Source: The Africa Logistics
Happy Birthday to Bitcoin! On 3rd January 2009, Satoshi Nakamoto created the first Bitcoin block, which had a value of $1 in 2011. In December 2024, it crossed $100,000. The year 2024 proved to be the landmark year for Bitcoin, with a high recorded value of $108,135 in December 2024.
Bitcoin is now 16 years old since its implementation in the financial markets. Of all the investment sources that have benefitted ordinary people yet, Bitcoin is assumed to be ranked first!
Over the last 16 years, Bitcoin (a part of cryptocurrency) has grown drastically, from being worthless to having a market value of two trillion and being discussed as a reserve currency in countries like the USA.
The Bitcoin Journey So Far….
The birth of Bitcoin in August 2008
The journey of Bitcoin and its registration began with the formation of a registered site – Bitcoin.org. The domain was made in the hope of the first step towards changing the financial markets of cryptocurrencies.
In October 2008, a Bitcoin whitepaper was published.
Satoshi Nakamoto published a Bitcoin Whitepaper introducing the revolutionary concept to the world. This was the nine-page document outlining solutions to long-standing problems in digital currency.
The creation of the first Bitcoin block on 3rd January 2009
On this day, the first Bitcoin block was created. It further made the headlines carrying out the news stating that it can be an alternative for the mainstream of finance.
On 12th January 2009, the first Bitcoin transaction was made.
Satoshi sent 10BTC to his fellow companion, Hal Finney, proving that BTC can be worked as designed. This was the first peer-to-peer transaction.
The first real-world Bitcoin transaction took place on Pizza Day, 22nd May 2010
The first real-world Bitcoin (BTC) transaction involved two pizzas purchased for 10,000 BTC. This transaction proved that Bitcoin could be a functional currency, not just a theatrical concepts.
Satoshi transferred control over Bitcoin and gave his farewell in 2010
He gave the transferring control to Gavin Andresen marking the end of direct control of the founder on the asset class. This proved that Bitcoin could survive in the decentralized world alone.
Government Recognition in March 2013
FinCEN recognized Bitcoin as an acknowledged currency for the first time.
China’s ban on Bitcoin in December 2013
China prohibited its financial markets and institutions from adopting Bitcoin. China had cryptocurrency regulations and was one of the first countries to adopt cryptocurrencies in 2011. However, it began prohibiting all transactions over the currency.
For the transactions and the use of Bitcoin in blockchain, SegWit (The Segregated Witness) was implemented in 2017.
It marked an upgrade in its techniques and the way it is used. This technical improvement further led to the making of Bitcoin Cash Fork (a part of Bitcoin).
The development in December 2017
This marked the opening of an ultimate infrastructure to the Bitcoin market. The Chicago Mercantile Exchange embraced cryptocurrency with “the Bitcoin futures launch.”
Adoption by corporates
The majority of the corporate or big naming companies like MicroStrategy (NASDAQ: MSTR), Square (NYSE: NYSE: SQ), and MassMutual started adding Bitcoin to their assets and treasury classes. This made Bitcoin a mainstream treasury reserve asset.
In February 2021, the trillion-dollar milestone was laid.
The Bitcoin market achieved a capitalization of $1 trillion. It earmarked that Bitcoin could be an emerging asset class.
In September 2021, Bitcoin was adopted as a national legal tender.
National adoption was made for the cryptocurrency by El Salvador. It was the time when it was officially made the potential sovereign currency.
The technical upgrade in 2021.
In November 2021, smart privacy features were introduced to Bitcoin enhancing its securities.
In January 2024, the Bitcoin ETF was approved.
The traditional investment accounts accepted Bitcoin and it became open for investments.
Bitcoin and its value surpassed $95,000.
Bitcoin Crosses 95000 Marking A New Record High After Trumps Win. After Donald Trump’s win, Bitcoin became the world’s most significant and the largest valued cryptocurrency. It even broke the mark of $100,000 after the first week of December 2024.
How You Can Benefit From Bitcoin (BTC) Cryptocurrency And Its Future?
The first ever-known decentralized cryptocurrency is Bitcoin. It is globally distributed among thousands of nodes. There are millions of users and they do not need to rely on third parties. The network of Bitcoin is extremely fragile, meaning that, it is nearly impossible to break the network of BTC. It is one of the real money or currencies that you can use around the world for any transaction including the purchase of beverages, confectionaries, groceries, etc. The system is transparent and gives you the freedom to use it globally.
