History of bitcoin: from the beginning until today
They say that cryptocurrency is our future and the future of the financial system. There is a rumor that bitcoin will change cash and electronic cards. Taking into account the speed of the cryptocurrency development and a history of bitcoin, such an assumption is justified.
It is important to learn a way of bitcoin development because it will help to foresee its future development. In January 2009, someone, known by the pseudonym as Satoshi Nakamoto, presented the first version of the bitcoin-purse to the public and organized the launch of the system. At the same time, an article, describing the technology itself and the program code, was published. Nakamoto said that he was working on a new electronic monetary system, and described its properties: protection from fraudulent transactions, independence from any particular organization and the possibility of anonymous use.
Till today nobody knows who is behind the pseudonym Nakamoto. Journalists have tried to reveal the identity of the mysterious creator of bitcoin diligently, but so far these attempts are unsuccessful.
From the very beginning, it was difficult to understand what cryptocurrency means and how to manage it.
The first “breakthrough” was the creation of a thematic forum, an analog of the current Bitcointalk, where associations were created gradually to improve the system. On the same portal, there was a well-known message about the purchase of two pizzas for 10 thousand bitcoins.
The popularity of bitcoin increased every moment, bitcoin price in 2009 varied from $ 0.06 to $ 0.5 those years. That led to the emergence of the first stock exchange Mt. Gox, where it was possible to exchange and buy cryptocurrencies. But in 2013 it became a bankrupt!
In February 2011, the bitcoin’s value has grown to $ 1, everyone thought it could not cost more. However, in May the price increased to $28! The other event was the fact that other cryptocurrencies appeared. This happened because more and more proposals for the modernization of the system had come, not all of which, by the way, were adopted by the bitcoin community. Those whose ideas were rejected, implemented them in their own projects.
Bitcoin price history continues and during 2011- 2014 a value of bitcoin was unstable. After its upturn, the indicator had declined. Of course there was a ground for this.
First of all, the price was sped up because of a big amount of buy and active advancing by people who utilize bitcoin. After this, a few bad events have happened, what forced everyone to sell cryptocurrency out as soon as possible. The next series of misfortunes were hacker attacks. Many owners of bitcoins have found all their means stolen. Mt. Goks has announced its bankruptcy. However, it was one of the biggest bitcoin stock exchange! After it, there was a loud court in the case with site “Silk way”, where the possibility of buying drugs and weapon for bitcoin was announced. It influenced a lot the reputation of cryptocurrency. The main advantages of the technology (decentralization and anonymity) became its disadvantages.
One cannot deny that a history of bitcoin continues in a positive way: the situation showed an appearance of various new projects which use blockchain technology.
Another positive moment was the first transactions of Bitcoin, conducted by Tera Exchange with the help of an adjustable exchanger. Also, a new bitcoin hedging tool was introduced, which increased the confidence of users. 2014 year brought for electronic money some stability and value strengthening.
During 2015 and 2016, the growth in the cost of bitcoins continued simultaneously with the number of transactions conducted. In addition, more and more confidence in bitcoin from ordinary users can be traced.
Leading companies specializing in trading virtual currency said that they coordinate their efforts to distribute bitcoin and are not going to abandon it.
Bitcoin passed the stage of its formation. Further its development is organized and coordinated by the development community, changes in the protocol are accepted by the majority of owners of mining pools.
It is very important to follow the history of bitcoin in particular and cryptocurrency in general. It is a very dynamic, unique and almost unpredictable phenomenon which develops in front of our eyes.