From Start To Now: How Did The Bitcoin Revolution Begin?

By Mayukh Saha / Truth Theory

Most people will have heard of Bitcoin by now, especially since it made its mainstream breakthrough just several years ago. Since then, Bitcoin has been a hot topic around the globe, especially in the online world, with many keen to learn more about the cryptocurrency and the crypto scene. There’s also been a keen interest from some in the journey Bitcoin has been on, and we’re here to tell you more.

Bitcoin’s journey began over a decade ago in October of 2008, when creator Satoshi Nakamoto published Bitcoin: A Peer-To-Peer Electronic Cash System. In this paper, Nakamoto, whose identity remains a mystery, laid out plans of how a Bitcoin blockchain network would work, and this was very much the beginning of what has been an incredible rise to the top.

It was in January the following year that Nakamoto put what was in the paper into action. He did so by mining the first block on the Bitcoin network, which is known as the Genesis Block. Just over a year later, in May 2010, a Bitcoin user named Laszlo Hanyecz paid 10,000 BTC for two pizzas, which went down in history as the first purchases made using the cryptocurrency.

In the period between 2011 and 2013, Bitcoin continued to grow and at one stage was on par with the US Dollar. This period also represented a time when rival cryptocurrencies such as Ripple and Litecoin emerged, providing competition for Bitcoin. By now there were around 10 digital currencies active in the scene, and this is a number which has skyrocketed ever since. However, Bitcoin still remains the dominant cryptocurrency, which is reflected in the fact that the Luno bitcoin wallet is used by over two million people in at least 40 countries all over the world.

2014 saw the price of Bitcoin fall dramatically by 50%. This represented a huge blow to the market and to the crypto scene, and it took until the end of 2016 for the price to recover. The plummet in price was largely a result of huge cryptocurrency exchange hacks which had taken place, with hacks remaining a threat to the scene ever since.

From there on, we’ve seen the development of the Ethereum network, Bitcoin’s main rival, which is responsible for the creation of smart contracts. We’ve also seen the mainstream spotlight shine on the cryptocurrency scene, with Bitcoin often the focus. This has ultimately led to all time highs where prices are concerned being hit, and now there are in excess of 2000 digital currencies floating around the market.

Bitcoin and the blockchain technology behind it have also managed to have a huge impact in other areas too, with many industries and businesses recognising the advantages they bring to the table. Bitcoin and blockchain gaming and gambling are rapidly growing in popularity, manage to provide benefits that normal platforms can’t. There’s also been a shift in the banking and financing sectors too, with peer-to-peer lending networks and real-time banking solutions also generating huge amounts of interest. Bitcoin has been on an adventure over the last decade or so, but it’s far from over.

IMAGE CREDIT: Konstantin Shaklein