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What is Bitcoin ?

Bitcoin is a digital asset and a payment system. It is commonly called a decentralized digital currency.

It was invented by Satoshi Nakamoto in 2009.

The system is peer-to-peer, that is, users can transact directly without an intermediary like a bank, a credit card company or a clearing house.

It is an open source software. This means, that no person, company or country owns this network just like no one owns the Internet.

BITCOIN HISTORY

2007

Satoshi Nakamoto… the legend.

According to legend, Satoshi Nakamoto began working on the Bitcoin concept in 2007. While he is on record as living in Japan, it is speculated that Nakamoto may be a collective pseudonym for more than one person.

October 31, 2008

The white paper is published.

Nakamoto publishes a design paper through a metzdowd.com cryptography mailing list that describes the Bitcoin currency and solves the problem of double spending so as to prevent the currency from being copied.

January 12, 2009

The first Bitcoin transaction.

The first transaction of Bitcoin currency, in block 170, takes place between Satoshi and Hal Finney, a developer and cryptographic activist.

October 5, 2009

An exchange rate is established.

New Liberty Standard publishes a Bitcoin exchange rate that establishes the value of a Bitcoin at US$1 = 1,309.03 BTC, using an equation that includes the cost of electricity to run a computer that generated Bitcoins.

May 22, 2010

10,000 BTC spent on pizza.

The first, real-world transaction using Bitcoins takes place when a Jacksonville, Florida programmer, Laszlo Hanyecz, offers to pay 10,000 Bitcoins for a pizza on the Bitcoin Forum. At the time, the exchange rate put the purchase price for the pizza at around US$25.

July 12, 2010

Bitcoin value increases tenfold.

Over a five day period beginning on July 12, the exchange value of Bitcoin increases ten times from US$0.008/BTC to US$0.080/BTC.

November 6, 2010

Market cap exceeds $1 million USD.

Calculated by multiplying the number of Bitcoins in circulation by the last trade on MtGox, the Bitcoin economy exceeds US$1 million. The price on MtGox reached US$0.50/BTC.

January 28, 2011

25% of total Bitcoins generated.

With the generation of Block 105000, 5.25 million Bitcoins have been generated, totalling more than 25 percent of the projected total of almost 21 million.

November 19, 2013

Bitcoin goes above $1000.

The first Bitcoin ATM in the world is debuted in San Diego, California. Bitcoin price surges to a record of US$1242 after Senate hearings.

December 11, 2014

Microsoft announces that it will accept bitcoin on its platform.

Bitcoin moves more money than Western Union. Overstock accepts bitcoin. .Space travel becomes possible with Bitcoin.

November 2015

Nominated for the Nobel Prize in Economics.

The mysterious creator of bitcoin has been nominated for the Nobel Prize in Economics. Bitcoin is a Commodity according to The Commodity Futures Trading Commission.

October 2016

Swiss railway ticket machines to sell Bitcoin digital currency.

You can now buy games on Steam using Bitcoin. Bitcoin Hits Two-Year High Ahead of Key Event trading at $703.

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