The History of Bitcoin In Ten Minutes Or Less

For many people, it is impossible to grasp the history of Bitcoin and its success so far, even though the popular digital currency has only been around for a handful of years so far. Futurism posted an interesting infographic that will tell people the entire history of Bitcoin so far or at last, the parts that really matter. Keeping in mind how there are always things going on in the Bitcoin world, it is hard to create a complete history of this digital currency.

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What You Need To Know About Bitcoin

Even though the list of things to know about Bitcoin is growing on a regular basis, there are a handful of things anyone in the world should be aware of. Gaining this knowledge might help more people understand why this popular digital currency is of great value to our society. Even people who do not fully grasp the technical side of Bitcoin can relate to this infographic without too much trouble.

Satoshi Nakamoto is the creator for Bitcoin, and to this very day, no one knows who he or she is. For all we know, the name might reflect a collective group of developers who decided to create a new form of payment that could be used around the world. In the end, Satoshi’s real identity doesn’t matter all that much, as the legacy created in the form of Bitcoin speaks volumes.

Skipping over some of the technical stuff, the first important date on the Bitcoin timeline is January 3, 2009. At this time, the first Bitcoin block of transactions was generated, and things have been trucking along smoothly ever since. However, it wasn’t until October 5th in the same year until a Bitcoin exchange rate value was established. Back then, one US Dollar was worth 1,309 Bitcoin. Needless to say, we have come a long way since that date.

Many people fear that Bitcoin can not be used to buy goods or services around the world. The first Bitcoin transaction took place on May 22, 2010, when Laszlo Hanyecz paid 10,000 Bitcoin for a pizza. Although this pizza was rather large, 10,000 Bitcoin on this very day would be worth close to running several pizza shops anywhere in the world.

Other notable events in the world of Bitcoin include November 6, 2010, the date on which the Bitcoin market cap surpassed the US$1 million mark. Not bad for a form of fake internet money back then and things haven’t slowed down ever since. December 8th of that same year saw the very first mobile Bitcoin transaction place, well ahead of other mobile solutions consumers are using today.

Despite some major obstacles along the way – such as the collapse of popular Bitcoin exchange Mt. Gox in 2014- Bitcoin has been trucking along without too many issues. The popular digital currency can face a setback, but there is no way to oppress the rise of digital currency anytime soon.

Source: Futurism

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