A quick look at Bitcoin evolution – Enterprise Podcast Network

The humble start of Bitcoin has now converted into an extraordinary story of the success of a new digital transformation that has revolutionized the fintech industry. Banking and financial institutions had long been operational and worked on crypto trading. Within the given timespan of 2008 to 2021, there has been a curious growth in the overall price of Bitcoins, going up, crashing, rising and falling and yet it still remains one of the most popular investment options for people. 

While the conventional system is working well, it exposes us to the threat of losing information, and data breaches have been a primary concern. It was in 2008 when the seed for a decentralized economy was sown, and in 2009 the world was introduced to the concept of cryptocurrency with Bitcoin. It is different from the traditional Bitcoin systems and there is the presence of a cryptographic proof to maintain the integrity of the entire Bitcoin network. 

Bitcoin Timelines

January 3, 2009-The rise of Bitcoin period. But at this time, the value of bitcoin was $0. Strange, a cryptocurrency that is not considered equivalent to gold, was once fighting a battle of existence.

January 12, 2009-It was the first-time transaction was done. This transaction was for 10 BTC. At this time also, the price of Bitcoin was $0. In fact, it can also be observed that during the initial phases of Bitcoin evolution, it was more about people trying to negotiate on internet forums, and people who wanted to barter goods and services in exchange for Bitcoin. 

July 2010- After reading in hibernation for at least a year, it was in 2010, Bitcoin trading started at an estimated price of $0.0008 to $0.08 per coin.

June 2011– We know that Bitcoin prices are highly vulnerable and are subject to change quite frequently. In 2011, a similar incident was noted, when the price of Bitcoin shot up to $31 and then had again fallen back to $10. A similar trend can be seen in the present time as well.

October 13, 2013- After 2011, Bitcoin’s value continued to shakeA new addition was made in the year 2013 when the Bitcoin ATM was opened. This ATM could convert Canadian dollars to Bitcoin. 

November 20, 2013- While Bitcoin was slowly gaining pace, it was also gaining acceptance. It was this year when Wang Yi, a Chinese government representative, announced that Chinese citizens could trade Bitcoin. This immediately led to the rise in value of Bitcoin.

March 6, 2014– There have been a lot of theories surrounding the identity of Satoshi Nakamoto. On March 6 Newsweek posted an article unveiling the identity of Nakamoto. The article mentioned Dorian Nakamoto, a Japanese engineer, to be behind the launch of this cryptocurrency. However, Dorian refused the claims. 

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