A complete timeline of Bitcoin Events since 2008!
Every cryptocurrency enthusiast participates in the celebration of Bitcoin Pizza Day as the pizza was good to be bought with bitcoin. Laszlo Hanyecz from Florida made the initial commercial purchase with this virtual coin.
He bought two large pizzas by paying 10000 BTCs on the 22nd of May in 2010. In just one decade, bitcoin has acquired millions of user bases. Like this app , you can learn more about bitcoin. Bitcoin crossed its threshold price on the 10th of November 2021 by touching $68000. Here is a complete timeline of bitcoin events since its release.
With Nick Szabo envisaging the first cryptocurrency model, Satoshi Nakamoto created an almost similar model in 2008. The so-called developer of this cryptocurrency is an unknown identity, and no one even knows whether Satoshi Nakamoto is a male or female. Nevertheless, in 2008 Satoshi Nakamoto wrote the white paper of this virtual coin and posted it on bitcoin.org. The title of bitcoin’s white paper is bitcoin, an electronic cash system.
The creator of bitcoin also released the concept of blockchain and cryptocurrency mining. The first batch of freshly minted 50 BTCs was released in circulation in 2009. Satoshi Nakamoto also transferred a few of the BTCs to the creator of proof of work.
Currently, profound digital currencies like BTC and ether use the technology, whereas few of these currencies also use proof of stake. As per reports, proof of stake is more eco-friendly. After receiving some amount of BTCs from Satoshi Nakamoto, Hal Finney publicly announced the existence of BTC on his Twitter handle.
In 2010 bitcoin was listed in the global marketplace at a market value of $0.0008. In no time, bitcoin reached $0.80. Cryptocurrency enthusiasts came to know about the use case of BTC as a monetary system in 2010 as Lazlo executed the first-ever retail purchase using this virtual coin. He purchased two large pizzas, which is why people celebrate bitcoin pizza day on the 22nd of May 2021.
In 2011, the first altcoin came into play, the lite coin. Charles Lee, the developer of bitcoin’s lite version, linked the value of LTC with BTC. Despite being an identical model as BTC with a good processing speed, litecoin has a much lesser market value than BTC. Similar to BTC, litecoin also has a finite supply. BTC maximum supply sealed on 21 million BTC whereas LTC maximum supply is restricted to 83 million LTC. On the other hand, the speed of executing transactions using the litecoin network is much high.
Bitcoin became very popular in 2012 as it appeared as a payment method on many online gambling websites, and one of the cryptocurrency exchanges collaborated with a famous sports broadcasting channel. Bitcoin was trading at a market value of $250 at this time. An individual coined terms like Satoshi and uBTC in 2012. Satoshi is 100 millionth part of a BTC and is usually the currency of bitcoin faucets and money making sites.
Retail investors started to enter the cryptocurrency market, and bitcoin first touched the mark of $1000. In no time, bitcoin was trading at $1,164$. The mainstream cryptocurrencies were hitting the roof, but some experts predicted a sharp fall in 2014.
People were enjoying staggering profits they made from bitcoin but then came in the first-ever cryptocurrency crash. The value of one BTC slumped to $560 after the crash. In short, bitcoin plummeted by almost half the amount. As a result, there was an intense panic sell in the marketplace.
The fall of bitcoin continued in 2015 as well as this virtual coin was valued at $315. However, after reaching this mark, bitcoin started to recover a bit.
When retail investors started to lose interest in bitcoin, it started to rise. In just one year, bitcoin experienced a growth of almost 121%. By the end of 2015, bitcoin was at a price point of $433; by 2016, BTC was $959, very close to the $1000 mark.
In 2017 bitcoin halted all its previous records by touching a milestone of $20000. But in 2018, the market crashed again, and the currency was valued at $3000 only. Later in 2019, BTC recovered again and was trading at $10,000. Finally, at the beginning of 2021, bitcoin was trading at $30000, and by the end of 2021, it touched $68000.
The above mentioned is a timeline of bitcoin events.