Many people think that Bitcoin is something that is newly launched by financial experts to stabilise the world’s market, flourish economies, and give countries the opportunity to do business worldwide. However, did you know that bitcoin was first introduced in the year 2009? Exactly, it has been nine years since the discovery of bitcoins. In these nine years, bitcoins have evolved and has introduced different functionalities with it. This article will give you a brief introduction of how bitcoins have emerged and evolved.
Although bitcoins were first established cryptocurrency, there were many attempts at creating online currencies with ledger which were secured by encryption. Two examples of them are B-Money and Bit Gold. They were formulated, however, are still not fully developed.
2008 – Mr. Nakamoto
A newspaper called Bitcoin – A Peer to Peer Electronic Cash System was posted in a mailing system list discussing about cryptocurrency. This is when people were drawn towards cryptocurrency. However, the person who wrote the article remains a mystery.
2009 – The beginning of cryptocurrency
This is when the Bitcoin software was made available to the entire public for the very first time. The software helps in creating and developing new bitcoins. The transactions are recorded and verified on the blockchains.
2010 – Bitcoins gained value
Until 2009, bitcoins were only mined and never traded. It was almost impossible to assign a monetary value to the units of this form of currency. In 2010, people decided to sell bitcoins by swapping 10,000 of them for two pizzas.
2011 – Emergence of rival cryptocurrencies
As bitcoins started gaining popularity, many people were caught on to the idea of decentralising encrypted currencies. In 2011, the first alternative cryptocurrency appeared. This was done to bring a balance in the market where the new design offered great speed, anonymity, and other advantages.
2013 – Bitcoins prices crash
In the span of two years, Bitcoins had reached almost $1,000 for the first time and quickly the prices started to decline. By this time, many investors had suffered losses where the bitcoin rate had decreased to $300.
2014 – The year of Bitcoin scams
In January 2014, the world’s largest bitcoin exchange went offline and the owner of 850,000 bitcoins was never seen again. In today’s price, this could be millions of dollars. This is exactly why bitcoins wallets were introduced. Even if it’s digital money and something that cannot be seen nor touched, it is very important to protect due to its high value.
Through this evolution, it can be observed that the worth of bitcoins has increased tremendously and hence there is a growing need for all digital money lovers to opt for bitcoin wallets. So, if you think you might need a bitcoin wallet, what are you waiting for? Get going!