Are you a bitcoin trader? Have you used a trading robot? We recommend you read the Bitcoin code review. But after all, do you understand the history of this amazing cryptocurrency? This article is dedicated to letting you know about the Bitcoin Timeline as your best way to understand its possible future.
The drastic rise of bitcoin and other cryptocurrencies have garnered media attention in recent months, yet hardly anyone is clear on what they are. Are there physical currencies? Can you use them in supermarkets? Is a bitcoin bubble looming? What is the blockchain?
Bitcoin is the world’s first decentralized photographic financial network. Its value has gone from zero to billions, and behind it, there is a history of innovation and a pizza for which 22 million dollars were paid. This is a summary of the history of one of the least understood and most profitable technological advances of recent times.
January 3, 2009: Bitcoin was born
One or more people under the name Satoshi Nakamoto launched the Bitcoin network with the creation of the “Genesis Block,” the first entry in the global Bitcoin transaction log. The code included text that reads: “The Times 03 / Jan / 2009 Chancellor on the brink of second bailout for banks.”
The text corresponds to a cover of The Times indicating that it was created on January 3, while highlighting the instability of the financial environment. Any copy of that newspaper is now a collector’s item.
January 9, 2009: Bitcoin went public
Nakamoto announced version 0.1 of Bitcoin in the Cypherpunks mailing. Previously he had published a pdf in the list explaining the design of the network on November 8, 2008.
January 11, 2009: mining began
Some realized that they could get rich if they start early. Hal Finney was one of these early adopters and saw the advantage of getting a few coins in exchange for computing. Finney mined for a few days but ended up closing the program because it heated his computer.
On January 12, the “first transaction” was made when Satoshi sent bitcoins to Finney.
December 30: mining spread
Interest in the currency forced increasing the difficulty of mining. The network performed the update on its own, producing a new batch every 10 minutes on average.
May 18, 2010: the pizza of the 33 million.
Laszlo Hanyecz went down in history as the first to spend bitcoins in exchange for something. In this case, Laszlo paid 10,000 BTC in exchange for a pizza.
November 10, 2010: bitcoin and Wikileaks
When the United States blocked Wikileaks access to its funds, a bitcoin user suggested that Wikileaks use bitcoin. Other users joined the conversation, some recommending not doing so due to the negative attention that could be given to the cryptocurrency when relating it to the organization.
Nakamoto responded negatively on December 5. “The project must grow gradually for the software to become strong to its measure.” Wikileaks would not start accepting Bitcoins until June 14, 2011.
December 12, 2010: Satoshi’s last post
Nakamoto posted his latest post on the Bitcoin Forum. In a few months, he stopped contributing, and Andressen took the lead. Nakamoto’s identity remained a mystery.
Bitcoin’s roller coaster and first hack: bitcoin equaled the dollar
Little more to say than BOOM! At this moment, the attention of the media began to shoot up.
June 8, 2011: the seesaw
Bitcoin surpassed $ 30 for the first time to drop again almost immediately.
June 13, 2011 – First attack
A user denounced the first hack in the forum, a theft of 25,000 BTC. At the time of the robbery, the value was $ 500,000. The community was starting to take the security of their wallets more seriously.
September 27, 2012: Bitcoin Foundation
The Bitcoin Foundation was created, becoming the semi-official home of the cryptocurrency.
November 18, 2013: Bitcoin reached the ears of the Senate
The Senate Security and Government Affairs Committee held the first debate on Bitcoin. Two days later, the same thing happened in the Senate Banking Committee, and the regulators agreed to do nothing to prevent the development of the currency.
The bombing of 2017
August 1, 2017: Bitcoin split
After a sequence of historical uploads, some miners and startups decided to separate the original developers creating what was called the hard fork. Bitcoin became Bitcoin Cash and Bitcoin Core, Bitcoin Classic, and Bitcoin Unlimited were born.
Throughout the year, bitcoin did not stop marking historic highs, exceeding $ 3,400 per coin on August 7 and a total value of 5 billion. This separation did not appear to have damaged confidence in the currency but rather to strengthen it.
The end of traditional capitalism?
Questions arise when we see the impending growth of blockchain and cryptocurrencies. A paradigm shift is coming, or at least it seems, and if we do not anticipate, we could be left behind. At the same time, the early adopters enrich themselves creating a gap of inequality not only economical but knowledge of a system with new rules.
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