11 years of Bitcoin: from the Dark Web to Global Trading
Today Bitcoin is on everyone’s lips. It’s being accepted widely by individuals, small retailers, international companies, top financial institutions, and even governments! It’s being traded on the exchanges, and hundreds of articles are speculating on how high or low the price could go. But it wasn’t always this way. Let’s throwback to 2008 and take a look at where the crypto buzz started.
11 years ago, on October 31, Satoshi Nakamoto’s Bitcoin whitepaper was released, started the crypto Big Bang and took us to a new decentralized universe. If you’re still not familiar with Satoshi’s description of the electronic cash system, you can check the document right here.
The blockchain only came into a fact in 2009, when, on January 3, the first Bitcoin block was mined by Nakamoto. The first transaction was made several days later between Satoshi and programmer Hal Finney.
Bitcoin (BTC) — the first successful cryptocurrency — started being worth almost nothing back in 2009 to peak at almost 20,000 USD in 2017.
The first real-world transaction took place in May 2010 when Laszlo Hanyecz bought two pizzas for 10,000 BTC!
In 2011 the Silk Road was launched, the Dark Web marketplace, where untraceable Bitcoin was frequently used as a mean of payment. It slowly rose in value and more retailers started accepting Bitcoin transactions. Eventually, in 2013, BTC price first reached 1000 USD. The Silk Road was shut down by FBI the same year.
In 2014 Microsoft acknowledged Bitcoin by adding it as a payment method for Xbox games and mobile content. BTC grew in popularity and reached its peak in 2017 going to 19,783.06 USD per coin. By the end of the year the price crash started. Also in 2017, the first hard fork splitting Bitcoin happened, resulting in the creation of Bitcoin Cash.
2018 brought Bitcoin to a new level with the creation of Bakkt — bitcoin futures exchange and digital assets platform founded by the Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE).
Today BTC is flourishing on the crypto derivatives exchanges, like BTCMEX, attracting both young enthusiasts and professional traders.