Last Updated on 6 months by Komolafe Bamidele
Bitcoin is the first, most popular and currently the most valued cryptocurrency in the world as of 2020.
In this article, I will explain everything about the first and most popular cryptocurrency in detail, what is Bitcoin, Bitcoin history, origins, founder, first transaction, price, and other information and valuable information about Bitcoin.
Make sure you read this informative article to the end if you want to create a Bitcoin wallet or invest in Bitcoin or other things related to Bitcoin and other cryptocurrencies.
Tables Of Contents
What Is Bitcoin
Bitcoin is the first, most valuable and popular digital currency which is also known as cryptocurrency, this digital currency is not backed or operated by any country’s central bank or government.
Over the years, Bitcoin has been used for payment across the globe with millions of transactions every month.
Bitcoin is used to pay for any good and services in almost all European countries, although not all vendors some don’t accept Bitcoins as payment because of one reason or the other.
Bitcoin is not allowed in other countries of the world currently.
Bitcoin is one of the most trusted, reliable, and fastest payment gateway because it can be used in all countries without any limitation or extra charges, it is easy and simple to use, and also comes with a little transaction fee.
This article will not be complete if I don’t talk about Bitcoin history, Bitcoin was created in August 2008, that is when the Bitcoin.org domain name was registered,
although there are numerous digital currencies that have failed before Bitcoin was born these digital currencies include, e-Cash which was created by a computer scientist David Chaum in 1982.
During this period David Chaum publishes an article titled “Blind signatures for untraceable payments” in the early 80s in this incredible article,
he explained in detail the new form of cryptography or digital currencies which David claimed will be used for an automated payment system in which third parties couldn’t see any information on or about the payment details like bank payment and other means of payment.
In 1990, David Chaum created DigiCash, a company that was founded in Amsterdam, which is designed just like today Bitcoin, it safe, fast and safe online currency.
David Chaum idea attracted numerous investors and employees before DigiCash went bankrupt in the late 90s.
But, Chaum still opens the floodgates for other people with similar ambitions. In 1997, Adam
Back created hash cash, which is a proof-of-work system that is very similar to Bitcoin.
The Bitcoin History in 1998’ When Bitcoin Was First Introduced
In late 1998, Wei Dai publishes an article where is explained in detail his idea of “b-money,” a cryptocurrency or digital currency which is similar to David Chaum vision of the blockchain in Bitcoin would eventually become.
According to Wei Dai, b-money is a proof-of-work system that creates the currency which is designed to handle money transfer, mathematical computation and other important duties.
Also in 1998, Nick Szabo create something similar to the e-Cash and b-money, he called his own digital currency Bit Gold,
which he said is an alternative currency that doesn’t require a third party, like a central bank or other financial institution to create, operate, control and manage it.
The Bitcoin History in 2008
Both David Chaum and Wei Dai have tried and failed before Bitcoin came in August 2008, that was when the bitcoin.org domain name was registered, before Satoshi Nakamoto, published a whitepaper: “Bitcoin: A Peer-to-Peer Electronic Cash System.”
Satoshi Nakamoto’s ideas are similar to the previously published articles in the 80s and 90s, they are all mentioning fast, a secure digital currency that doesn’t require control, management,
operate of third parties like a central bank, or other financial institution and hashing the transactions together to form a chain.
The Bitcoin History in 2009
In 2009, the first block of Bitcoins, which is known as the Genesis Block was mined, immediately the first iteration of Bitcoin software was created and released in January 2009,
also on January 12, the first Bitcoin transaction was made as to the founder of Bitcoin, Nakamoto sent 10 Bitcoins (BTC ) to a computer programmer and developer named Hal Finney.
In October 2009 the New Liberty Standard publishes the first Bitcoin exchange rate of Bitcoin which is 1,309.03 BTC to be worth $1, before Satoshi Nakamoto created the second version of the New Liberty Standard in December 2009.
The Bitcoin History in 2010
As the exchange rate of Bitcoin is established, it takes time before anyone tries to purchase Bitcoins,
the first recorded purchase with Bitcoin was in May 2010 when a Florida-based programmer Laszlo Hanyecz sent 10,000 BTC, which was valued at $25 during this period to the London United Kingdom for two pizzas.
The first Bitcoin exchanges to USD occur in 2010 and also Bitcoin Market was formed in February, while Mt. Gox in July.
Also in 2010, one Bitcoin was valued as a penny as Bitcoin is used for purchase items in the United States, a few months later Bitcoin is broke the penny threshold as users are increasing day by day.
Slush was the first Bitcoin mining pool, and the first Bitcoin was also mined successfully in the same year.
As of November 2010, the Bitcoin market cap surpassed $1 million for the first time which was a great achievement for Satoshi Nakamoto and his team.
The Bitcoin Chronicle in 2011
In 2011, numerous Bitcoin rival cryptocurrencies begin to show up, with these new cryptocurrencies include Litecoin, Namecoin and Swiftcoin all making their debut in 2011.
Gradually Bitcoin gains its value after passing 1 cent threshold, before the Bitcoin milestone occurred in February 2011 when 1 Bitcoin was worth $1 for the first time.
The Bitcoin Record in 2012
In 2012 Bitcoin became more popular in the United States and other European countries, as transactions rate is increasing, likewise,
the rise is going bullish on the chart, and Bitcoin became the first cryptocurrency or digital coin to cross the $100 threshold in April 2012.
The Bitcoin Record in 2013
Bitcoin’s price keeps rising as the number of users and transactions are increasing every day the share of Bitcoin was ups and downs in 2013,
Bitcoin reaches the value of $1,000 for the first time and was becoming the most recognizable and successful crypto-currency and exchange available during this period.
The Bitcoin History in 2014
Popular cryptocurrency trading exchange Mt Gox based in Japan goes offline and files for bankruptcy protection, leaving all Bitcoin investors out of pocket.
Also in 2014, Microsoft allows, users, to buy games with Bitcoin, during this period 1 Bitcoin was around $440–$630.
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The Bitcoin Record in 2015
Other rivals emerge in 2015, Ethereum and Coinbase and other cryptocurrencies were created, also in 2015.
Bitstamp, a European based bitcoin exchange, was being hacked, before thru resumed trading and assuring customers and investors that they didn’t lose their funds.
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According to DC Forecasts “Bitcoin Will Outperform The Popular S&P 500 In 2020: Survey”
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Bitcoin Price History
- 2008 – Created
- 2009 – 1,309.03 BTC worth $1.
- 2010 – 1 BTC worth $0.125
- 2011 – 1 BTC worth $2.00
- 2012 – 1 BTC worth $13.00.
- 2013 – 1 BTC worth $600–$1,000.
- 2014 – 1 BTC worth $440–$630
- 2015 – 1 BTC worth $395–$504
- 2016 – 1 BTC worth $600–$780
- 2017 – 1 BTC worth $19,783.06.
- 2018 – 1 BTC worth $3,300
- 2019- 1 BTC worth $8,000
- 2020 – 1 BTC Worth $29,374
- 2021- 1BTC Worth 65,000 USD
- Currently, 1 BTC worth 37,303.9
Bitcoin All-Time Highest Price
Bitcoin (BTC) price again reached an all-time high in 2021, as values exceeded over 65,000 USD in February 2021, April 2021 and November 2021
What Is A Bitcoin And How Does It Work?
Bitcoin is a cryptocurrency or digital currency that was created by Satoshi Nakamoto, currently, Bitcoin is the most valuable cryptocurrency in the world.
Bitcoin can be used as means of payment for any good and service anywhere in the world, you need a Bitcoin wallet before you can make use of Bitcoin sending or receive both online.
How To Buy Bitcoin
You can buy Bitcoin by visiting the available websites and mobile applications like
These apps are trusted, safe, secure and well protected from scammers or hackers
How Much Was Bitcoin When It First Started?
1,309.03 BTC to be worth $1.
When Did Bitcoin Start
Bitcoin came in August 2008, that was when the bitcoin.org domain name was registered, before Satoshi Nakamoto, published a whitepaper: “Bitcoin: A Peer-to-Peer Electronic Cash System.”
Bitcoin was launched in 2009 by Satoshi Nakamoto, during this period 1,309.03 BTC be worth $1.
Bitcoin Highest Price in 2020
Bitcoin raised to 65,000 USD in February 2021
How Did Bitcoin Become Popular
Bitcoin became popular gradually, Bitcoin became more popular immediately, Bitcoin is used in payment of goods and services in the United States, and other countries,
the first transaction was made on 22 May 2010, by Laszlo Hanyecz who buy two pizzas in Jacksonville Florida from the London United Kingdom for 10,000 BTC.
Wrapping Up Bitcoin History
Bitcoin was created in 2008 by Satoshi Nakamoto, in August 2008, he registered the bitcoin.org domain name, before Satoshi Nakamoto, published a whitepaper: “Bitcoin: A Peer-to-Peer Electronic Cash System.”
Bitcoin was finally launched in 2009, the first-ever Bitcoin transaction was made on 22 May 2010, by Laszlo Hanyecz who buy two pizzas in Jacksonville Florida from the London United Kingdom for 10,000 BTC.
When you get properly educated with your eyes opened to all the possibilities and opportunities brought about by blockchain technology, the ultimate result is the full realization of the Internet of Value in which anyone can trade all kinds of assets
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