A Quick History of Bitcoin

history of bitcoin

Cryptocurrency is here, and it’s making a massive impact on global markets. It’s changing the way we exchange money, and there are even ATMs that allow you to buy and sell cryptocurrency in many areas. 

Bitcoin is the best-known option, but many people aren’t sure of how it came to be. We’re going to take a look at the history of bitcoin today, giving you some insight into what it is, where it started, and where it might be headed. 

Let’s get started. 

A brief history of bitcoin

Bitcoin was only invented a mere 13 years ago. It started as a piece of code through which individuals could try and “mine” bitcoins and acquire them for themselves. 

Mining bitcoin required a series of high-powered computers running through code to try and uncover the pieces of currency. It took a serious amount of time, financial investment in technology, and electricity to mine a single bitcoin. 

In most cases, the perceived value of the coins was far less than the electricity bill that they would rack up. Over time, though, the value of bitcoin started to increase. For a long time, the currency was worthless. 

In a famous moment, one man traded 10,000 bitcoins for a couple of pizzas. That was the first known instance of bitcoin being traded on the market for actual goods. 

It served as a method for individuals to make transactions on the dark web as well. For the first part of its history, bitcoin got something of a bad name as a type of currency that was used for illegal dealings. 

This is, in large part, because the currency is decentralized and it ensures privacy. 

Bitcoin as a template

Bitcoin’s value has jumped and fallen numerous times in the years since its birth. At its height, the value of one BTC approached $60,000. It now sits somewhere around $40,000.

Imagine that you were the man who received 10,000 BTC for two pizzas all of those years ago. At one point, you could exchange that currency for roughly $600,000,000. 

Bitcoin jumped because it serves as an effective way to provide security to those who are exchanging money. You’re not monitored, your location and accounts are decentralized, and you’re safe. 

Anonymity is something that people generally like to keep when it comes to their wealth. In response, numerous other cryptocurrency options have exploded into the market, and there’s a significant chunk of global currency that’s occupied by cryptocurrency. 

A simple search for “bitcoin near me” will produce numerous ATMs and other sources where you can buy and sell bitcoin. If things continue as they have been going for the last 13 years, we can expect to see a lot more cryptocurrency in our daily lives. 

Want to learn more about bitcoin history?

The world of cryptocurrencies is a fascinating one. There’s a lot more to learn about how it came to be, how to get involved, and what the possibilities are. 

We’re here to help you learn all you need to know. Explore our site to learn about the bitcoin inventor, the history of bitcoin, when bitcoin was created, how it works, and much more. 

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