Bitcoin Turns 10: The Digital Coin That Defined The Cryptocurrency World


Ten years ago, on 3rd January, an anonymous developer named Satoshi Nakamoto mined the genesis block of Bitcoin and started a new peer-to-peer electronic cash system. Fast forward ten years, Bitcoin is one of the most well known and dominant cryptocurrencies in the world where digital currencies are biting the dust.

Let’s look at the hard-fought journey of Bitcoin and its state today —

Satoshi Nakamoto: A Mystery Man

Satoshi Nakamoto, who is credited as the man behind the invention of Bitcoin, is a mystery figure. Nobody knows about the whereabouts and the true identity of Nakamoto. When Bitcoin’s founding paper was written a decade ago, it mentioned the name of Satoshi Nakamoto as its inventor who claimed himself to a Japanese man.

However, many believe that it’s but a pseudonym because of Satoshi’s impeccable English and Bitcoin’s software was not labeled in Japanese.

There have been many conspiracy theories surrounding the inventor of Bitcoin. Some even believe that Elon Musk is the man behind the name Satoshi Nakamoto.

Bitcoin’s First Real World Transaction: Papa John’s Pizza

After creating Bitcoin, Nakamoto sent 10 BTC to the developer Hal Finney and several other developers on the same day. Finney is known as the first recipient of the blockchain based digital currency.

However, many believe that the first real-world transaction using Bitcoin occurred when Laszlo Hanyecz traded 10,000 BTC for two large Papa John’s Pizza. The value of 10,000 BTC would translate to $63 million presently.

Bitcoin’s Rise

In 2012, Bitcoin Foundation was launched for standardizing the digital currency and boosting its global growth by promoting the open source protocol.

At the same time, Silicon Valley startup Coinbase was also founded, which remains one of the most popular names in the cryptocurrency world.

2013-2017: Crossing The Billion Dollar Mark

In the period between 2013 and 2018, Bitcoin became a strong force in the cryptocurrency world. With investors and economists buying Bitcoins at a rapid, the total market cap of Bitcoin crossed the Billion dollar mark in April 2013.

During that period, many organizations started recognizing Bitcoin as a legit currency and even Bitcoin ATMs were set up in Vancouver. Microsoft joined the Bitcoin community through Bitpay.

Until last year, Bitcoin was a global sensation, and at one point the value of 1 BTC stood at $19,783.06.

2018: The Downfall

2017 was the year when Bitcoin achieved an all-time high, but in 2018, tables turned. Bitcoin including other cryptocurrencies fell more than 80% in 2018 and investors believe that it was bound to happen because of the populist wave that skyrocketed its price in 2017.

Other factors that deteriorated Bitcoin were many hacks in 2018 using which the bad actors stole the digital currency. There were the US Securities and Exchange Commission’s actions against crypto crowdfunding projects and the rift in the Bitcoin community about “hard-forking” for increasing the number of transactions per second.

2019: Another Boring Year

Analysts have predicted that 2019 could be another “boring year” for Bitcoin. Predictions are that there could be developments in the cryptocurrency world, but it is very less likely that we will witness another 2017 in 2019. Nonetheless, we are still hopeful, and every cloud has a silver lining.

What are your thoughts Bitcoin in 2019? Tell us in the comments.

Also Read: Project Bali: How Microsoft Is Planning To Give You Complete Control Of Your Data
Anmol Sachdeva

Anmol Sachdeva

Anmol is a tech journalist who handles reportage of cybersecurity and Apple and OnePlus devices at Fossbytes. He's an ambivert who is striving hard to appease existential crisis by eating, writing, and scrolling through memes.
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