Bitcoin Evolution since 2008

Bitcoin is a financial revolution that took a very short time to make it to the stage of success. Today market cap of all cryptocurrencies is 288 billion USD out of which 188 billion USD belongs to Bitcoin alone and its dominance is 65%. 

Bitcoin was introduced by an anonymous Satoshi Nakamoto. Some believe that Satoshi Nakamoto is group of entrepreneurs, since the idea is clearly bigger than one person job. But reality of Satoshi Nakamoto still remains the biggest mystery of 21st century.

Following chart shows yearly price comparison of Bitcoin starting from year 2012 till date (Source).   

Year

Bitcoin Price in USD

Nov 30, 2012

12.6

Nov 30, 2013

1112.4

Nov 30, 2014

376.7

Nov 30, 2015

376.9

Nov30, 2016

739

Nov 30, 2017

9907

Dec 16, 2017

19,187 (All Time High, ATH)

Nov 30, 2018

4038

Jul 21, 2019

10,589

 

Above chart is just to have an idea about the price of Bitcoin in different years. Price of Bitcoin is highly volatile and it's very difficult to illustrate its complete wild swings on paper. For instance, on Nov 30, 2017, Price of bitcoin was 9907 USD and just 17 days later it was on its "All-time high".

Here are some important dates linked with Bitcoins covering important early events from during the year 2008 - 2010. The timeline has been compiled to fill missing pieces of important dates of Bitcoins, that most of us are unaware of. 

  • August 18, 2008 - Site Bitcoin.org was registered at anonymousspeech.com.  
  • October 31, 2008 - Paper describing the concept of Bitcoin was published  through a metzdowd.com cryptography mailing list. Paper introduces a  peer-to-peer electronic cash system that allows direct online payments from one party to another without going through a financial institution like banks. 
  • January 3, 2009 - Block 0, the Genesis Block, is established at 18:15:05 GMT. Genesis block is the first block in Bitcoin blockchain. Every block created after the genesis block will automatically be linked backed to its ancestor block. Block header hash of Genesis Block is    000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f
  • January 9, 2009 - The first Version of Bitcoin is released i.e. v.01. It includes a Bitcoin generation system that would create a total of 21 million Bitcoins through the year 2040.
  • January 12, 2009 - the first-ever bitcoin transaction occurred, in block 170,  as Satoshi sent 10 Bitcoins to noted computer programmer and developer Hal Finney.
  • October 5, 2009 - New liberty standard published exchange rate of bitcoin according to which  1 $ = 1,309.03 Bitcoins.
  • December 16, 2009 - v.2 was introduced.
  • December 30, 2009 - Difficulty in mining Bitcoin started increasing. First increase in difficulty was reported on 06:11:04 GMT. Mining difficulty is adjusted so that it will increase as more Bitcoins are generated. It is because of this increase in difficulty that today Bitcoins can only be mined on specialized hardware like ASIC miners not on ordinary PCs.
  • February 6, 2010 - 'dwdollar' established the first Bitcoin currency exchange named Bitcoin Market.
  • May 22, 2010 - The historic 10,000 Bitcoin pizza deal took place at bitcointalk.org. It was considered to be first real world transaction using Bitcoin. At the time, the exchange rate put the purchase price for the pizza at around US$25.
  • July 7, 2010 - v.3 was introduced.
  • July 12, 2010 - Bitcoin saw a massive jump in its value, over a five day period beginning on July 12, the exchange value of Bitcoin increases ten times from US$ 0.008/BTC to US$ 0.080/BTC. 
  • July 18, 2010 - ArtForz establishes hash farm. Using OpenGL GPU hash farm and generates his first Bitcoin block. This was considered to be first Bitcoin Hash farm established ever.
  • September 18, 2010 - Bitcoin Pooled Mining mined its first block (operated by slush). Pool mining is a method by which several users work collectively to mine Bitcoins and share in the benefits. 
  • October 2010 - The First ever warning on Bitcoin from Financial Action Task Force (FATF) was issued. Warning states that anonymous use of Bitcoin can be used to finance terrorists and drug lords.
  • September 18, 2010 - Bitcoin Pooled Mining (operated by slush), mines its first block. Pool mining is a method by which several users work collectively to mine Bitcoins and share in the benefits.

Early years of bitcoin like every new invention were disappointing until the year 2017 when bitcoin saw its ATH. The year 2018 was bearish and there were speculations that Bitcoin may drop to 1000 USD but that never happened. On Jul 09, 2019 Bitcoin price jump to 12,553 USD triggering a bullish run.

Although Bitcoin concept was introduced by Satoshi Nakamoto its development over time was taken over by its community and that's the main reason why Bitcoin financial system is still standing firmly against centralized financial systems like banks.

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