In the history of bitcoin was not peaceful times, but we are now one of the most turbulent stage. Hardly a storm around bitcoin will subside in the coming years. Since the first cryptocurrency was created ten years old, she is experiencing the UPS and downs — and this is partly why it is so attractive.
However, as we have come to this? How it all began, what developments have been precursors to bitcoin, and what are the main stages of its history? We have prepared a brief timeline that will help you quickly figure it out.
We can trace the history of bitcoin until 1982 — that’s when the scientist-scientist David Chaum first proposed the concept of electronic money. In the early 80-ies he became interested in privacy issues in the digital environment, and he published an article entitled «Blind signatures and untraceable payments» (Blind signatures for untraceable payments), where described a new cryptographic approach that allows you to create an automated payment system, in which the third party does not see the payment information.
In 1990, Chaum tried to implement his idea in practice, founded in Amsterdam the company DigiCash and trying to create a safe online currency what later became bitcoin. A brilliant academic reputation Chuma attracted both staff and investors, but the product shot, and by the end of the 90 DigiCash went bankrupt.
However, the efforts Chuma paved the way for many people with similar ideas, and in 1997, Adam Back invented hashcash system, which used proof of work is very similar to what is used in bitcoin today.
This year there were just two important cryptocurrency in the world of ideas: in the end of 1998 Wei Dai published an article that described the idea of b-money, crypto-currencies like blockchain storage mechanism for data. Here, too, was used a proof of performance in solving mathematical tasks, and the transfers were broadcast to all members of the network.
In the same year, Nick Szabo made a similar project called Bit Gold — he wanted to create a payment system which does not require participation of a trusted intermediary such as the Central Bank. The solution of the problem used in the proof of the execution of the work, gives a person the fragments of a string signature, and last portion is used to create the signature the following transaction — blockchain similar to bitcoin. However, both projects failed.
So, in the two decades before the advent of bitcoin had come and fail several projects that preceded it, and then, after a long lull, in 2008, was created bitcoin. In August of the same year, there was Bitcoin.org and two months later published an article entitled «Bitcoin: a peer-to-peer system of electronic money» (Bitcoin: A Peer-to-Peer Electronic Cash System).
The idea was the same: the use of secure digital signatures, proof of performance and the hash of the transactions to form one continuous chain. This article was written by the author or group of authors, acting under the pseudonym Satoshi Nakamoto — who was, is not known to this day.
Just a few days before the onset of 2009 was namine the first block of bitcoins, the so-called «Block creation». 9 January was officially released the first version of the program, providing the electronic currency, and on 12 January, the network hosted the first transaction Nakamoto sent 10 bitcoins known to the programmer Hal Finney.
In October 2009, the New Liberty Standard published the first exchange rate of the young cryptocurrency — then $1 was worth 1309,03 BTC. In December, Nakamoto released the second version of the software.
After the establishment of the exchange rate sooner or later someone had to try to buy bitcoins for something real, and it happened in may 2010. A programmer from Florida Hanes sent Laszlo a resident of London 10 thousand bitcoins in exchange for two pizzas worth $25.
In this transaction the bitcoin continues to be evaluated very cheaply, but the fact of the purchase has demonstrated the potential of the product and after a couple of months after that, the cost of bitcoin has finally exceeded us $0,01.
In the same year appeared first on bitcoin-exchange — in February, the Bitcoin Market, and in July Mt. Gox. In addition, in 2010, was founded the first mining pool called Slush.
By November, the market capitalization of bitcoin exceeded one million dollars. However, this year was marked by a sad event: in October, someone noticed a vulnerability in the Protocol that allows you to bypass verification of the transaction, and created 184 billion bitcoins. However, soon the deal was cancelled and the vulnerability fixed.
After reaching the threshold of one cent price of the cryptocurrency has been growing steadily, and in February 2011 achieved the following milestone: the first bitcoin equal to the dollar.
The bitcoin started to write — good and bad. So, about the digital currency first wrote TIME magazine, but in the same year on the website Gawker published an article with a detailed description of the black market Silk Road, where bitcoin was often used as a means of payment — through the discussion in the press by June, bitcoin was worth more than $30, but soon fell to $10.
In June, the exchange Mt. Gox faced a serious hacking, which has affected tens of thousands of accounts. However, bitcoin became more and more famous, and interest in bitcoin grew.
Against this background, began to gain popularity altcoins, there are other cryptocurrencies — their developers either tried to create a more perfect analogue of bitcoin, or undertaken projects in other than the first cryptocurrency tasks. In particular, in 2011, debuted Litecoin — now ranks seventh in market capitalization, a digital coin.
If 2011 turned out to be bitcoin changeable, the next was much more straightforward — in particular, in April the price of the leading digital currency, has exceeded $100.
This year the price fluctuated, but the first time I get to $1000, and bitcoin was obviously the most recognizable and successful cryptocurrency.
Then ensued a pause. In January 2014, bitcoin scurried fell below $1000 and over several years could not take the height again. There have been several important developments, in particular, the exchange Mt. Gox went bankrupt and closed, but in General it should be noted that this period bitcoin rose and fell, but never reached its former high.
It was the most important and rich in the events of the year in the biography of the first cryptocurrency — after a rough 2016, she finally again reached the mark of $1000, overcame her continued to grow and by June, was worth more than $3000.
Despite this, unhappy in the environment of the users is also enough, because the increase in the number of miners has led to the growth of commissions, as well as increase the processing period of the block, and in August there was hardwork that led to the creation of Bitcoin Cash — is now fifth by market capitalization cryptocurrency.
However, the rest of 2017 bitcoin continued to rise: by October, he had over $6000 in November nearly reached $10,000, and by the end of December reached the record of $19 783. The growth of prices were increased interest in bitcoin from companies and individuals.
Obviously, such rapid growth could not continue indefinitely.
2018 for users of bitcoin turned out to be difficult — it was especially difficult for those who were expecting further growth. People began to sell cryptocurrency and all year the price has been steadily falling. At the time of writing, the exchange rate of bitcoin is less than $4000.