Bitcoins was the first ever cryptocurrency launched an over a decade ago. Staring from its birth till today, the cryptocurrency has seen lot of ups and downs. Below are some notable events:
· Launched-2008
Advertisement
On august 18th, “bitcoin.org” was registered. Later on October 31st, the secretive creative of Bitcoin, Satoshi Nakamoto, published a paper that gave birth to Bitcoin: A peer-to-peer electronic cash system.
· First Transaction-2009
Although it was created in 2008, its first transaction was in 2009 on January 12, when a Nakamoto transfers 10 bitcoins to Hal Finney, a computer programmer.
· Hacked-2010
Exposing a major vulnerability, bitcoin was hacked on August 15th. Bitcoin developer Jeff Garzik, notices a highly unusual transaction involving 184 billion bitcoins.
The same year bitcoin was attached to a monetary value, hence bitcoin sale. A user transferred 10,000 bitcoins for two pizzas. Keeping in mind the current value, that 10,000 would today cost around $76 million. Most expensive pizza ever.
· Rise of Rivalries-2011
Litecoin, Namecoin and Swiftcoin all emerged as rivals to bitcoin. In the meantime, bitcoin was criticized as per the claims that it was used by dark web, in particularly on “Silk Road” website. Proving that no publicity is a bad publicity, its value shoots up to sky but only to fall back on ground.
· Rise of Cryptocurrency-2012
Cryptocurrency started gaining popularity, including a fictionalized trial in U.S. drama the Good Wife’s season three, which was entitles Bitcoin for Dummies.
· The Split-2013
Bitcoins holder couldn’t get on an agreement which resulted in splitting of the blockchain, hence resulting to a fork. It leads to a huge drop in its value.
While many countries were attempting to work on ways to deal in cryptocurrency. Germany’s MoF would not accept is as an official currency. People’s Bank of China prohibited financial institutions to deal in cryptocurrency and Thailand banned bitcoins, which all led to another drastic fall in the value.
· Bitcoin’s popularity-2014
Japan based cryptocurrency exchange, Mt Gox files for bankruptcy and leaves investors out of pockets. Microsoft, witnessing rise of bitcoin, allows user to buy games with bitcoins.
· Ethereum-2015
Ehtereum and Coinbase were launched in 2015, which raised $75 million in a funding, which is largest for a bitcoin company. European based bitcoin exchange was hacked but few days later, it resumed and assured users that no money was lost.
· Bitcoin ATM-2016
Cryptocurrencies became more mainstream as in just a year bitcoin ATMs increased by 400. Other companies started accepting bitcoins such as Uber in Argentina, Swiss national railway and software website Steam.
· Birth of BCH-2017
Bitcoin cash hard fork occurs which splits the bitcoin into two: Bitcoin and Bitcoin cash.
The same year japan passes a law to accept bitcoin as a legal payment method, and Skandiabanken in Norway recognizes bitcoin as investment asset and payment system.
· European Market-2018
With Samsung announcing that they are making chips to mine coins, several European governments join force to cooperate on cryptocurrency regulation, and many launched innovative partnership with high street names, including Ripple’s app.
Advertisement