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The Origins of Bitcoin

In May of 2010, the Bitcoin was worth less than $0.01 US Dollars.

Currently, one Bitcoin is equivalent to 8,974.01 US Dollars, and in December 15, 2017, it peaked at $17,900.

How did this crazy growth happen?

What is the story behind this crypto-currency’s uprising?

Keep reading to find out.

October, 2008:

A person, or group of people, by the name of Satoshi Nakamoto release an outline for a peer-to-peer electronic cash system.

Such publication was groundbreaking, as its proposed transactions wouldn’t need a centralized bank or treasury as a third party.

January 3, 2009:

The first 50 bitcoins are launched by Satoshi Nakamoto.

The first entry read, “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”

May 18, 2010:

Laszlo Hanyecz becomes known as the first person to spend bitcoins on a tangible financial transaction.

He offered 10,000 BTC to whoever bought him pizza and someone did.

July 2011:

Crypto-currency turns out too be as vulnerable as cash when it comes to theft.

July 2012:

Enterprising groups begin coming up with ways to authenticate the Bitcoin, like the Paly Entrepreneurs Club.

2013: Overall Increase in Value

All of the bitcoins added up amount to over a billion dollars. This makes the Bitcoin very popular in the media.

November 29, 2013:

Bitcoin surpasses the $1,000 mark, which doubles its value in comparison to the previous week. It’s value peaks at $1,215.70 by the need of the month.

April 1, 2017:

Japan legalizes Bitcoin as a valid form of payment. This causes the value of the Bitcoin to go up.

June 2017:

Bitcoin reaches around $3,000 after a strong momentum.

June 15, 2017:

Bitcoin crashes by 19% overnight. This brings it criticism, especially by Morgan Stanley, who claims that Bitcoin will not be accepted as a currency after showing its weakness.

November 28, 2017:

Bitcoin goes through the roof and reaches $10,000. The price goes up to $11,000 later the same day.

About 100,000 accounts open on Coinbase.

December 17, 2017:

$19,783! Bitcoin is at its history peak. However, on December 22, the currency goes down to under $13,000.

Sources and Inspirations:

NY Mag

Hackernoon

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