When did Bitcoin appear, and how did it develop

When did Bitcoin appear, and how did it develop?

It is impossible to name the exact date or even in what year Bitcoin appeared. The birthday of the first cryptocurrency worldwide is October 31, 2008. But it is not the day blockchain was developed, but the date the rules and code were published in the form of the work “Bitcoin: P2P Electronic cash system”. Obviously, there was a lot of preliminary work, perhaps many years of it, before the finished work was made public. The author of this document was Satoshi Nakamoto. As he still remains anonymous, it is not possible to find out the real date of the crypto-money's appearance.

Who is Satoshi Nakomoto?

Interest in the idea was initially fueled by a veil of mystery. The emergence of Bitcoin is indeed shrouded in mystery. Satoshi Nakamoto last left messages in the public space on December 2, 2010. His wallets, which hold several million coins, are untouched. Whether the representatives of global corporations are behind this pseudonym or the scientist-enthusiast is still unknown.

Another important date in the history of cryptocurrency is October 5, 2009. On this day, the first online exchange of digital money was conducted. The deal fixed the first ever BTC exchange rate - 13 coins percent. Realizing how many times the value of coins has increased, many people dream of a time machine.

In the first year, only IT theorists were interested in the process. They actively discussed prospects and advantages. The main theses of the 2009 period were:

  • cryptocurrency is untraceable by anyone and is capable of replacing fiat
  • no one will allow the legalization of untraceable assets
  • interest in the coin is purely theoretical, in practice, there is no place for it

Only 5 years later it turned out that it is possible to write information into blockchain, and it is the method that provides 100% immutability of data, and many countries and communities are willing to take risks to get independent channels of money transfer. In 2009, this practical application and this scale was not even thought of.

The Pizza Index, or First Steps in the Real World 

The first step into the real world of things was the emergence of the Pizza Index. Crypto-enthusiasts gave this joking definition after the first real purchase for Bitcoins. On May 22, 2010, a group of jokers discussed the uselessness of digital money, arguing that you can't even buy a pizza with it. As a result, one of the participants of this discussion agreed to pay the check for $41 and received 10 thousand Bitcoins in return. Although the pizzeria did not directly accept money for their product, this transaction could also be considered a rate-setting fact. The pizza index is still called the price of 10k BTC.

From then on, the Bitcoin exchange rate was only going upwards. At first quietly, then in spurts. The latter cryptocurrency owes the attention of the media. As soon as large institutions paid attention to this phenomenon, global capitals saw the prospects. Massive excitement led to a sharp rise in price.

The price has both risen and fallen. Several times blockchain went through a split, and forks emerged. But if you take the chart as a whole and consider the generally modest lifespan of the idea, the price declines can be considered insignificant. Every serious mention of Bitcoin by the powers that be still affects the coin price. Online CryptoExchanger at such moments experiences another rush - citizens rush to buy at least a few Satoshi to earn in the long term. And many succeed.

Bitcoin outlook 

By 2022, there are more than 9,000 cryptocurrencies. And it is safe to say that the prospect of BTC ceding first place to a new fork or a stand-alone coin is not a threat either. Even if users order the exchange of Bitcoin for Dash or Monero, this measure can be considered temporary. Behind it is either a desire to make money from the jump in the rate or the idea of spending funds in a particular blockchain. It is difficult to catch up with the first cryptocurrency in terms of capitalization. 

Another jump in demand for exchanging Tether for Bitcoin and other second-order currencies in the main came when the coin was legalized in El Salvador. Recognition at the state level has seriously strengthened the position of the hitherto semi-legal asset. And from all appearances, this event is not the last. Cryptocurrency has become a phenomenon that cannot be ignored - too much money has been invested in it. And it gives grounds to assume further growth of the rate.

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