registered.
Later that year, on 31st October, a link to a paper authored by Satoshi Nakamoto titled “Bitcoin: A Peer-to-Peer Electronic Cash System” was posted to a cryptography mailing list.
Then, on January 8, 2009, the first version of Bitcoin software was announced, on the cryptography mailing list.
Likewise, there are more dates and events to the history of bitcoin, its introduction, first mined bitcoin, and more. Let us understand them with the help of a table given below:
Nakamoto implemented the bitcoin software as open-source code and emancipated it in January 2009, as mentioned in the table.
The first official cryptocurrency stock exchange named ‘Bitcoin Market’ was launched in 2010.
The first price rise happened in July 2010, when the value of a single bitcoin surged from $0.0008 to $0.08.
On May 22, 2010, Bitcoin was first used by Laszlo Hanyecz to buy two pizzas from Papa John’s pizzas for 10,000 BTC worth around $47 then. Today, its price is worth about $352.4 million.
Now that we are done with the dates and events associated with Bitcoin, let us find out if somebody owns the bitcoin network? If so, then who?
As you might know, email technology isn’t controlled by anybody. Similarly, there’s nobody who controls the bitcoin network. It operates on its own. In fact, bitcoin users around the world themselves control bitcoins.
Although developers keep working on improving the software, they aren’t allowed to change the bitcoin protocol. Users have the freedom to choose whatever software and version they want to use.
However, to ensure they stay compatible with each other, every user needs to use software that complies with the same rules. Bitcoin only works correctly with a complete agreement among all its users. Hence, every user and developer has a powerful incentive to protect this agreement.
Follow the infographic below to know about bitcoin price from 2009 to 2021.
A bitcoin is faster, safer, and less volatile than the local currencies in several countries. Hence, besides being used to pay for various products and services around the globe and on the internet, it can be used to store values.
Since 2015, the number of Bitcoin ATMs all over the world has increased by every passing month, reaching new highs at the beginning of 2021.
As of 1st January 2021, there were about 14,000 BItcoin ATMs worldwide.
There are mainly two types of bitcoin ATMs: the basic ones that let users only buy bitcoins, and the more complex ones that allow users both to sell and buy the bitcoins.
As of July 2020, Genesis and General Bytes were the main manufacturers of the Bitcoin ATMs with 34.6% and 30.3% of the market share respectively.
According to Statista, approximately 83% of global ATMs were concentrated in North America, recorded as the highest number ever.
So, let us have a quick revision of what we learned in this blog:
Bitcoin was the first-ever cryptocurrency created in the world by a person/group of persons called “Satoshi Nakamoto”.
The idea of Bitcoin emerged in 2008 and the domain name “bitcoin.org” was registered.
The first bitcoin was mined in January 2009, which was named 0 bitcoin.
There are a total of 21 million bitcoins that can be mined.
Until now, 18.5 million bitcoins have been mined and 2,284,268.8 bitcoins are left to be mined.
Bitcoin reached an all-time high of $65,000 in 2021.
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