Nowadays, bitcoin is one of the most heard terminologies and you might refer it as something emerging and is new in trending. In reality, the history of bitcoins traces back to 2009 and it might stretches back a bit further.
Since then, bitcoins have changed and modernized the banking and global financing systems, contributing to the emergence of many of the blockchain and cryptocurrency projects.
The evolution of bitcoin is not an overnight success story instead it has battled for years with success and controversies and has seen many highs and lows.
Here is a brief of bitcoins evolutionary history:
The years before bitcoin era: 1998
Before bitcoins, there are reported attempts of cryptocurrency establishment like Bit Gold and B-Money, but they never made it to the limelight as that of the bitcoins.
The emergence bitcoin white paper: 2008
Back on 32 October 2008, a person revealing his identity as Satoshi Nakamoto posted a paper titled ‘A Peer to Peer Electronic Cash System’. Since then, an evolutionary motion never stopped heading towards the heights of fame and success.
Beginning of bitcoins: 2009
In 2009, the bitcoins transactions were recorded and blockchain was verified for the very first time as the software made its first public appearance.
Valuing bitcoins: 2010
As the bitcoins are only mined, it is impossible to assign any specific value to the units. Within a year of their public appearance, someone decided to swap 10,000 of their bitcoins with just two pizzas that would have worth a million dollars today.
The emergence of rival cryptocurrencies: 2011
Like any other faming item, soon begins the emergence of rival cryptocurrencies like Altcoin, Namecoin, and Litecoin, with the general improvement and more benefits than the original bitcoins design.
Price crash: 2013
Soon after the price of a bitcoin reaches $1,000 for the very first time, the prices begin to decline and stopped around $300 and remained there for more than straight two years.
The very initial bitcoin scam: 2014
In January 2014, Mt.Gox, one of the world’s largest Bitcoin exchange, went offline with 850,000 bitcoins that were valued at 450 million dollars then and would be worth $4.4 billion. Like the founder of bitcoins, this case remains a complete mystery as well.
The steady growth of bitcoins: 2017
Over the past years, bitcoins tried to maintain a stable growth rate and reach the worth of $10,000. Not only this, the technology behind bitcoins has sparkled too. Trading experts, now days are trading with bitcoin robot like bitcoin evolution, to make better trading decisions than others.
From the evolutionary history of bitcoins, it is evident that they are here to stay. With time, the money seems to flow steadily and gradually into a crypto coin ecosystem and the major contribution was made by the gradual increase in the places where Bitcoin could be spent. Moreover, many investigators and investors are trying to figure out a way that might be able to work much better with bitcoins.
