A Quick Overview of the History of Bitcoin
Bitcoin may be young, but it has a rich, interesting history that’s still evolving. If you want to learn about Bitcoin’s inception and rise to popularity, check out this quick overview of the history of Bitcoin.
When Was Bitcoin Invented?
Bitcoin was born during the Great Recession of 2008, when a person—or persons—going by the pseudonym Satoshi Nakamoto decided that people needed a decentralized currency that didn’t need to go through a bank. In 2009, Nakamoto started the first Blockchain database and mined the “Genesis Block” containing the first 50 Bitcoins.
How Has Bitcoin Evolved?
For a while, only miners validating the Bitcoin Blockchain could mine the currency. At the time, Bitcoin had no real value, and exchanges were performed only on online forums. In 2010, a man from Florida made the first transaction using Bitcoin. He purchased two Papa John’s pizzas for 10,000 Bitcoins, setting the initial price of this cryptocurrency at four Bitcoins a penny—a value that seems extremely low in comparison to today’s ratios.
In 2011, miners and coders banded together to create other mining networks, the most well-known of which being Ethereum and Litecoin. They also began to tinker with Bitcoin’s Blockchain with the goal of making it more functional and easier to use. As Bitcoin became more accessible and more and more businesses began to accept it as valid tender, the community grew at rapid speed. Since 2009, millions of Bitcoin exchanges and transactions have been made around the globe.
Now that you know the history of Bitcoin, you may be interested in knowing how Bitcoin is faring now. Today, the Bitcoin community is bigger and more active than ever. Bitcoin has been occasionally volatile, but it has also been extremely profitable and shown astronomical growth over time.
The price of Bitcoin is currently low, but that makes now one of the best times to invest. If you want to get started with Bitcoin mining, why not take the leap today? BT-Miners is your trusted source for authentic, high-quality Bitcoin mining equipment. Our goal is to provide cryptocurrency-lovers with the tools they need to understand and get started in mining. Start your crypto journey today with our miners, or contact us to learn more about our products and support services.