The most important events in the history of Bitcoin 📚

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The most important events in the history of Bitcoin

Bitcoin has achieved the status of one of the largest cryptocurrencies in terms of market capitalization, and has also caused the growth of many other cryptocurrencies from the very beginning. You can use bitcoins to buy video games, book a hotel room, or make a donation to a reputable non-profit organization such as UNICEF. But if you're wondering how it all began, and what important happened in Bitcoin's history, read on!

The rise of Bitcoin

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The term bitcoin was first used in the white paper titled "Bitcoin: The Peer-to-Peer Electronic Cash System" released on October 31, 2008. Nevertheless, no one knows the true identity of the person or group of people responsible for this revolutionary invention because they used the pseudonym Satoshi Nakamoto. In the white paper, readers will find a comprehensive explanation of the distributed ledger system (it's called blockchain), which cuts off the middleman (financial institutions, banks) for managing online transactions.

Previous attempts to develop digital cash had failed because they needed a secure third party to operate the system. Satoshi Nakamoto solved this problem by developing a completely transparent distributed ledger system. This was actually Satoshi Nakamoto's main vision and he achieved that goal.

First transaction

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Mining BTC

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Bitcoin miners are the backbone of a decentralized network, they have advanced math skills and computer power to mine bitcoin, while one bitcoin miner has no control over half of the entire network, network security and protection are guaranteed. In addition, the main purpose of bitcoin mining was to monitor the network, validate transactions to prevent "double-spending problems" and to ensure its transparency and legality.

The first exchange platform

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In addition to mining bitcoins, you could get bitcoins by trading on various forums and you had to trust that the other side would not let you down. Fortunately, in March 2020, the first official trading platform called Bitcoinmarket.com was launched. The site initially accepted PayPal as a payment option for trading bitcoins with fiat money. At that time, there were many cheats and other issues that caused the platform to shut down and many more developed later.

Rapid price increase

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In 2013, the price of one bitcoin reached $ 13.50 for bitcoin. However, in April, when the price hit a new level of $ 220 for bitcoin, it suddenly dropped to $ 70 for bitcoin. This will mark the beginning of an unstable history of currency trading.

But the price for bitcoin really rose in October 2017, and it reached $ 5,000, and continued to rise, reaching $ 10,000 in November. In December, it will peak at around $ 20,000 per bitcoin before a noticeable price fluctuation hits $ 7,000 in April of the following year. In the following years, 2019 and 2002, Bitcoin had risen again to $ 10,000 by June, and has since hit new lows and highs. Most importantly, the lowest bitcoin price in 2020 was $ 5,000 in March.​
 
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