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History of Bitcoin’s foundation and development

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The history of bitcoin is rooted in a ten-year research on cryptography and distributed networks.

  • In 1983, David Chaum and Stefan Brands suggested the first protocols of "e-currency".
  • In 2008, a person or a group of people under the alias "Satoshi Nakamoto" published a file, describing the protocol and working principle of the payment.
  • 3 January of 2009, the first block and the first 50 bitcoins were generated, and the first transaction was made.

  • The first bitcoin exchange took place in September of 2009 when Martti Malmi sent a user 5050 bitcoins for 5,02 USD on PayPal.
  • The first bitcoin rate was published on 5 October of 2009 with $1 equaling 1,309.03 BTC on New Liberty Standard.
  • The first bitcoin trade for a real item happened in May of 2010 when American Laszlo Hanyecz got two pizzas for 10,000 bitcoins ($25).
  • 6 November of 2011, the bitcoin capitalization equaled $1,000,000. The cryptocurrency rate on MtGox reached $0.50/BTC.
  • 2 June of 2012, the exchange rate of bitcoin to the dollar increased to $10 for 1 coin. 6 days after, 1 bitcoin was $31.91 on MtGox already.
  • 6 December of 2012, the first Bitcoin exchange received a banking license in Europe.
  • In August of 2013, bitcoin was announced a legal currency in Germany.

There also appeared services that started accepting bitcoins as a payment method. Sportsbet.io in turn went even further and began accepting bets on the biggest sports events, including the esports ones. Sportsbet.io rapidly got popular and became one of the biggest in its field thanks to its reliability and performance.

Bitcoin has already completed the stage of formation. The further development is organized and coordinated by the community of the developers, and changes in the protocol are made by the majority of the mining pools' owners.

  • 1 August of 2017, the structure of blocks in the blockchain changed. Bitcoin split in two parts such as Bitcoin and Bitcoin Cash. Owners of bitcoins automatically recieved an equal number of Bitcoin Cash. The value of the latter equals 600 USD on the exchange, while Bitcoin itself is traded at the rate of 4300 USD.

The history of Bitcoin is happening right now right in front of our eyes, it's very dynamic, unique and almost unpredictable phenomenon.

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