📜 The History of Bitcoin $BTC 📜
We are 3 days off the next $BTC Halvening, an event which happens every 4 years, however without knowing the events which came before this, understanding the whole process and the magnitude of the Halvening, it'll be hard to truly appreciate the journey Bitcoin has been on since it's inception in 2009;
📜 The Birth of Bitcoin 📜
💰 Bitcoin was first introduced to the world in 2008. The goal was to create a decentralized digital currency free from the control of governments and central banks. On October 31st 2008, the Bitcoin whitepaper is released by an unknown individual or group of individuals going by the pseudonym 'Satoshi Nakamoto', The whitepaper, titled 'Bitcoin: A Peer-to-Peer Electronic Cash System' was also published on the Cryptography Mailing List. The whitepaper described a decentralized digital currency system which it proposed the use of a blockchain, a public ledger that would record all transactions in a secure and transparent manner. The Bitcoin network would rely on a network of computers to validate transactions and maintain the integrity of the blockchain.
💰 Unlike conventional currencies, Bitcoin functions on a peer-to-peer network, which means that transactions happen directly between users without a middleman such as a bank. This decentralization is a defining feature of Bitcoin, which differentiates it from traditional currencies.
💰 Bitcoin was officially launched on Jan. 3, 2009, when the first block of transactions, known as the genesis block, was mined.
💰Bitcoin’s supply is limited to a maximum of 21 million coins. This means no additional coins will be generated or created after reaching the 21 million limit. Satoshi Nakamoto introduced the concept of limiting the quantity of crypto and making it more valuable to combat inflation.
📜 Bitcoin Early Years 📜
▫️ 1st Ever Recorded Price of $BTC - March 17th 2010
March 17, 2010 was the first-ever recorded price of bitcoin at a value of $0.003 on the now-defunct
bitcoinmarket.com. This event’s implications while seemingly minor at the time would contribute to the gradual emergence of bitcoin as a recognized and valued asset;
▫️Bitcoin Pizza Day - May 22nd 2010
The first known commercial transaction takes place using Bitcoin when Laszlo Hanyecz paid 10,000 bitcoins for two large Papa John’s pizzas, which were delivered to him in Jacksonville, Florida;
At the time of the transaction, the value of the 10,000 bitcoins was only a few dollars. However, the transaction has become infamous as an example of just how much the cryptocurrency has appreciated in value;
▫️ Mt Gox Founded - July 18th 2010
On July 18, 2010, Mt. Gox was founded by programmer Jed McCaleb. Initially, it got its unlikely start as a platform for trading virtual cards in the game Magic: The Gathering, then evolved into a pioneer Bitcoin exchange. Its history was marred by chaos, hacks, and scandals, ultimately culminating in its downfall and the ongoing legal proceedings involving its ex-owner, Mark Karpelès;
Mt. Gox, originally
mtgox.com, was a platform that exchanged fiat currency for Bitcoin. It was one of the first Bitcoin exchanges, signaling the growing interest in cryptocurrencies as a form of digital value;
▫️Current $BTC Logo Released - November 1st 2010
Satoshi Nakamoto, the anonymous creator of Bitcoin, initially offered two earlier versions of the Bitcoin logo, the first at Bitcoin’s inception, and then an updated version the next year. However, the infamous Bitcoin logo that we have come to associate with the cryptocurrency was created by an unknown artist using the handle “Bitboy";
The new logo effectively took Satoshi’s earlier creations and improved upon them to create a distinct look for the Bitcoin blockchain. “Bitboy” rendered a white and slanted “B” on top of a bright orange background in a design that reminded many of payment companies, like Mastercard;
▫️1st $BTC Bubble - June 2021
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