The Chronological Ups and Down Of Bitcoin Since Its Inception

The bitcoin.org was registered on August 18^th 2008, followed with a paper titled as “Bitcoin: A Peer-to-Peer Electronic Cash System” authored by Satoshi Nakamoto was published on 31^st October 2009. Satoshi Nakamoto released the open-source code bitcoin software next year in January 2009. However, nobody knew who Satoshi Nakamoto was and his or her identity remained hidden till he or she disappeared in 2010. Since then, the bitcoin came across numerous ups and downs of its long journey to survive in the international financial market particularly amidst the continuous pressure and attacks of governments and their financial institutions namely the central banks. The perilous journey of bitcoin associated with few moments of joy and thrills is still on its wheel to date till 2019. Get associated with Paychain to join the financial movement of cryptocurrency and gain instant profit through the bitcoin blockchain venture.

Eventually, a turning point came in the journey of bitcoin in late 2013 with the version of Ben Bernanke, the Federal Reserve Chairman, on his technical and ideological support towards the authenticity and future progressive implication of bitcoin. This laid the foundation for the grounding of bitcoin for further flourishing in the world economy as a promising digital currency venture.

As part of the chronological ups and down of bitcoin, the first genesis block was created by Satoshi Nakamoto on 3^rd January 2009. Hall Finney downloaded the bitcoin software on its release date and received 10 bitcoins from Nakamoto on 12^th January 2009. The first bitcoin commercial transaction using bitcoin, as per information, was carried out by Laszlo Hanyecz with the purchase of 2 papa john’s pizza.

Silk Road became one of the most familiar users of bitcoin, and in 2011 Silk Road exclusively used bitcoin for its transactions amounting to 9.9. millions worth around 214 million USD. In 2011 the bitcoin started around 0.30 USD and stood around at 5.27 USD whole the year with frequent fluctuations. On 8^th June it rose to 31.50 USD followed with a fall to 11.00 USD within a month, again fell to 7.89 USD in the next month falling to 4.77 USD in the following month.

The struggle of bitcoin continued with it”s constant rising and falling across 2013 to 2014, 15, and 2016. In 2017 the bitcoin started at 998 USD and rose to 13412 USD on 1^st January 2018. It gained the momentum on 17^th December 2017 by rising to a height of 19783 USD. Today, the atmosphere is in support of the bitcoin opening all possibilities for the cryptocurrency to grow and reign over the financial market in the world.