The History of Bitcoin

When one speaks of Bitcoin, one speaks of futuristic economy available here and now, for
those daring and wise enough to invest in something new. People are of course skeptic
when it comes to something like a currency that isn’t backed by a bank or country. But think
of where that type of thinking has got us until now. Bitcoins are after all something excitingly
new in a stale rotting economy. Nobody has been left untouched by the recession, which is
living proof that our modern way of exchanging currency isn’t that “modern” in the sense
of being lucrative and progressive. This is why Bitcoins deserve more than a chance; they
deserve endorsement and lots of attention, so that we can break free of an old economy
and start a new one which will make us all richer.

This is why a man, or a team of people, who went under the alias Satoshi Nakamoto
announced in the year 2008 the amazingly new Bitcoin software. Until now nobody knows
who Satoshi Nakamori is and that will probably remain a closely guarded secret forever.
When I say new when referring to Bitcoins I mean original and ahead of their time. This
announcement promised an unrestricted economic currency that would soon flood the
open worldwide market through the internet. Bitcoins were to be a safe, fast and precious
currency for the future and in 2009 this dream-like proposition became reality.

Of course like every daring new idea there were some bumps on the road to perfection. In
2010 the first Bitcoin transactions began for real. A vulnerability in the system was detected
and exploited, but the Bitcoin programmers caught on to the fraud and nullified the false
transactions quickly, returning the Bitcoin back to a normal rate of production. Many
feared that more exploits would soon ruin the whole Bitcoin concept, but thankfully the
programmers have kept the system in top shape ever since.

Sadly during the year 2011 the Bitcoin market crashed from 30$ per piece to 2$, but even
this hurdle wasn’t too much for this promising new currency to overcome. On the upside it
was the year 2011 when Wikileaks began to accept Bitcoins for donation and many markets
opened up to this new way of payment when they used to be skeptic about it. Bitcoins even
had their share of fame, featuring in the television drama “The Good Wife”.

BitPay announced in the year 2012 that Bitcoin now had around a thousand markets it was
used and accepted in. It seemed like Bitcoin finally managed to become a widely used type
of currency. In 2013 all those hopes where finally answered with success as the Bitcoin reached its all
time high price at 266$ and settling at 160$ soon after. If we remember that 2$ price in 2011
the Bitcoin surely has come a long way. Over 1 million Bitcoins were sold for 22$ in a single
month during January, and that was only 3 months before the all time high price in April.

Perhaps the most fascinating part is that Bitcoins are now ruled legal ways of payment in
many countries, while court cases seem to open and be won all over the world. Germany
even accepts Bitcoins for taxes now, while Thailand pays some of its wages to in Bitcoins to some.

Seeing the immense progress and positive outcome of all that is Bitcoin currency and
transaction we can only be pleased that human ingenuity finds a way to defeat adversity
even in such harsh economic times such as these. Those who invested are now pleased and
have secure transaction with the whole world, become a globalized economy was only the
next logical step down the road and some have already taken it with Bitcoin.