On 31 October 2008, the pseudonymous individual or group known as Satoshi Nakamoto published a whitepaper about bitcoin. Although Satoshi had written most of Bitcoins codebase prior to publishing the white paper, he opened it to public review by the peer-to-peer network on the Internet. First mentioned in a white paper published by Satoshi, Bitcoin promised the ability to make transactions without government oversight, relying on digital signatures and digital coins rather than on fiat currencies issued by a centralized government.
The Bitcoin whitepaper introduced a peer-to-peer system of digital cash, built upon a new form of distributed ledger technology called the blockchain. The paper laid out how bitcoins will function, and bitcoin formally launched on Jan. 3, 2009, according to Oli Liecht, an education editor for CoinDesk, the leading crypto news site. On Jan. 12, 2009, the first Bitcoin (BTC) transaction after the creation occurred between Satoshi and Finney, an encryption activist, on Block 171.
Then, on Jan. 3, 2009, the network went online, mining a genesis block that allowed for the first batch of transactions to start a blockchain. Just days after 1997, the first-ever bitcoin block, known as the genesis block, was mined. Four months later, Satoshi Nakamoto, whose real identity remains a mystery to this day, mined the first block of the Bitcoin network, essentially launching blockchain technology.
On 12th January 2009, the first bitcoin transaction took place between Satoshi Nakamoto and Hal Finney. Bitcoin began trading at $13.40 in the following year, and experienced two price bubbles during that year. Real Bitcoin adoption began about two years later, with the first significant price spike for bitcoin. Bitcoins first started trading at about $0.0008 per coin to $0.08 per coin in July 2010.
The first increase in bitcoins price occurred in 2010, with a jump from about $ 0.0008 to $0.08 in value for one bitcoin. Bitcoins value rose in early 2011, reaching over $64,000 by mid-April, following an active first quarter. In March 2013, bitcoins market cap crossed a billion dollars for the first time. Bitcoin made headlines this week when the price of one unit of the cryptocurrency passed $11,500 for the first time. Bitcoin prices have seen their fair share of rises and falls throughout 2013, but they crossed $1,000 for the first time, becoming the most recognized and successful wallets and exchanges available. The rise and fall of crypto-exchanges, which controlled sizable caches of bitcoin, also affected the price trajectory of Bitcoin. Gox, an early global crypto-exchange, particularly contributed to mercurial changes in the Bitcoin price during 2014. The New Liberty Standard Exchange recorded the first bitcoin-to-dollar exchange at the end of 2009. While we may never know who created Bitcoin for the first time, we know the technology an unknown individual started has left a ripple effect on the financial industry. The Existing Monetary System Was Designed To Fail Since It Was Created, This is Vital Information For Every Human!
