Some call it «the people’s currency» while others call it a «tulip bulb» and «a fraud.» But most people are not adequately informed about the Bitcoin cryptocurrency. In this article, we try to shed more light on what it is and is not.
The following are 7 interesting facts about Bitcoin cryptocurrency history:
Bitcoin cryptocurrency was not the first digital currency
Even though Bitcoin cryptocurrency is the first digital currency to gain traction, it was not actually the first to be developed. Way back in 1998, there were some attempts to create digital currencies. Some examples include Bit Gold and B-Money. However, these early digital currencies were only formulated but they weren’t widely adopted.
No one knows the true identity of Bitcoin’s founder
In 2008, a mailing list on cryptography received a paper explaining the Bitcoin cryptocurrency technology. The paper was written by someone called Satoshi Nakamoto. Still today, no one knows his real identity. Nakamoto is nonetheless known to be the Bitcoin founder.
Bitcoin was made public in 2009
In 2009, the Bitcoin cryptocurrency blockchain went public. This meant that people could mine for Bitcoin cryptocurrency. Mining of Bitcoins is how the Bitcoins are created, verified and recorded on the blockchain.
The first valuation of Bitcoin
The first Bitcoin valuation took place in 2010. Prior to this, Bitcoins had only been mined and no one had traded them. The first trade happened when someone used his 10, 000 to buy 2 pizzas. If he had held on to them, his fortune today would be in the hundreds of millions of dollars.
As the Bitcoin craze caught on, rival digital currencies began to emerge in 2011. The idea was to come up with alternatives that improved on the Bitcoin idea. These cryptocurrencies became referred to as altcoins. There are now over 1, 000 of these digital currencies.
The Bitcoin crunch
In 2013, the Bitcoin prices plummeted from $1, 000 to $300. Many investors lost money as some sold their coins in panic. However, two years later, it came back to $1, 000 and the kept rising up to an all-time high of $19, 600 in 2017.
Theft and scam
The anonymity of Bitcoin makes it very attractive for hackers and scammers. In 2014, MT. Gox, the largest Bitcoin exchange, collapsed and investors lost approximately $450 million. At today’s rates, this is close to $4 billion.
The Bitcoin cryptocurrency history timeline reveals that the currency is proving to continue to stand the test of time. Even though many unfavorable conditions have hit it, the digital currency has somehow managed to always recover. Some experts believe the value of Bitcoin will reach the $100, 000 mark in the next couple of years. Time will tell.