Bitcoin celebrated its eleventh birthday a few weeks back! Satoshi Nakamoto published the Bitcoin whitepaper in 2008 and while the person(s) behind it still remains undisclosed – a lot has happened in the first eleven years of Bitcoin history. Continue reading to see what have been some of the most memorable Bitcoin moments.
The First Transaction
Bitcoin transaction history kicked off on January 12, 2009. This date marks the moment when Satoshi Nakamoto sent 10 BTC to Hal Finney – a cryptographer who was also pioneering the software. The first transaction from Satoshi to Finney was made as a test. After having received the Bitcoin, Hal Finney started practicing bitcoin mining himself.
The First Transaction For Physical Goods
This one is hard to forget. On May 22, 2010, Laszlo Hanyecz infamously spent 10,000 BTC on two pizzas. Hanyecz posted a request on Bitcointalk, stating that if someone is willing to bring two large pizzas to his house in Florida, he will reimburse that lucky person with 10,000 BTC. The irony and the absurdity of this situation concluded with May 22 being celebrated as the Bitcoin Pizza Day.
Bitcoin Reaches parity with the US dollar
Let’s look into Bitcoin price history! The first ever set exchange rate against the USD occurred on October 5, 2009. One US dollar equalled to 2300.03 BTC at the time. The cryptocurrency saw the beginning of its first real turbulence on February 9, 2011, when Bitcoin reached parity with the USD at a 1:1 ratio. The next months saw real turmoil for Bitcoin – as the price hit nearly $32 in four months and fell back to $10.25 just a few days later.
The First Halving
Another occurrence in the book of Bitcoin’s firsts – the first halving of block rewards. This took place on November 28, 2012 and the block reward decreased from 50 BTC to 25 BTC. The daily issuance of Bitcoin went from 7,200 to roughly 3,600 BTC per day. The crypto then went on to make historic gains – the price skyrocketed by nearly 8,000% over a year long period. However, Bitcoin’s bear market started in December 2013, followed by the Mt.Gox hack and other events, and the trend continued until October 2015.
Bitcoin Goes Mainstream
Microsoft is known as the most famous corporate early adopter of Bitcoin. The company started accepting Bitcoin payments on December 11, 2014. This was considered as a big leap towards Bitcoin acceptance among corporations. Since then, many have followed – corporates’ interest towards Blockchain solutions has been particularly high, but numerous well known players have also ventured into Bitcoin. Would you like to know more about corporations that have adopted Blockchain? Check out our blog post that covers this topic in depth.
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