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The History of Bitcoin

In this post you will find a brief history of how the Bitcoin started and what has happened since.

Jan 08, 2018

Bitcoin is a cryptocurrency, a digital asset designed to work as a medium of exchange that uses cryptography to control its creation and management, rather than relying on central authorities. Talking about statistics of bitcoins: the price of this cryptocurrency has ranged from $0.10 in 2009 to $16,500 as of today, more than 300,000 transactions a day take place all over the world and their total amount exceeds 2 billion US dollars. So let's follow the history of the development of bitcoin, from the moment of its inception, covered with a veil of mystery, to our days, when bitcoins can be exchanged in the nearest BTM. We can distinguish the following milestones in the development of bitcoin:

October, 2008 - A person, or perhaps a group of people, going by the name Satoshi Nakamoto, publishes a paper outlining a peer-to-peer electronic cash system. The idea represents a breakthrough in using software code to authenticate and protect transactions without resorting to a centralized bank or government treasury.

May, 2010 - ‘Pizza Day’ or the first real-world transaction denominated in bitcoin takes place.

July, 2010 - The MtGox Bitcoin currency exchange market is established by Jed McCaleb.

August, 2010 - A vulnerability in the Bitcoin system that causes Bitcoins to be improperly verified is discovered and exploited, resulting in the generation of 184 billion Bitcoins.

June, 2011 - WikiLeaks starts accepting anonymous Bitcoin donations.

December, 2012 - The first Bitcoin exchange to be licensed as a European bank is Bitcoin Central, operating within the European regulatory framework.

August, 2013 - Bitcoin is recognized as a form of private money in Germany

November, 2013 - The price of the Bitcoin reaches $269 per bitcoin.

During 2014 and 2015, merchants started accepting bitcoin payments, bringing their total to 160,000 in August of 2015. That number has continued to grow and includes some of the world’s largest platforms, including Microsoft and Overstock.com.

September, 2016 - The number of bitcoin ATMs had doubled over the last 18 months and reached 771 ATMs worldwide.

August, 2017 - Split of Bitcoin into two derivative digital currencies, the classic bitcoin (BTC) and the Bitcoin Cash (BCH)

December, 2017 - The price of the Bitcoin achieves a new all-time high of $20,000.

The history of bitcoin is not an easy one and we are excited to look forward to the further development of this currency of the future.

Jerry Brito; Andrea Castillo (2013). "Bitcoin: A Primer for Policymakers"

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