Bitcoins are digital coins that are sent over the internet for transactions all over the world. These transactions are easy, efficient, and hassle-free, but how did these digital currency start? The legend began a long time ago.
The Legend Begins…
The legend began in the year 2007, where the concept of Bitcoins was carefully organized by Satoshi Nakamoto. Though unstated, it is speculated that ‘Nakamoto’ is actually a pseudonym for more than a single individual. On the 15th of August of the year 2008, an encrypted patent application was filed by three individuals; namely, Neal Kin, Vladimir Oksman, and Charles Bry. A patent grants the holder exclusive rights to exclude others from using, importing, and selling the patented innovation for a limited period of time. All three denied a connection to the supposed owner of the Bitcoin concept Satoshi Nakamoto. Three days later, Bitcoin.org was born. The domain was registered at a public domain site that currently accepts Bitcoins.
On the 9th of January of the year 2009, the first version, version 0.1, of Bitcoin was released. It comes with a Bitcoin generation system that would create a total of 21 million Bitcoins until the year of 2040. After three days, the Bitcoin software was tested in its very first transaction. The transaction happened between the originator of the idea and a cryptographic activist. A few months later, the exchange rate, starting at 1USD=1,309.03BTC was finally established.
Bitcoin Network Flourishes
On the 18th of February of the year 2010, the filed encrypted patent was approved and published. The first transaction in the real world which involved the use of bitcoins was made on the 22nd of May of the year 2010 by Laszlo Hanyecz, a programmer from Florida, who offered to pay 10,000 bitcoins in exchange for a pizza. After two months, the exchange value of Bitcoin increased ten times from USD0.0008/BTC to USD0.080/BTC. On August of 2010, an exploit generated 184 Billion Bitcoins. Slush’s Pool mining mined its first block at the 18th of September of 2010. Several users worked together to mine and share the awarded Bitcoins. Five months after, the domain name Weusecoins is registered and built into a Bitcoin resource. They created one of the most watched animation videos about Bitcoins. After about four months, BitPay launches the first mobile wallet for Bitcoins. On the 6th of September 2011, Mike Caldwell begins turning the digital Bitcoins to physical coins, called Casacius Coins. At 2013 of April, Bitcoin hits a USD266, up from only USD13 at 2012. The next month, the first ATM Bitcoin was established in San Diego, California. On November of the same year, Bitcoin currency value reaches USD503.10 on Mt. Gox.
Dated 28th of January of 2014, Vice Chairman of Bitcoin Foundation, Charlie Sherem resigns from his position.
Despite everything that happened in the Bitcoin community, they managed to recover. In every game, there are ups and downs. What matters is how they recovered from their down moment. This is why Bitcoins remain until this very day.