Home / Bitcoin / Bitcoin is 10 years old today – here is a look back at his crazy story

Bitcoin is 10 years old today – here is a look back at his crazy story

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David Gray / Reuters
  • Wednesday marks the tenth anniversary of the newspaper that
    led to the creation of bitcoin, the first ever
    cryptocurrency.
  • On October 31, 2008, the mysterious founder of bitcoin
    Satoshi Nakamoto has published a nine-page academic style
    card called "Bitcoin: a peer-to-peer electronic cash
    System."
  • Since its creation, bitcoin has seen wild price fluctuations,
    great battles for control and $ 500 million hack, but it is now
    good in the mainstream.
  • Take a look at the main events of the
    cryptocurrency is crazy 10 years.
  • Track
    the price of bitcoin and other cryptocurrencies in the markets
    Insider.

Halloween 2018 marks the tenth anniversary of the foundations
of bitcoin, the first cryptocurrency in the world, a resource that can
to affirm in a fair way that you have altered perceptions of what can really be
considered a resource in the financial markets.

About ten years ago, the mysterious founder of Bitcoin, Satoshi
Nakamoto has published a nine-page academic style article
"Bitcoin: a peer-to-peer electronic payment system". The card would be
continue to act as the basic text for cryptocurrency, e
lead to initial bitcoin transactions in progress
2009.

It is impossible to say how much bitcoin has increased
single price its first incarnation, because its value back
then it was in the fractions of cents. A conservative
estimate, based on the current price of bitcoins around $ 6,300
for money, and its initial price of less than $ 0.01, would see
the value of Bitcoin increases more than 1 million times in the last
decade.

2008-2010: the first years

The first bitcoin transactions were carried out privately,
so nobody really knows when or how many they were, but the
it is believed that the first trade was between Nakamoto and
Hal Finney developer. Many have speculated that Finney, who died
in 2014, it could actually have been Satoshi.

The adoption of Bitcoin has grown slowly in the beginning, with the
The cryptocurrency attracted the main attention for the first time in May 2010
one day he has
since then it has become known as "Bitcoin Pizza Day".
"

It was May 22, when the purchase of the two Pope John
Laszlo Hanyecz's pizzas from another bitcoin fondant scored
what is believed to be the first bitcoin of the "real world"
transaction. Hanyecz has exchanged 10,000 bitcoins for two big dads
John's pizzas, a sale now worth about $ 63 million.

2013 onwards: mainstream appeal

Bitcoin's journey continued slowly at the beginning, but hit the
mainstream in 2013 after the first of several hyperinflation
accidents occurred in the currency. At the end of 2013, the
peak of cryptocurrency in value from about $ 100 per coin to $ 1,000
in just over a month, before halving the value in the next three
or four months. Bitcoin would still not hit $ 1,000 up to
2017.

The point, however, has attracted media attention, with
Joe Weisenthal of Business Insider writing now
well-known editorial entitled "
I'm
Changing idea on Bitcoin "
– having just weeks before

called bitcoin a "joke".

For the next three years, bitcoin has remained in a range of around
$ 400 – never trade above $ 650 or much less than $ 250. More
remarkable event during that time was the collapse of Mount Gox, the
first ever exchange, which filed for bankruptcy protection
after hackers stole nearly $ 500 million bitcoins and more
$ 30 million of cash deposits.

The hack, the largest ever in the encrypted space,
exposed huge safety faults and bitcoin exacerbated
the good reputation of the Wild West with little or no finance
protection for its users.

Screenshot 2018 10 31 at 09.37.04

caption
The history of bitcoin prices from 2013 onwards.
source
Markets Insider

2017: the bitcoin bubble swells

After three years of relative calm, the bitcoins have really hit the
mainstream in 2017, a year that saw cryptocurrency increase
in value from around $ 1,000 per coin to almost $ 20,000 per currency
in a few months.

Part of the spearhead of that huge leap in value was

the bitcoin "fork"
who saw the bitcoin divided into bitcoin e
cash in bitcoins, after a group of Chinese developers decided to do so
divided the original bitcoin code in protest against what Reuters calls
"the improvements in currency technology are aimed at increasing its value
ability to process transactions. "

2017 also saw the first major public efforts by finance
institutions to be involved in cryptocurrencies, with two United States
exchanges,
the CME and Cboe, creating platforms for customers for commerce
bitcoin futures.
Numerous large banks have also announced projects
involving the crypt, which helped feed the rapidly expanding bubble
in the bitcoin price.

That bubble began to burst just before Christmas – just a
a couple of weeks after the launch of futures – and at the end of
January 2018,
bitcoin had dropped from around $ 20,000 per currency to only
$ 10,000.

Falls were partly guided by increased fears
the regulators programmed to repress the cryptocurrency, which he had
managed largely outside the auspices of normal regulators until
that point.

Bitcoin continued to decline at the start of 2018, before
in the end it is stabilizing at around $ 7,000 per currency. It remained
in the $ 6,000 to $ 7,000 range since June, and the volatility that
characterized the market in 2017 and at the beginning of 2018 has all but
evaporated. On its tenth anniversary, bitcoin
it is trading at $ 6,305 per currency, depending on the markets
Insider.

While now it has entered well and truly into the mainstream
conscience, there are still concerns that have longevity,
and eventually it could fail. Also Wences Casares, widely known as
Bitcoin's "Patient Zero" for its role in arousing interest in
crypt in Silicon Valley, expressed concern for his
future.

"It could work, it may not work"
he told Bloomberg Monday.
"We are in the equivalent of
1992 for the Internet. "

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