At some point in history, there has been a need for a new system of payment, sometimes these payment methods are adopted quickly, other times they are accepted slowly over time. Most systems have become obsolete leaving only the fiat currency. In 2008, a new means of making payment started to slowly take a hold. That new payment was digital currency and it was called bitcoin.
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In 2008, a developer under the name Satoshi Nakamoto started to develop the coins using military-grade cryptography and in 2009, the first coin went live.
Bitcoin was developed with the main aim of enabling peer to peer transactions bypassing all the unnecessary fees imposed by financial institutions for such transactions.
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The first mining of bitcoin started
In 2009, the first mining of bitcoin started, it was a transaction between Nakamoto and another cryptographer Hal Finey. By October that same year, bitcoin had a value established for it by the New Liberty Standard. The value was set at $1=1309BTC. Imagine getting just $100 worth of coins back then!
Bitcoin experienced its first fall
By 2010, bitcoin experienced its first fall. It was a victim of hackers who stole 184 billion bitcoins. This hack caused the value of bitcoin that had been steadily rising to fall freely through the floor.
This same year, bitcoin received another setback it was shown to be a means used by money launderers. This year was not a good year for the digital currency in any sense. But by November this same year, bitcoin was already rebounding. Its value had risen to about 50 cents by November.
Bitcoin was linked to the infamous Silk road debacle
The year 2011 didn’t start out well for bitcoin as it was linked to the infamous Silk road debacle. The drug traders had used the anonymity of bitcoin to hide their illicit trade.
Despite this setback, the value of biotin rose to $31 by February of the same year. The currency had a market cap of about $206 million that same year.
The year 2011 proved to be the last year bitcoin experienced any major setback. There was still some theft of coins, but nothing as much as the previous 184 billion that was stolen.
Bitcoin was ruled as a means of making payment for goods
In 2013, bitcoin was ruled as a means of making payment for goods and services by a US Federal Judge. In a case in which he was the officiating Judge, Judge Mazzant ruled that bitcoin can be seen as a means of making payments.
From then onwards, the digital currency continued to receive favorable feedback especially in the US and some Asian countries like Japan. In the US, the Senate held its first hearing on bitcoin and the value of the coin skyrocketed.
The US government further showed its backing for the currency when it auctioned to private citizens, the bitcoins it seized from the Silk Road case. Bitcoin was no longer seen as a criminal currency.
In Europe, bitcoin was also receiving gradual acceptance. The Chancellor of Exchequer announced a plan of the government to gain more information about the currency and then purchased £20 worth of coins. Bitcoin was still rising and wasn’t slowing down.
Microsoft started accepting Bitcoin
The same year, Microsoft started accepting the coins as payment for some of its products on Xbox and by the turn of the next year, the number of miners increased exponentially. The value of the coin went completely through the roof in 2017 and has seen a major rise and sometimes a drop in value this period.
Bitcoin has seen steady rise and falls
Bitcoin has seen steady rise and has bitcoin cash fork has developed for its payment purposes. It is still a benchmark for all digital currency. More avenues will open for bitcoin in the future and it will be nice to see how the coins position itself for these opportunities.
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