ZoneBitcoin EditorialYes, Bitcoin in January 2020 has just celebrated its 11th anniversary. It’s after 10 years, yet another Bitcoin anniversary that we can celebrate.
A certain group of people or a single person named Satoshi Nakamoto invented the first decentralized currency. This is the first time that we have even dared to think about being able to exchange money without even going through banks. Eleven later, it still seems as revolutionary, in fact.
It's been a long and winding road, but it's getting easier and easier for Bitcoin to be accepted into our daily lives.
Let's look back for the 11th anniversary of bitcoin on the main dates of the first cryptocurrency.
The Brief History of Bitcoin
Popular history says that Bitcoin was either born not only during the financial crisis, but also as the very aftermath of the 2008 crisis.
As big banks saw massive bailouts saving them from widespread bankruptcy, people grew increasingly wary of big banks and government-run financial systems. They began looking for an alternative that would allow them to control their own money. They were trying to find a way to no longer depend on central banks, which ultimately turned out to be risky and failing.
Satoshi Nakamoto therefore provided this alternative, with a digital currency that would bypass governments, transcend borders and be accepted internationally. It is the ideal standard for our time in that there is no need to convert bitcoin and no need to have a bank or other to exchange it.
While 11 years ago, Bitcoin was just a white paper – an idea, a concept – since then it has become a currency and an asset with a market capitalization of over $167 billion and volumes continuous 24-hour trading. How did we get to where we are today?
Here are some of the most notable Bitcoin facts:
August 18, 2008: The domain name Bitcoin.org is registered.
31th October, 2008: Satoshi Nakamoto publishes his white paper "Bitcoin: A Peer to Peer Electronic Cash System" on a cryptographic mailing list. You can still read it freely today here.
3 January 2009: Satoshi Nakamoto mines the first Bitcoin block, with a reward of 50 Bitcoins. Although he disappeared in 2011 and his true identity remains a mystery, he is said to have mined 1 million Bitcoin. If this stash were cashed out, it would cost $10 billion today.
22th May 2010: Bitcoin is used to purchase goods for the first time when Laszlo Hanyeczs pays 10 Bitcoin in exchange for sending two Papa John's pizzas. Bitcoin is officially a currency, although it is valued at around $000.
February 2011: Bitcoin price reaches $1,00.
October 2012: Bitcoin payment processor BitPay reports that more than 1 vendors and merchants now accept Bitcoin as payment.
28th November 2013: Bitcoin crosses the $1000 mark for the first time.
2014: Following Bitcoin's rapid price gains, more merchants and individuals are beginning to accept Bitcoin for payment, including major online retailers such as Overstock.com and Newegg.
February 2015: the number of merchants now accepting Bitcoin as payment exceeds 100.
28th November 2017: At the end of an astronomical year, the price of Bitcoin reached $10000 for the first time. Just over two weeks later, it would double, briefly reaching $20 before subsequently falling again. Many of us are waiting for the next surge of this type.
April 2019: as the price of Bitcoin falls after its impressive peak, and only a year later, the Bitcoin winter would see prices in the $3000 range, in April 2019 the price began its recovery, and in June 2019, it even peaked at $13.
Autumn 2019: With a few minor bumps along the road, Bitcoin is seeing some of its most stable prices, with the BTC price hovering near $10000 for several months.
31 October 2019: on Bitcoin's 11th anniversary, BTC price sits slightly above $9000. An increase of over 200% of its original price.
Today, in January 2020, 11 years after its “birth”, the price of bitcoin is around $7000.
With the halving taking place in May 2020, everyone is expecting an even higher price.
Finally, Happy 11th Birthday, Bitcoin.
We couldn't be more proud of what you've accomplished so far.
