BITCOIN HISTORY & PRICE WITH LIVE CHART FROM 2009-2024
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| BITCOIN HISTORY |
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Bitcoin has seen its fair share of critics naysayers
worshippers and yes, even a bubble or two, but 11 years later, it's still
around and growing faster than ever. Last year alone, Bitcoin process more
transactions than PayPal, and whether you followed Bitcoin since the beginning
or for only a few years, or maybe because this article popped up in your
newsfeed and you were briefly reminded that Bitcoin is still a thing.
Today, just for the celebration. In this article, we're going to break
down every year of bitcoins life, how it started out it's just a small
little white paper proposal circled around a small group of programmers, and
now it's a household name all around the world with a total market value of over $100,
billion dollars.
mass unemployment, Obama becomes president Slumdog
Millionaire also the year of Jersey Shore using photo booth on your new iMac
keyboard phones Twilight and Bitcoin.
BITCOIN FIRST TURN STARTS FROM HERE
Okay so Bitcoin didn't actually start in 2009 prior a
white paper proposal by an anonymous Satoshi Nakamoto circulated around various
internet communities of cypherpunks and coders. You see, up until that time
many people had actually already tried to create a digital currency like
Bitcoin.
The money bit gold, a
way for people to send money over the Internet that was truly global and didn't
require the third party like a bank or government to function without diving into
a ton of technicals it solved the problem of creating a ledger without a
third party like a bank by incentivizing users with Bitcoin to host the
ledgers themselves via the Internet.
The more people who partook in the network, the more it
would become secure, and if you wanted to help everyone else with their new
transactions you would be rewarded in Bitcoin as well.
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All the other digital currency attempts couldn't get
this ledger mechanism function on its own, but Bitcoin did on
January 9 the first iteration of the Bitcoin software was released, and on
January 12, the first-ever Bitcoin transaction occurred when the anonymous
creator Satoshi Nakamoto sent 10 bitcoins to computer programmer Hal
Finney towards the end of 2009, the new Liberty standard published the
first-ever Bitcoin exchange rate deeming $1 to be worth 1309 bitcoins
less than one 10th of a penny.
In May of 2010, a
user posted on Bitcoin talk.org that he would pay 10,000 bitcoins in exchange
for two pizzas worth $25 at the time. Today, that's worth $79 million*.
You can actually still browse those forums and find the original post as well
as all of Satoshi Nakamoto his original posts in the first year of bitcoins
life he was regularly public with users in order to improve and update Bitcoin
software.
PRICE OF BITCOIN CHART
The first ever Bitcoin exchange also started in
2010,
named Bitcoin market, and a few months later, the most infamous of
Bitcoin exchanges Mt. Gox was established. And one of the first and last
exploits in bitcoins protocol were found, letting somebody generate
184 billion Bitcoin, very quickly the network invalidated the transaction
was sooner raised with the vulnerability patched.
A great way to prove that the Bitcoin network worked as
designed and one of the first steps to getting the moniker digital gold,
the bitcoin price stall at around six cents each for several months but
started climbing near the end of the year.
In February 2011 Bitcoin finally broke the $1 mark a
Bitcoin talk forum member sold his 1984 Celica Supra for 3000 Bitcoin now worth
around $22 million better than the pizzas, I guess, and the infamous Silk
Road open for Bitcoin allowing people to purchase illicit drugs online
with zero traceability Mt. Gox was sold later to Mark cappellas in March
of that year, a lot of changes mount Gox soon became a prime target for hacks and
thefts for years to come.
In April 2011 Time magazine published an infamous article on Bitcoin that caused a price spike
taking Bitcoin from $1 to $31 within a few months, and just four days later,
Bitcoin dropped from $31 down to $10, the first of many bubbles in bitcoins
life to come.
June of 2011, the whistleblower organization
Wikileaks starts accepting Bitcoin, much to the dismay of Satoshi
at that sort of spotlight on the project at that time.
In 2012 crypto exchange and wallet platform
Coinbase was founded. Adam Draper son of the infamous investor
Tim Draper founded the world's first Bitcoin stock debater an episode of the good wife airs called Bitcoin for dummies, which is credited for rocking the
price from around $3 to $5.
Now, you can. There are currency traders online.
That one bitcoins worth $3, and with the essential disappearance of Satoshi Nakamoto the Bitcoin foundation is
formed in September of that year, implementing a core development team to
oversee the future development of the Bitcoin currency.
In November, the
first ever having a Bitcoin takes place reducing inflation by about 50%,
the price largely stays contained for most of 2012, after the first major
bubble in 2011, in 2013, more and more businesses start accepting Bitcoin
like WordPress, Baidu, and Overstock.
The United States Department of Homeland Security seizes
over $2.9 million from a mount Gox subsidiary, in what is considered one of the
first major government crackdowns on a crypto exchange.
Soon after the FBI shuts down the infamous Silk Road
marketplace. By December of that year, China outright bans Bitcoin
transactions. Oh yeah, and a lot of things get hacked, but not Bitcoin
itself, because despite a lot of Rocky news for Bitcoin, the price
actually goes from a measly $13 to a record 11 $123 in 2013,2014 and Empire
Falls mount Gox the largest Bitcoin exchange at the time suspends withdrawals
citing technical issues.
By the end of the month, they go completely bankrupt and
report that 740,000 bitcoins had been stolen the recovery process actually
continues for several years and is still ongoing today with around 200,000 of
those recovered worth much more than what they were at the time of bankruptcy,
China continues their crackdown on Bitcoin shutting down several bank accounts
belonging to crypto exchanges.
2014 also mark the birth of Ethereum, the little
brother to Bitcoin, which utilize Bitcoin through a crowdfunding mechanism to
fund the project, a crowdfunding mechanism eventually called an Ico or initial
coin offering.
We'll get to that more in 2017, the price of bitcoin
continues to slide after the mount Gox failure, going from around $1,000 down
to around, $300.
In 2015 Bitcoin drops a little bit more to slightly
under $200 seeing a relative decline of interest. The legit operator of silk
road Ross Ulbricht is charged guilty on seven charges of money laundering and
drug conspiracy. And ironically two formal federal agents are charged with
stealing Bitcoin during their active investigation into Silk Road Australian
citizen Craig Wright claims he is Satoshi Nakamoto after two investigations
from wired and Gizmodo suggests that he may be the inventor of Bitcoin, so
you're going to show me that Satoshi Nakamoto.
Yes. And within hours of going public with this story, his
home in New South Wales is rated for tax evasion investigative purposes, to
this day, Craig Wright continues his reign of terror in the Bitcoin
community, threatening to sue everyone who says anything bad about him.
To which I have to
say I love you, Craig right, and even though your parents didn't give you
enough attention as a kid, you certainly have ours now.
In 2016, the cabinet of Japan recognizes digital
currencies like Bitcoin as real money and other crypto exchange bitfenix
was hacked for nearly 120,000 Bitcoin, but it's still operational today,
paying users affected by the hack with profit from fees generated by future
trading Ethereum the
number two cryptocurrency starts gaining notoriety after a massive hack
nearly 14% of its total supply takes place in June and Bitcoin records
its second having taken the inflation rate down another 50%, the price of
bitcoin steadily climbs upward from around $200 to $780 by the end of the year.
2017 was the best year ever Bitcoin went from like $900
to $20,000, and not only Bitcoin soared in value, almost every single cryptocurrency
went up, 1000s of percent in only a few months. Sure, there were a few hiccups
China crackdown on Bitcoin mining and exchanges were hacked,
once again, Bitcoin was even forked into two chains Bitcoin Core which is still
considered the original Bitcoin and Bitcoin Cash.
And we even got Bitcoin futures on the Chicago Mercantile
Exchange, or CME, allowing people to trade Bitcoin as a derivative
product straight from a stock brokerage like TD Ameritrade.
In fact, everybody was launching their own cryptocurrency.
Your dad was probably launching dad coin. And yes, 99% of them were
scams, but that's fine because everybody made money, and had a great time doing
it. 2018 was a pretty rough year of bloodshed in Bitcoin this week the
cryptocurrency hitting its lowest level since May Bitcoin is a bubble. Okay.
Bitcoin is a bubble Bitcoin went from around $20,000 to 30
$200. Yeah, it's a pretty bad time. South Korea started cracking down and
banning the anonymous trading of digital assets and 92% of initial coin
offerings essentially failed with many of them turning out to be Ponzi
schemes. when I started to put in Dawson.
Behind all the falling prices scams and bag holders the
broader internet community behind crypto was bigger than ever,
conferences like consensus or DEF CON were still regularly sold out, and more
people than ever applied to start a Bitcoin ETF an exchange-traded fund
that would allow people to speculate on the price of bitcoin in a
traditional way like buying a stock.
In fact, the largest crypto exchange in the world by
Nance became the fastest company to ever get a valuation of $1 billion doing it
in only six months. And today it's even bigger than ever.
2019 was a very interesting year for Bitcoin. Bitcoin
started around 3200 and made its way back to $14,000 by the summer, only to
retrace back to 7000 by the end of the year. And the fact that most people call
what is still 100% plus move a miserable year for Bitcoin tells you exactly
just how high of a bar Bitcoin has held up for the last 11 years in 2019.
The biggest news of the space was arguably
Facebook announcing their own cryptocurrency Libra. It
was the subject of countless congressional sessions and it brought a fresh
spotlight to the beaten-down cryptocurrency space, 2019 was also a big
year behind the scenes for Bitcoin adoption and custody, big names like the ice exchange launched their own Bitcoin futures and many platforms like block phi
and compound, open up a whole new market for loaning and collecting interest on
Bitcoin like traditional banking services.
And that brings us to today. While we've already been only a
few weeks into the new year we've seen bitcoins spike with assets like gold on
the talks of military conflict with Iran, adding even more credence to the idea
that Bitcoin could become a version of digital gold, and this year sees the
third-ever happening a Bitcoin in May, yet again cutting the inflation of
Bitcoin by 50%.
So despite the huge rollercoaster ride of Bitcoin 11 years
later, it's still kicking in more relevant than it's ever been. Maybe it
doesn't feel that way because of the price but it's a lot more likely at
this point that Bitcoin will see a mainstream resurgence bigger than the
likes of 2017 than it is to fade into complete irrelevance.
And that's something worth celebrating. Big shout out to our
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If you liked this article don't forget to share & comment.
If I missed anything, let me know a lot happens in 11 years and I'd love to
hear what you would add as well.
Conclude- Here I have explained bitcoin history, price, chart if you want to know you can read from here the full revolution of
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