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History of Bitcoins – Bitcoin Founder’s Net-worth 2017

History of Bitcoins

Bitcoin founder’s net-worth 2017

With the increase in the value of Bitcoin in this very year, the founder of Bitcoin Satoshi Nakamoto is worth a lot more owing to the quantity of 1 million Bitcoins which he has. Also, with such a large collection of Bitcoin, he can easily manipulate the price of Bitcoin if he so desires. However, the exact identity of Satoshi Nakamoto is still a mystery. In the current valuation of $ 2700 per Bitcoin, somewhat it would be around 2.7 billion. Considering his net worth, he is one of the few billionaires who has continued to remain anonymous even after amassing such a great amount of wealth. While most of the people came to know of Bitcoins only after they became very expensive but Bitcoins have undergone a lot of changes in the type of system which revolves around it.

History of Bitcoins

History of Bitcoins:

1. August 2008:

In August 2008, the encryption patent which is used by bitcoin, was patented.

2. November 2008:

Satoshi Nakamoto publishes the paper Bitcoin: a peer-to-peer electronic cash system.

3. January 2009:

Satoshi was the 1st person to mine 50 Bitcoins in January 2009. This block was named as the Genesis block. Mining was done by verifying the Bitcoin transactions. The 2nd person to mine the Bitcoins in that same very month was Hal Finney.

4. October 2009:

In October 2009, the new Liberty standard provided a value to Bitcoin. One USD was equal to 1309 Bitcoins. The valuation was arrived after taking into account a number of resources which were required in order to generate a single Bitcoin. Also, the cost of electricity was also taken into account while valuing Bitcoin. At that point of time, the computation power which was needed was pretty less for mining the Bitcoins. That is why that was not factored in while valuing the Bitcoins.

5. May 2010:

In May 2010, a programmer living in Florida sent around 10,000 Bitcoins to volunteer in the UK. The volunteers utilized these Bitcoins in order to buy a pizza. This was one of the 1st real-world Bitcoin transaction. It was a major milestone for Bitcoin. It started gaining a lot of media coverage since then.

6. August 2010:

In August 2010, there was a huge breach in the block chain technology which was used by Bitcoins. Instead of the 20 million limit which was set by Satoshi, 184 billion Bitcoins was created and released into the system. This caused the value to fall through the floor. At that point of time, Bitcoin was ruling at around $ 1.

7. October 2010:

2010 was a pretty active year for Bitcoin. Not all of it was due to positive reasons. In October 2010, Bitcoin emerged as the currency of choice for money laundering. There were new payment methods which were developed by terrorists as well as criminal groups to launder money with the help of Bitcoins. That is when, it came in the news for all the wrong reasons. Authorities also started keeping a watch on Bitcoin as a currency in order to find out how to stop these money laundering efforts. Due to this very reason, many people became skeptical of Bitcoins.

8. November 2010:

Despite the setbacks in 2010, Bitcoin achieved a very important milestone in 2010. In November 2010, the market cap of Bitcoin as a currency increased to more than $ 1 million.

9. January 2011:

In January 2011, the marketplace was developed which was solely dedicated to using Bitcoin as a currency. There were plenty of criminal activities which were going on in that marketplace. The marketplace was known as Silk Road.

10. June 2011:

In June 2011, over 25,000 Bitcoins were plucked from a digital wallet. Owing to this very reason again, the value of Bitcoin fell from $ 17.51 to just a single cent. This was a huge fall which shattered the confidence of investors in Bitcoin. Even though it has recovered a lot since then but this was a crash of the highest magnitude.

Bitcoin founder's net-worth 2017

11. March 2013:

In March 2013, US financial crimes enforcement network released a report highlighting the need for regulating the Bitcoin transactions. This created a lot of fear and skepticism among the users of Bitcoins.

12. March 2013:

In March 2013, the total market cap of Bitcoin crossed the $ 1 billion.

13. August 2013:

In August 2013, a US judge noted that Bitcoin can be used as a currency to purchase goods and services. This provided almost a legal status to Bitcoins which led to further trusting the digital currency.

14. November 2013:

After the US Federal judge recognized it as a currency which can be used for buying products and services, the value of Bitcoin increases significantly as 1 Bitcoin became equal to $ 700.

15. December 2013:

In December 2013, China barred any of its institutions from handling Bitcoin transactions. At that point of time, 80% of the Bitcoin transactions were done in China. It was the biggest user of Bitcoins.

16. February 2014:

In February 2014, Bitcoin received a major boost when it was exempted from any VAT in the United Kingdom.

17. July 2014:

In July 2014, a company by the name of global advisors launched the 1st fund which invested solely in Bitcoins.

18. December 2014:

In December 2014, Microsoft began accepting Bitcoins as payments. This was a huge step as one of the Fortune 500 companies started accepting Bitcoins.

19. January 2015:

In January 2015, coin base received $ 75 million in funding. Coin base primarily dealt in Bitcoins. That is why it was a huge boost to the trust in Bitcoins. Moreover, as investors started backing up exchanges of Bitcoins, the users of Bitcoins also trusted the currency more and more. This led to the wide acceptance of the currency. Also, many of the offline business also started taking note of this currency.

20. May 2017:

In May 2017, Bitcoin valuation shot up to $ 2000 per Bitcoin. This was a significant milestone as this led to the doubling of the value of Bitcoin in that particular year.

Final Thoughts

As you can see, ever since the invention of Bitcoin by Satoshi Nakamoto there have been a lot of milestones in its history. Its history is fraught with successful events as well as failures. The investors who have always held their trust in the crypto currency are now reaping its benefits as the valuation of the currency is increasing. Owing to this very reason, Bitcoin has become so famous that World Banks are also starting to recognize it as a reserve currency.

So, if you look into the history of the founder as well as the timeline of Bitcoin is itself, you would realize that it has been a long journey but a very fruitful one. Satoshi Nakamoto has surely changed the way in which the world transacts.

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