This will be my last article on Bitcoin. Once Bitcoin reaches $10,000 it will no longer need any voices. It will speak for itself. But since we are close to the point in time where Bitcoin becomes a mainstream asset that is widely held, I wanted to write one final article to spread the word.
If you read this article and still doubt Bitcoin’s staying power, then you will have at least done your DD (due diligence). You will not regret not buying it for not doing any research.
A Short History of Bitcoin
On October 31st, 2008, the Bitcoin whitepaper was posted on the Internet. It was titled, Bitcoin: A Peer-to-Peer Electronic Cash System. The author’s name was Satoshi Nakamoto.
On January 3rd, 2009, Satoshi Nakamoto created the first block, called the genesis block. In that block, he put the comment, “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” Which was an article from the London Times newspaper on that date.
On January 9th, 2009, the Bitcoin open-source software was posted on the Internet. Then, on January 12th, Satoshi sent the first Bitcoin transaction to Hal Finney in California. Finney was one of the first adopters of Bitcoin and contributed to enhancing the code.
From 2009 until late 2010, Satoshi emailed people who were working on enhancing the Bitcoin software. His emails have the same grammar and writing style as the Bitcoin whitepaper. He was very precise and eloquent in his writing style. He also used the British English spelling of words. These emails offer proof that he did indeed write the whitepaper.
In late 2010, Satoshi handed over the code depository to Gavin Andresen and vanished. He disappeared and has never corresponded with anyone since that time. His real identity has never been determined, but it is recognized that Satoshi Nakamoto was an alias.
The very first Bitcoin exchange (BitcoinMarket.com) listed Bitcoin at 1 cent in March 2010. A year later it was up to $1 in February 2011. Two years after that it was over $1,000 in 2013. It did crash in 2014, but Bitcoin has been on a steady rise in popularity ever since it was released in 2009. Today that popularity is reflected by more than 1 million computers mining Bitcoin and more than 30 million accounts on Coinbase.com. It is estimated that at least 25 million people own Bitcoin worldwide.
The Bitcoin price has always been volatile, often with sharp rises followed by crashes. Here is a history of that volatility, which seems to be the norm for Bitcoin.
May 2010: 1 Cent
October 2010: 12.5 Cents
February 2011: $1
June 2011: $31
December 2011: $2
December 2012: $13
April 2013: $266
June 2013: $100
November 2013: $1,242
March 2015: $200
January 2017: $1,150
December 2017: $19,783
February 2019: $3,178
June 2019: $13,829
July 2019: $9,220 (current month)
What is Bitcoin?
- It is an Internet-based virtual currency that is stored on a blockchain.
Note: A block is basically a file comprised of data. These files are passed over the Internet to each…