A Bitcoin History Restrospective

In celebration of one of the most significant events in cryptocurrency history; Laszlo Hanyecz’s purchase of two pizzas for 10,000 BTC (around 80mil USD at the time of writing), we thought it would be nice to bring you a brief history of Bitcoin as a whole.

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Bitcoin came to the world in 2008, in the form of a whitepaper “Bitcoin — A Peer to Peer Electronic Cash System” presented by someone, or a group of people perhaps, going by the name Satoshi Nakamoto. Within this whitepaper, a new kind of network system is detailed in great depth, showcasing a reality in which a global currency can exist, devoid of any kind of government control.

While the network detailed in the whitepaper was in full effect, with coins being mined and transactions able to be processed between any two users, it wasn’t until a year after the launch that anyone was able to put a tangible value on these new digital tokens. On May 22nd 2010, the infamous purchase of two Papa John’s pizzas for 10,000 BTC was completed; setting a real-world price on Bitcoin for the first time.

For the first several years, bitcoin went by largely unnoticed, really appealing only to the extremely forward thinking or technologically inclined people. It felt more like a proof of concept than an actual currency with any kind of value – but it wouldn’t be long before what was set in motion by Satoshi Nakamoto’s whitepaper would change the face of modern finance forever.

In 2014, following a few years of solid growth, Bitcoin was faced with growing interest from people who did not necessarily believe in its potential to change the world, but rather saw Bitcoin as a way to make a quick buck — sometimes by scamming or outright stealing coins facilitated by the anonymous and decentralized nature of the platform. The biggest such event was undoubtedly Mt.Gox, which went offline in January of that year, taking along with it approx. 850,000 BTC. This was a serious blow to cryptocurrency as a whole.

Since then, we’ve seen the rise (and sometimes fall) of altcoins and ICOs, and are currently in a market where trust and reliability are key — as we can see from the success of BitForex Turbo projects and similar initiatives from other exchanges. It’s always exciting to think about what this space may look like within the next 5-10 years, given how far we’ve already come.

This has been a short retrospective on the early life and rise of Bitcoin – the singular cryptocurrency that started a global movement towards a free economy for everyone.

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