A brief history on Bitcoin & Cryptocurrencies
Ten years ago, the first blockchain was Bitcoin. Since that day a lot has changed – we want to look back at this time on certain major events.
Before the cryptocurrency story started
It’s not a new idea to have digital currency. Most attempts to create one have taken place before the cryptocurrencies. Most of them encountered the double question of investment. Somehow a software product must only be used once to keep it from being copied and essentially disproved.
The idea has developed by computer engineer Wei Dai more than 10 years before cryptocurrencies. In 1998, he published a paper on “B-money.” He discussed the idea of a digital currency that could go along with a collection of cryptographic pseudonyms that can not be traced back. The same year, cryptocurrency creator Nick Szabo made another effort by the name of Bit Gold. Bit Gold has considered a digital currency as decentralized.
Inefficiencies in the traditional financial structure, such as the need to manufacture coins with metal and to reduce the amount of confidence needed to create transactions, instilled Szabo’s theory. Although they have never released publicly, they were part of Bitcoin’s motivation.
The birth of Bitcoin, the first cryptocurrency
31 October 2008
Satoshi Nakamoto has also written the white paper Bitcoin, which explains the features of the Bitcoin network. A Peer-to-Peer Electronic Cash Program. Every day in the history of Bitcoin has paved the way for the following events.
3 January 2009
Satoshi Nakamoto has engineered the first phase of the Bitcoin networking, essentially piloting blockchain technology, whose true identity remains a mystery to this day. It has also called the Genesis stone, the first mined rock.
22 May 2010
Once Laszlo Hanyecz purchased two pizzas for 10,000 BTC, the first documented product purchase have made using Bitcoin. Today’s Bitcoin Pizza Day has still observed. We posted this in Ledger with a Ledger Nano S special edition.
The start of a cryptocurrency market
In the case of bitcoinmarket.com (now dead), the first cryptocurrency exchange existed. Mt. Gox has also released in July of that year.
In February, Bitcoin resulted in achieving equality with the USD. During the same year, multiple competing cryptocurrencies arose: by May 2013, there were 10 digital coins, including Litecoin on the cryptocurrency market. The XRP (Ripple) name added another big crypto-activity in August.
The Mt.Gox Failure
For the first time Mt. Gox was hacked 2,000 BTC is taken, valued about $30,000 at that point.
At its height, 70 percent of all Bitcoin transactions became the biggest cryptocurrency exchange.
Mt. Gox was the first major exchange theft in bitcoin with 850,000 BTC cheating. This is the largest BTC theft ever, estimated at $460,000,000 (current value about $3 billion), in Bitcoin’s history.
Bitcoin price dropped by 50 percent and has not returned until the end of 2016 at its original price. Since then, although never of the quality to Mt. Gox, the cryptocurrency exchange hacks have been available.
Ethereum: and ERC-20 tokens launch.
30 July 2015
The Ethereum network was introduced as the market capitalization asset number 2. Crypto wealth. This brought the world of blockchain to intelligent contracts.
The first initial offer of the coin (ICO), the Augur crypto asset, took place. The Augur ICO, like many others, used the intelligent contract for the Ethereum network. The ERC-20 tokens are generally known as crypto assets generated through smart contracts of Ethereum.
2015 – present
There have been more and more ERC-20 coins. At current, the market capitalization is over 200 000 ERC-20 token.
From there onwards
Since then, the world of cryptocurrencies has not ended. At the beginning of January 2018 rates hit an all-time high, with numerous new crypto assets entering after, such as EOS (July 2017), Tron (September 2017) and Cardano (October 2017). Currently, over 2000 digital currencies are kept in the cryptocurrency market, and they continue to grow.
Crypto assets then became more and more common before acceptance became more necessary and more current. The number of Bitcoin ATMs has been growing, more retailers have come to accept bitcoins and crypto assets for fundraising.
The scope is rapidly expanding.
You are the only one who manages the digital assets and the only one in charge of maintaining security for cryptocurrencies.
Ledger offers a secure solution that guarantees that exposure to your cryptocurrency is not open to the hackers, which helps defend your precious crypto-assets.
Day of Bitcoin Pizza: Celebrating the Order of $80 Million
On 22 May 2018, the eighth anniversary of the first bitcoin, a Florida man paid for 2 crypto-monetary pizzas. The day was not made part of the legend, but rather the price: the man involved paid 10,000 Bitcoins for the two of these pizzas, today worth more than $80 million.
Laszlo Hanyecz has agreed to pay 10,000 Bitcoins on 22 May 2010, regarded as Bitcoin pizza day, for two Papa John’s shipped pizzas The Florida man called out for support at a conference hosted in Bitcointalk. “These few pizzas I pay 10,000 bitcoins.. like perhaps 2 big ones I will have any left the next day,” Hanyecz said. I will pay for 10,000 bitcoins.
“You can produce the pizza and carry to my home or order it to me from the delivery place, but what I’m looking to do is get some food supplied in return to bitcoins that I don’t need to buy or cook, something like buying a breakfast dish at a hotel or something; they’re only delivering something to eat and you’re satisfied!”
At that point, the Bitcoins purchaser had a deal to pay $25 for the pizzas because 10,000 Bitcoins were worth approximately $41 at that time. Hanyecz’s pizzas have become more and more popular since Bitcoin was introduced. The two pizzas were priced at $2.4 million in 2015, and on the fifth anniversary of the Bitcoin Pizza Day, two pizzas were rated at $10,000 nine months after the acquisition of Bitcoin. Bitcoin now is just over $8200, which makes it worth pizzas.
Although the price of Bitcoin is upward, Hanyecz does not seem to be advancing in his company. Hanyecz told the NY Times that it wasn’t like that Bitcoins had any value back then, so it was pretty fun to swap them for a pizza.