A short CV of Bitcoin: 9 pages that shook the world

Say what you like but it’s pretty nice to become a part of history. Especially when it comes to Bitcoin history! elegro team is lucky enough to contribute to the further development of the “digital doubloon.” To be more specific, elegro suite of services allows users to buy, sell, exchange and even spend their coins. They say “good money is one you can use.” Well, that’s what elegro experts do: make p2p cash work.

We just can’t fail to seize the opportunity to know more about Bitcoin’s early years. So, fellow users, let’s go back in time together to see how it started.

In the beginning was the White Paper

On October 28, 2008, the world first learned of Bitcoin, a p2p electronic cash system. A nine pager published by Satoshi Nakamoto told users about a global decentralized currency no bank could control. In fact, it was the first time Bitcoin came into the spotlight.

#0 Block

The first 50 BTC were generated as #0 block on January 3, 2009. Since then, every single new block is added to a previous one building a chain known as blockchain. So, that’s how the BTC blockchain was born.

As for the first-ever Bitcoin transaction, it was made nine days later: Satoshi Nakamoto sent 10 BTC to Hal Finney. Just to test the system and make sure it works fine.

BTC at a bargain price: $0,00076 per coin

For the first time, Bitcoin price was set on October 5, 2009. It was based on a coin production cost. It’s a hard thing to believe, but those days one BTC was worth $0,00076. How come it was that cheap? The point is, the first way to acquire Bitcoin was mining. Lots of tech-savvy enthusiasts used powerful computers specially designed to run the same special software 24/7. That software was “digging” through layers of digital rock looking for blocks. In great success, the miners got Bitcoins as a reward.

As the mining gets more power-consuming, Bitcoin gets more valuable. Well, that makes sense.

Nakamoto leaves the game

On December 12, 2010, Satoshi Nakamoto decided to quit the project and “do something else.” So far, nobody knows who is(are) Nakamoto and how much BTC he/she/they own.

Still, in 2014, a person showed up online stating he was the world-famous p2p cash creator. Nevertheless, the Satoshi’s mystery isn’t solved yet.

Better prospects for the world’s first crypto coin

These days, Bitcoin price has reduced by two-thirds. Not the best news of all. On the other hand, the coin got more stable. Some experts even say the cryptocurrency is “getting mature.”

Anyway, Bitcoin enthusiasts are sure, better days are in sight. They hope Bitcoin ETF (a set of tools for investors who want to track Bitcoin prices without facing counterparty risk) will be approved by the SEC in 2019. And when it happens, BTC will get every chance to attract large investors and financial market players. That’s what elegro team hopes for, too.