A Brief History of Bitcoin: How Did It Start?
Bitcoin’s evolution over 15 years has been remarkable, transitioning from an obscure digital currency to a globally recognized investment option. Here’s a recap of its journey from 2008 to the present.
2008: Satoshi Nakamoto introduced the concept of Bitcoin through the publication of the Bitcoin Whitepaper, outlining a decentralized payment system that eliminated the need for intermediaries like banks.
2009: The official launch of the Bitcoin network occurred when Nakamoto mined the Genesis Block and executed the first-ever Bitcoin transaction.
2010: Bitcoin saw its first real-world transaction when Laszlo Hanyecz exchanged 10,000 Bitcoins for two pizzas, marking the genesis of Bitcoin Pizza Day.
2011: Bitcoin’s value surged, reaching $1, and blockchain.info was launched, offering convenient tracking of Bitcoin transactions.
2012: The first Bitcoin halving event occurred, reducing block rewards and steadily increasing Bitcoin’s value.
2013: Bitcoin hit $1,000 but faced regulatory challenges, including the shutdown of Liberty Reserve and China’s ban on third-party payment institutions using Bitcoin.
2014: The IRS declared cryptocurrency gains taxable, and the Mt. Gox exchange collapse highlighted the industry’s lack of regulation.
2015: Bitcoin maintained a steady upward trajectory, closing the year at approximately $430.
2016: The second Bitcoin halving event occurred, reducing mining rewards and briefly lowering Bitcoin’s value before a rebound.
2017: Bitcoin’s value soared, reaching nearly $20,000 by year-end, fueled by the introduction of Bitcoin Cash and the launch of Bitcoin futures contracts.
2018: Bitcoin’s value declined sharply, breaking through the $4,000 threshold amid waning investor enthusiasm.
2019: Regulatory clarity improved with IRS guidance, but Bitcoin’s value fluctuated, reaching a peak before declining at year-end.
2020: Bitcoin surged dramatically, experiencing its third halving event and attracting institutional investment from companies like MicroStrategy.
2021: Tesla’s investment in Bitcoin and El Salvador’s adoption of it as legal tender dominated headlines, signaling mainstream acceptance.
2022: Bitcoin’s value dipped below $17,000, marking a significant loss and the onset of a digital currency winter cycle.
2023: The SEC’s approval of Bitcoin ETFs signaled broader accessibility to Bitcoin investments.
2024: Bitcoin’s fourth halving event occurred, further reducing block rewards.
Read the full article here: https://coinminutes.com/learn/bitcoin-history/
