History of Bitcoin

Let’s take a walk down the memory lane, and remember the history of Bitcoin.

Bitcoin, a decentralized peer-to-peer electronic exchange, first appeared on the blockchain in 2009. This means that bitcoin allowed people to send money directly to one another without relying on the government, banks or any third party as an intermediary.

At first, the only way to acquire Bitcoin was mining, by that time it was an official currency called XBT.

The first purchase with Bitcoin was two pizzas from “Papa John’s” for 25$, which is equivalent to 10 000 BTC at that time.

In 2017, a group of developers and Bitcoin activists weren’t satisfied with Bitcoin’s capabilities, so they submitted an upgraded proposal which got rejected. Therefore, a “hardfork¹” occurred and created what is known as Bitcoin cash.

In 2018, Bitcoin Satoshi Vision (BSV) came to life with two motives behind it:

● Bitcoin cash’s scalability and Bitcoin’s requirements weren’t compatible.

● People’s desire to bring back Bitcoin to its original form.

19 February 2021, Bitcoin’s market cap hit 1 trillion dollars, which led to several companies including: “Tesla”, “Square” and “Microstrategy” to set sights on investment opportunities.

Bitcoin’s price hit an all-time high at 69044$ simultaneously while reaching a 3 trillion-dollar market cap.

Today, 90% of Bitcoin’s supply ($21,000,000) has been mined, and it is estimated to last till the year 2140. However, this date may vary depending on transactions made and mining power.

This was a rundown on Bitcoin’s past, see you in the next run down!

[1] The splitting of a single blockchain into 2 resulting in the validation of blocks and transactions that were previously invalid.