How long has Bitcoin been around? Everything about the history of the currency
Bitcoin is the most famous cryptocurrency in the world and has made many headlines since its introduction. But how long has digital money been around? We clarify it.
How long has Bitcoin been around? Everything about the history of the currency
- Before Bitcoin went public, the idea of Satoshi Nakamoto was spread in a private mailing list. In 2008, he sent a draft to the list that contained the basic building blocks for Bitcoin. His design was based on ideas that Wei Dai and Nick Szabo had back in 1998. At that time, you referred to virtual money as b-money and bit gold.
- It is still unclear who is behind the pseudonym Satoshi Nakamoto. So it is not known who the actual inventor of Bitcoin is. There are some people who claim to be Satoshi Nakamoto. In the past, however, these claims have always proven to be publicity stunts. It is also unknown whether the inventor of Bitcoin is still alive.
- The Bitcoin network has been active since January 3, 2009. On this day, the first 50 Bitcoin and the first block in the blockchain were created. Historically, this date has been crucial as the aftermath of the banking and financial crisis was still felt. As Bitcoin is decentralized and not subject to supervision, it was a real alternative to traditional fiat money.
2012 - Bitcoin mining picks up speed
- Around 2012, Bitcoin mining then grew exponentially. More and more people became enthusiastic about mining the cryptocurrency. A short time later, Bitcoin began commercial mining. For this purpose, huge computer farms were built in areas with cheap electricity. To date, these make up the largest part of Bitcoin's worldwide mining.
- Bitcoin became very popular in 2017 and many people started investing in Bitcoin. This resulted in an enormous rise in the price of the cryptocurrency. In early 2017, a Bitcoin was worth just $ 900. By the end of the year, that value had risen to almost $ 20, 000. Whether Bitcoin will continue to be worth so much in the future remains questionable. Due to the strongly fluctuating exchange rate, the currency is only of limited use as a means of payment. This could damage the adoption of Bitcoin and thus the value in the long term.
In the next practical tips, we will show you how to make money online with cryptocurrency and make a comparison between Bitcoin and Ethereum.