What has happened to the BTC since it has been operating?
It has been more than 11 years (specifically 11 years and 9 months) since the world's first cryptocurrency was launched, and since then many ups and downs have occurred in this journey.Source: elespanol.com
Long before the BTC appearance there have been some attempts to create a digital currency or digital cash in order to solve the inefficiency of the SWIFT system in international transfers due to its transaction costs and execution delay.
In 1998 a cryptographer proposed a digital cash system based on cryptography very similar to what the bitcoin and its blockchain will be 10 years later. But this system did not come true and was unworkable because it did not solve the problem of "Double Spend" since after sending funds, they could be spent again by the fund sender after they had been already sent.
One year later, the 1976 Nobel Prize in Economics Milton Friedman was already predicting the arrival of a new digital economy based on a revolutionary technology characterized of being traceable, transparent, decentralized that connects person to person directly.
BTC Launch and first facts
- The BTC blockchain was developed during 2008 by a group of computer experts and mathematicians who identified themselves with the pseudonym "Satoshi Nakamoto" and published their White Paper on October 31, 2008 (a manual where any project related to cryptoassets is showed and where all the technical details are specified that with the title "The bitcoin: a Person to Person Electronic Cash System". In fact the BTC fractions are called "Satoshis" in honor of the creator/creators of the project. (1 satoshi = 0.00000001 BTC or 10-8 BTC).
- On January 3, 2009 the blockchain was launched and the first block was mined, called "Genesis Block" or "Block 0" which is the following:
If we insert this block code in the blockchain.com which is a block browser where we can see all the data of this first block which can be seen in the following image.
You can click here to see the following data:Fuente: tecnologiabitcoin.com
Milestones and events in the 11 years of life of the BTC Blockchain
From now on, events will take place one by one and the following blocks will be generated, linked one after the other. These are the most significant events or milestones of the BTC:
- On January 12, 2009, the first bitcoin transaction took place between Satoshi Nakamoto and the cryptographer Hal Finney. With the transaction ID: f4184fc596403b9d638783cf57adfe4c75c605f6356fbc91338530e9831e9e16
You can click here to see the following data:Source: Mind.Capital
- On May 22, 2010, the first documented purchase using bitcoins was made by a Hungarian citizen who paid 10,000 BTCs equivalent to $41 at the time for the purchase of 2 pizzas, the value of those 10,000 BTCs now would have reached over $110 million.
- 2 months later in July 2010, the first bitcoin exchange called Mt. Gox was launched
- In November 2010, the first million USD of capitalization is reached with a market price of half a dollar.
- On February 9, 2011, the price of 1 USD per BTC is reached.
- June 8, 2011, the first BTC big jump, reaching a value of 32 USD and exceeding 200 million dollars in capitalization.
- In October 2012, Coinbase starts the service of buying BTCs with bank transfer, linking the fiat world with the cryptomoney.
- On November 28, 2012, the FIRST BTC HALVING is produced with a price of around 13 USD.
- March 28, 2013, the BTC capitalization exceeds 1 billion with a price of around 260 USD.
- At the end of November 2013, the BTC exceeds the value of 1200 USD.
- In December 2013, China becomes the first country to ban BTC transactions.
- February 2014, the first Exchange, Mt. Gox, is closed for the theft of 500 million USD in the crypto market and, as a consequence, the value of the BTC falls from 1200 to 300 USD.
- In December 2014, large companies such as Microsoft accept payments with BTC.
- June 2015, first crypto regulation in New York State.
- July 2016, the SECOND BTC HALVING takes place, with a price of 164 USD.
- January 2017, the price of the BTC returns to 1000 USD.
- April 2017, Japan regulates and legalizes the BTC as a means of payment.
- August 1, 2017, the BTC and Bitcoin Cash fork takes place (see article on bifurcations)
- On October 30, 2017, BTC's capitalization exceeded USD 100 billion and the BTC price reached USD 6000.
- December 17, 2017, BTC reaches its MAXIMUM PRICE OF ALL TIMES: 20,089 USD
- December 15, 2018, the continuous downward trend in BTC price ends during the whole year reach USD 3,244.
- June 29, 2019, the price of the BTC has its SECOND HIGHEST PEAK at USD 12,359.
- May 21, 2020, THIRD HALVING OF THE BTC, with a market value of about USD 9,500.
Out of all these milestones, the most significant by far is the maximum peak of more than 20,000 USD achieved by BTC's share price in December 2017, climbing 2000% the same year from January when it reached 1000 USD. And then throughout the following year 2018 when the price decreased enormously, reaching 3244 USD, completing what it has been called "the first great wave of BTC
As it can be seen, the volatility of the BTC is and has been the main characteristic of the first cryptocurrency, although behind this random background we have an extraordinary cryptoasset that has had a total revaluation or ROI (Return on Investment) of more than 8,000% since its launch more than 11 years ago and its market capitalization has exceeded of USD 200 billion representing the 57% of the entire crypto market capitalization.