The History And Future Of Bitcoin

The History And Future Of Bitcoin

Bitcoin was first introduced in January 2009. Since then, the number of Bitcoin transactions that occur every month has increased tremendously. Millions of transactions occur on a monthly basis. But Bitcoin wasn’t always so popular. It wasn’t until some businesses began accepting the cryptocurrency in the last decade that the currency began to experience rapid growth. Following is a closer look at the history and the rise of this phenomena.

The Early Days

Bitcoin was by no means the first digital currency to be experimented with. Nor was it the first time a cryptocurrency has been conceived. However, it was the first successful cryptocurrency to overcome the serious problems that prevented previous currencies from working.

The first legitimate reference to the technology occurred in 2008 when the Bitcoin website was registered. Then, two months later, Satoshi Nakamoto published a paper that was titled “Bitcoin: A Peer-To-Peer Electronic Cash System”. The paper was sent out via a cryptography mailing list. The paper described much of the concept that would soon officially become Bitcoin. As for Satoshi himself, his true identity is still unknown.

At the beginning of 2009, the Bitcoin network was released and the software was released as open source code. The very first Bitcoin was mined and the first block was added to the ledger. It is referred to as the Genesis block. Some of the first people to use Bitcoin were Wei Dai, Hal Finney, and Nick Szabo.

Acceptance From Companies

Bitcoin struggled with success until companies began to officially accept the cryptocurrency. One of the first websites to accept Bitcoin for donations was WikiLeaks. It was also briefly accepted by the Electronic Frontier Foundation.

As more companies began to accept Bitcoin it became more relevant in pop culture. This led to the rise of various YouTube videos, social media accounts, and even a magazine. All of this attention helped launch Bitcoin into the spotlight. It also led to the development of numerous other cryptocurrencies that were built from the Bitcoin open source code.

The Future Of Bitcoin

In 2010, there were less than 10,000 Bitcoin transactions occurring each month. In 2017, there were nearly 10,000,000 transactions occurring each month. This number has increased steadily each year beginning in 2009. There is no doubt that more companies will accept Bitcoin in the future, more investors will want to collect them, and the currency itself will continue to increase in value as well as popularity.