For many people, the terms ‘Bitcoin’ and ‘cryptocurrency’ came out of nowhere as they can easily remember a time when they were completely unaware of these terms until a friend or an acquaintance mentioned them.
However, for those of us who’ve been closely monitoring developments since the cryptocurrency’s infancy know that the mainstream popularity of Bitcoin has been a long time coming. Today, we’ve decided to look back at how the currency developed and how it quickly became a household name.
2008 – The Birth of Cryptocurrency:
Believe it or not, it’s been a decade since the term Bitcoin first graced the internet. Towards the tail-end of 2008 (August 18 to be precise) the domain Bitcoin.org was registered. To complement this registry, the enigmatic Satoshi Nakamoto published a research paper entitled Bitcoin: A Peer to Peer Electronic Cash System which quickly got a lot of people talking.
2009 – The First Transaction:
The first Bitcoin takes place between the creator of the cryptocurrency (Nakamoto) and a computer programmer by the name of Hal Finney. A grand total of 10 Bitcoins (BTC) exchanged hands on the 12th of January, 2009.
2010 – The First Hack and the First Sale:
Although it may sound impossible to pull off these days, but there was a time when Bitcoin was extremely vulnerable to cyber-attacks. On the 15th of August, 2010, bitcoin developer Jeff Garzik notices a transaction worth 184 billion Bitcoins!
The cryptocurrency quickly recovers from this and just in time for the first Bitcoin sale. This allows financial analysts to attach a monetary value to Bitcoin. It’s during this sale that the 10,000-Bitcoins-for-two-pizzas transaction takes place.
Fun fact: Those 10,000 BTCs are worth more than $64,000,000 in today’s economy!
2011 – The Rise of the Rivals:
Seeing the success of Bitcoin, some challengers to the throne begin to appear; the first three of which includes the likes of Namecoin, Swiftcoin, and Litecoin. Meanwhile, Bitcoin becomes subject of bad press as it is made public that the cryptocurrency is being used to facilitate transactions over the dark web.
2012 – Pop-culture Takes Notice:
The first mention of Bitcoin in pop-culture occurs with the third season of The Good Wife depicting a trial called Bitcoin for Dummies. The currency ends the year with an estimation of $13 – the last time it would finish a year without being worth hundreds of dollars.
2013 – The Infamous Fork:
Bitcoin users couldn’t agree on a new regulation to govern all transactions, for nearly six hours, there were two different versions of transaction history. As a result, the valuation of the currency plummeted. However, not all was doom and gloom as Bitcoin ended the year with a value of $600.
2014 – The Popularity Boom:
Bitcoin continues to make the news for one reason or another; some companies ban BTC transactions altogether while the first Bitcoin ATM is launched in Canada. Similarly, Microsoft enables its customers to buy games with BTC which does wonders for its popularity.
2015 – The Second Wave of Rivals:
Ethereum, Coinbase, and a few other cryptocurrencies are launched with the latter earning $75m in crowdfunding – the biggest sum generated by a crypto-currency.
2016 – Worldwide Acceptance:
It’s clear that Bitcoin and its rival cryptocurrencies are here to stay. This is reflected by the fact that the number of Bitcoin ATMs almost doubles (from 500 ATMs at the start of the year to more than 900 by the end of the year). Uber accepts payments in Bitcoin (in Argentina only) and Steam also accepts BTC transactions.
2017 – The Rise and Rise of Bitcoin:
It’s clear to see that the well-oiled Bitcoin machine has no intentions of stopping (or even slowing down for that matter). The currency started the year with a dollar evaluation of around $920 before eventually reaching the unprecedented high of $17,900!
2018 – The Present and the Future:
Bitcoin continues to surge in popularity as the years go by. With more and more businesses accepting the currency as a valid payment option, it’s safe to say that those who remain hesitant to cryptocurrencies are merely turning potential customers away and are giving their rivals a competitive advantage.
Make sure that the same doesn’t happen to you or your firm by accepting payments in Bitcoin by opting for the services of APICoin.Link. The online platform allows you to generate forwarding addresses for Bitcoin, Bitcoin Cash, Zcash, Lite Coin, and Doge Coin.