Looking Back at a Decade Of Bitcoin
January 7, 2019 3:16 pm
Bitcoin was introduced to the world 10 years ago. Let us look at the most notable events from this decade-long journey.
18th August marks the date when the domain bitcoin.org is registered. 31st October, a paper is published by “Satoshi Nakamoto” that made way for Bitcoin – a peer-to-peer Electronic Cash System.
12th January, the first bitcoin transaction takes place as Nakamoto sends Hal Finney 10 bitcoins (BTC).
15th August, Bitcoin gets hacked, uncovering a major system vulnerability. Jeff Garzik, a developer for Bitcoin discovers an unusual transaction of 184 billion Bitcoins. Jeff acknowledged by saying “We’ve had a problem here”.
In the same year, the first ever Bitcoin sale is held, this allows the cryptocurrency to be attached to a monetary value for the first time. A user buys 2 pizzas for 10,000 coins, an amount that would be worth about 70 million today.
This year saw the debut of rival cryptocurrencies including Namecoin, Swiftcoin, and Litecoin. Bitcoin received a lot of heat for being used on the “dark web”, websites such as Silk Road relied on Bitcoin for payments. After a crash, the price of Bitcoin grows exponentially.
Bitcoin received mainstream attention by being featured in pop culture. The Good Wife, a US drama showcases “Bitcoin for Dummies”.
People holding Bitcoin dispute on a new transactional rule. This results in a Bitcoin fork, splitting the blockchain into two parts. For the six hours that follow, the two networks operated at the same time, leading to a drop in value.
Thailand bans Bitcoin, making trading illegal. Germany accepts it as a “unit of account”. China prohibits banks from using Bitcoins. Meanwhile, first Bitcoin ATM opens in Vancouver, Canada.
The biggest Bitcoin exchange hack takes place in Japan. Mt Gox goes offline and files for bankruptcy, leaving investors empty-handed. Microsoft allows the purchase of games through Bitcoin.
Ethereum and Coinbase launch. Bitstamp, the European cryptocurrency exchange gets hacked but resumes operations after a few days.
Cryptocurrency ATMs reach 500 outlets at the start of 2016 and 900 by the year-end. Uber Argentina enables bitcoin payments. Swiss national railway and Steam start accepting Bitcoin.
The Decentralized Autonomous Organization (DAO) is founded in May, gets hacked within a month, losing its currency. This results in a fork, splitting Ethereum into Ethereum Classic.
Bitcoin cash hard fork occurs, splitting into BTC and Bitcoin Cash. Japan passes a law to legally accept Bitcoin. Skandiabanken, Norway gives way to Bitcoin accounts and recognizes it as a payment and investment system. Bitcoin reaches almost $20,000 per coin.
Samsung confirms cryptocurrency mining chips. EU governments join hands to regulate cryptocurrencies. Bitcoin’s value continues to drop, closes under $4000 at the end of the year.
So as we can see, it’s been an interesting decade so far. Things seem to have stabilized when it comes to cryptocurrency regulations, but we hope that more countries take a positive stance towards the revolutionary cryptocurrencies and blockchain technology. To check out the latest Bitcoin prices, charts and more, visit CoinDelite.com.