As of 2018, the history of Bitcoin is surprisingly close to a decade old. Bitcoin is a very buzzing subject and changes are a constant. Every other day we see Bitcoin making its way through the headlines and groping all the attention.
It is almost impossible to track down all the events that take place with the oldest and most popular cryptocurrency but it sure as hell is possible to discuss about some of the turning points that changed the course of this cryptocurrency. A history of ten years is difficult to be jotted down in one article but here are three of the major things that have happened with Bitcoin which completely turned it around.
Introduction of its domain
Bitcoin is a decentralized entity which makes it impossible for it to have a website of its own. But the closest thing to it is Bitcoin.org which is kind of the like the official go-to platform. Bitcoin exchange and transfer entered as a recognized activity in 2008 after the launch of Bitcoin.org. This also made having a Bitcoin wallet legitimate.
Mining of cryptocurrencies
Bitcoin exchange and transactions are assisted on the open ledger at a gap of every ten minutes in separate pieces commonly known as blocks. The present block refers itself with the earlier block, which further refers to the one which came prior to it. From the tangent created by the blocks as they move from one to the other, the public ledger got the popular name ‘Blockchain.’
The genesis block was the first to be recorded and begin the chain that makes up the public ledger. It is a unique block (technically all blocks are) as it is coordinated with no other one, but the identification of this block is associated with every other block that came following it. To knowingly modify the details of the block getting mined at any given moment, one will be required to alter replicated details in all the blocks in the chain going back to the genesis block.
Buying of two pizzas for 10,000 BTC
This is certainly the most controversial and popular step that happened in the history of Bitcoin. People saw use of Bitcoin wallet and cared to understand it even better.
As of 2018, more than a hundred online and offline stores allow you to use not just Bitcoin but other cryptocurrencies to purchase their products and services. Millions of bitcoin transactions keep taking place on a daily basis.
Having said that, do you remember the first transaction ever?
the first ever transaction where digital currency was used to buy a practical and really existing product later turned out to be a hefty and costly purchase. In May 2010, a Florida-based programmer named Laszlo Hanyecz made an offer that he was willing to pay 10,000 BTC for pizza. With the then exchange rate, the value added up to an around 25 USD. But if you estimate with current exchange rates, the pizza cost did cost him around 100 USD. That is quite some dedication for having Pizza!
Happy investing folks!!
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