Official News 06.09.2017 History of Bitcoin — Part 1

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  1. MMM Global Support Team

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    You can contribute to MMM using one of the two options: conventional currencies or cryptocurrencies. We recommend using the second option as it's faster, safer and more profitable.

    Last week, we briefly told you about how cryptocurrencies appeared and we finished by telling you how a person named Satoshi Nakamoto came up with the Bitcoin concept back in 2008. Today, we'll talk about the history of Bitcoin: from the very start to the present day. We'll highlight the key points that had an important role in the making of Bitcoin.

    Foundation Laid

    No one knows when Satoshi Nakamoto started working on the concept, so the “birth year” of Bitcoin is counted as the year when the concept was publicly revealed — 2008. In the same year, after the press releases were published, bitcoin.org was registered, to become an official web-site of the Bitcoin payment service.

    The Bitcoin network was launched in January 2009 when the first Bitcoin client app was released, and the first Bitcoin block was generated. The reward amount was 50 bitcoins. The first transaction in the network was conducted on January 12: Satoshi Nakamoto sent 10 coins to an American programmer Hal Finney who also worked on the concept.

    Progress on Its Way

    From that moment on, the cryptocurrency started to spread, little by little. The total amount of coins was very small, and members of the Bitcoin network worked hard to mine them. Since the process was called mining, its participants became miners.

    The first miners used regular PCs and laptops while now mining bitcoins requires powerful computer systems — the so-called farms.

    According to the concept, the number of bitcoins is finite — only 21 mln bitcoins can be mined for all the time. The last coin will be mined in 2140. That said, complexity of mining is continuously growing while the number of mined coins reduces two-fold each 4 years.

    It would seem that 21 mln is not much, but each bitcoin consists of 100 mln parts. These coins of sorts are called Satoshi, to honor the founding father of cryptocurrency.

    Back in 2009, the public knew almost nothing about the emerging, totally new payment service. This is why no one needed bitcoins. At the time you could buy ВТС 1,309 for one dollar and be a millionaire today (considering that now BTC 1 costs several thousands of dollars).

    In autumn of the same year, the above-mentioned exchange rate was published by the New Liberty Standard stock exchange which also launched cryptocurrency trade. Originally, the exchange rate was calculated as follows: the computers' CPU power was multiplied by the energy prices and divided the result by the number of generated coins.

    If took off from there, but that's a tale for another time. Follow our publications to learn more interesting facts about the history of cryptocurrency.

    Join MMM, earn a stable income and support the cutting-edge Bitcoin cryptocurrency!

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    The Bitcoin cryptocurrency appeared back in 2008 and has been actively developing ever since. Learn here how it all happened.
     
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