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The Rise and Evolution of Bitcoin

Currencies / Bitcoin Dec 03, 2019 - 10:32 AM GMT

By: Steve_Marks

Currencies

With 2019 slowly coming to an end, bitcoin completes its 11 years in the cryptocurrency marketplace. It was not only the first ever cryptocurrency to get launched as a guinea pig, but also became the most expensive cryptocurrency across the world.


Today, bitcoin can be seen in every sphere of our lives. There are retail outlets on the Internet accepting bitcoins, Bitcoin lottery doing brisk business in different parts of the world, people using bitcoins to travel across the world, and much more. Let’s briefly go over the rise and evolution of bitcoin as a whole.

The beginnings – 2008-2009

This was the time when 1 bitcoin was equal to $ 0.003. The cryptocurrency came into being on August 18, 2008 by someone known as Satoshi Nakamoto. While records suggest that he lives in Japan, many believe that he could also be a group of people that were bound together through the idea of a public domain cryptocurrency. Nakamoto urged other cryptographers to help him with coding, but stepped away from developing bitcoins around 2011. The first-ever bitcoin was mined by Nakamoto in mid-2009 and is referred to as the genesis block. Another historical moment in this regard was when the first ever bitcoin was sent by Nakamoto to Hal Finney, another cryptography master.

Development phase – 2010-2012

By this time bitcoin was trading at around 1 dollar per unit. The first buy-sell operation using bitcoin happened in May 2010 when Laszlo Hanyecz, a Florida-based software engineer sent 10,000 bitcoins to a Brit friend in exchange of 2 pizzas. While Hanyecz paid the Brit with 10,000 bitcoins, the latter made the pizza payment using a normal credit card. That day in May 2010, May 22 to be precise, is widely celebrated as Bitcoin Pizza Day. What makes the transaction even more interesting is the value of those 2 pizzas today. The 10,000 bitcoins exchanged that day would now be worth $80,000,000, or perhaps even more! This was also the time when bitcoin trades started happening, with multiple bitcoin trading platforms coming into existence.

Regular Bitcoin usage – 2013-15

By 2013 bitcoin was being actively traded in the vicinity of $ 250. During this phase bitcoin value fluctuated pretty heavily based on all kinds of news and events surrounding it. Hence, while on one day it was valued at $ 220, the next day it dove to $ 109. Altcoins like Ethereum, Litecoin, DASH, Ripple etc. also came into being around this time. Of all these, Ethereum became the most popular as it added virtual machine above blockchain, using Turing Complete algorithms. It’s Ethereum that resulted in the creation of Smart Contracts.

New Era – 2016-2019

The bitcoin value completely exploded in these 3 years, with 1 bitcoin reaching as high as $ 15,000 at one point of time. The atomic swap technology came into existence which allowed for exchanging different cryptocurrencies without the need of any 3rd party, using Ethereum Smart Contracts.

Lightning network also came into being during this time. It’s a 2nd layer bitcoin innovation that makes use of micro-payment channels for scaling up its blockchain’s ability to process transfers. Hence, transfers can be done between accounts without creating any records in the blockchain.

By Steve Marks

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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