Bitcoin History: From the Very Beginning

Bitcoin History: From the Very Beginning

The first time when cryptocurrency was introduced to the world, it seemed like a huge step toward the future. But nowadays, crypto is something habitual for people around the globe. One of the first virtual coins was Bitcoin which allowed thousands of people to get rich. GBC Time has collected the most interesting facts about Bitcoin’s history from the very beginning.

Bitcoin or BTC was the first cryptocurrency created in 2009. Since that time, this virtual coin has been the most valuable and popular cryptocurrency of all time. Back in those days, people ken nothing neither of Bitcoin or cryptocurrency in general. However, nowadays, we know that Bitcoin is a blockchain-based decentralized digital currency.

The transaction tracking process is made through the well-known mechanism Proof-of-Work, which provides 100% of transparency.

How did Bitcoin start?

Bitcoin was definitely a fresh breath to the global economic system. According to experts, the financial situation worldwide was quite unstable.

In 2009, Bitcoin was introduced by a group of people that were known as Satoshi Nakamoto. However, since that time the world did not have a chance to find out who these people really are. So it is definitely one of the top secrets of our generation.

BTC’s growth was quite unstoppable and successful. Eventually, after the first seven months after the first launching, Satoshi mined up to 1.1 million Bitcoin. Talking about the current sum, in August 2022, in total it was around $22 billion.

What was the first Bitcoin transaction?

The very first transaction with Bitcoin was reported on May 22, 2010. One man from Florida made a deal of paying Papa John’s pizza for 10 000 BTC ($25 at that time.)

Bitcoin price history

Even though Bitcoin was firstly launched in 2009, the first chance to trade BTC was a little bit later in 2010. And in April 2011, its price jumped to $1 for the very first time.

It seemed like Bitcoin had no competition in the market because there were no similar cryptocurrencies at all. However, in 2011 the world faced a new virtual coin Litecoin (LTC).

Obviously, another massive price boom of Bitcoin was during COVID-19, when the world was hit by the pandemic and the economic crises. Some people thought that cryptocurrency was near the end of success while the global pandemic.

As we see now, Bitcoin and other cryptocurrencies made it to these days. Currently, people cannot imagine this world without such an option of crypto payment.

GBC Time

GBC Time