What is the history of Bitcoin?

Based on the book The Bitcoin Genesis, the history of Bitcoin dates back to November 2008. A person with the username Satoshi Nakamoto released a paper to the cryptography mailing list. This paper consists of nine pages and is entitled “Bitcoin: A Peer-to-Peer Electronic Cash System”.

There is confusion about what Bitcoin is and how it should be used. After the beta period, the program was refined to make it easier to understand to use. In 2009, Bitcoin was released to the internet community with the claim that it could be used to pay anonymously.

Based on the book Bitcoin, Blockchain, & Cryptocurrency: A Complete Guide, Satoshi sends Bitcoin to Hal Finney, a fellow cryptography enthusiast. The transaction was successful and the Bitcoin phenomenon became known to the public.

Bitcoin did not have an exchange rate until late 2009. Bitcoin’s system at that time was simply a record of transactions on the blockchain, an online forum where users communicate and manage transactions in open source code.

In early 2010, the first exchange opened which allowed structured Bitcoin trading. Users grew and in May 2010, Mount Gox was launched as a second exchange and became the dominant place to trade Bitcoin.

Based on the publication in the journal Intersect, Vol 11, No 2, Satoshi Nakamoto as the creator of Bitcoin suddenly disappeared in 2011. In transaction data, it is estimated that Satoshi has one million Bitcoins.

In early November 2015, one Bitcoin was worth US$384. Its value continued to rise until at the end of 2017, the price of one bitcoin hit a record high of nearly US$20,000. According to Open Exchange Rates, one Bitcoin is currently worth US$51,285.22.