Bitcoin is the first digital cryptocurrency, and it is even today one of the most popular currencies in the world. It’s also worth mentioning that it has a market cap of $442 billion, and this makes Bitcoin the biggest cryptocurrency by market cap.
Furthermore, thanks to Bitcoin today, there are over 2,000 other cryptocurrencies and thriving exchange platforms where people can sell and buy crypto. However, the origin of Bitcoin is much less glamorous and still tainted by secrecy. That being said, this article sheds light on some important historical events of the beginning of Bitcoin.
The Invisible Creator
Satoshi Nakamoto is a pseudonym linked to the identity of the creator of Bitcoin. His/Her presence on the internet is associated with bitcoin.org, where he published in 2008 the well-known white paper’ ‘Bitcoin: A Peer-to-Peer Electronic Cash System.’ The white paper explains in-depth the blockchain technology and how it will function.
Essentially, the peer-to-peer network is fully decentralized and facilitates payments over the internet without any financial institution. This is a huge reason why Bitcoin was appealing to so many people, that and also the transparency that it offers, fast payments, and minimal transaction fees were equally important factors.
Hal Finney is a famous early adopter that helped Satoshi Nakamoto in realizing his/her vision among other members of the cypherpunk movement. Hal is also the first recipient of 50 BTC, which is the first transaction that took place on the network.
However, the first commercial transaction happened a year later in 2010 on the Bitcoin forum between Lazlo Hanyecz and Jeremy Sturdivant. Lazlo Hanyecz made a deal to trade his 10,000 BTC for two pizzas from Papa John’s Pizza. The transaction was completed successfully, and since then, the Bitcoin community celebrates May 22, 2010, as Bitcoin Pizza Day.
Satoshi Nakamoto has disappeared after the blockchain network gained traction and attracted more users. His last message was posted on bitcointalk.org on December 12, 2010. The popularity of Bitcoin and subsequent bull runs have put Satoshi Nakamoto on the spot, and a lot of reporters were trying to find the ‘real’ person behind the blockchain technology and Bitcoin. So far, no one has been successful.
As we said earlier, it was very difficult for users to make deals and trade their BTC. For this purpose, they posted on forums, which was highly unsafe, and it was also a real problem when it comes to establishing the price of Bitcoin. Fortunately, Bitcoinmarket.com was launched not long after the first real transaction took place in 2010, and it was the first exchange platform that did not survive its own technical issues and security problems. Nevertheless, it was the first step in the right direction.
On the other hand, today, there are many exchange platforms that are also available on mobile devices. Bitcoin Prime is a good example of a trading site that is based on AI technology, and thanks to its advanced trading system, it is definitely beginner friendly. You can also access your account on iOS and Android mobile devices.
Even though many merchants or organizations were not familiar with the currency, it did attract the attention of WikiLeaks in 2011. The non-profit organization could not access its funds on any account, and many activists that wanted to donate only could do it only through Bitcoin. They have set up a payment channel that still works on the site, and they were able to accept the donations in BTC. Today many other non-profit organizations and charities like the Red Cross, the Water Project, Save The Children accept donations in Bitcoin.
The Spectacular Price Rise in 2017
The first bull run that attracted a lot of media attention happened in 2017. After the second Bitcoin halving in 2016, the price increased from $576 to $650, and a year later, Bitcoin will increase over 1000% surpassing $13,000 in December 2017. Afterward, the price will repeatedly crash and surge many times, but this was the first time that it achieved a notable rise.
2020 marks the longest bullish cycle of the cryptocurrency that has hit an all-time high price of over $24,000 in December 2002. The bull cycle also happened after a halving in May the same year, and it certainly boosted the popularity of Bitcoin and the crypto world.
Some of the future predictions include a new high price of $100,000 in 2025, while many businesses and organizations are looking to incorporate blockchain technology in their business operations. So, we can definitely say that Satoshi Nakamoto has created a unique innovation that is yet to transform our world.