It has been 16 years since the launch of Bitcoin and the appearance of the first cryptocurrency.
It has been 16 years since the launch of Bitcoin and the appearance of the first cryptocurrency. Bitcoin's anonymous creator, under the pseudonym Satoshi Nakamoto, launched the network for the main cryptocurrency on 3 January 2009.
On 3 January 2025, Bitcoin (BTC) turned 16 years old. It was on this day in 2009 that the first block of the main cryptocurrency network, known as the Genesis Block, was created. This block was mined on a small server in Helsinki, and the reward for mining it was 50 bitcoins, which at the exchange rate at the time of publication was equivalent to about USD 4.8 million.
In addition, the first block contained the title of an article in The Times: 'Chancellor on brink of second bailout for banks'. The article described the British government's preparations for a second round of bailouts for banks hit by the 2008 global financial crisis.
The anonymous Bitcoin creator, known by the pseudonym Satoshi Nakamoto, referred to the global financial crisis, pointing out that Bitcoin was created as an alternative to the traditional financial system.
BTC
Despite the launch of the Bitcoin network in early January, the first transaction of the main cryptocurrency took place more than a week after the first block was created: on 12 January 2009, in block 170, 10 BTC were sent from Satoshi Nakamoto to developer Hal Finney. The first exchanges did not become possible until 5 October of the same year, when Bitcoin appeared on the exchange New Liberty Standard, where 1,309,000 BTC could be bought for $1 (their current value is $125 million).
On 9 February 2011, Bitcoin reached parity with the US dollar for the first time, and on 16 April of the same year a major publication wrote about the new asset for the first time: the Time published an article on Bitcoin. The total capitalisation of the currency reached $10 million. As of 3 January 2024, the all-time high of BTC's price was recorded at around $108,000 on 17 December 2024. The current price is around $96.7 thousand, with a market capitalisation of the asset of $1.9 trillion.
Bitcoin's genesis
Bitcoin was born out of a vision to create a decentralised financial system, free from government control and intermediaries. Nakamoto's whitepaper introduced blockchain technology, a transparent and immutable ledger system that powers Bitcoin, ensuring its security and reliability. Bitcoin's first blockchain, the 'Genesis Block', contained a meaningful message about the 2008 financial crisis, highlighting the need for an alternative to traditional banking systems.
Evolution and Adoption
Initially, Bitcoin was greeted with scepticism, but quickly gained traction among technology enthusiasts and libertarians. Over the years, Bitcoin has achieved significant milestones, such as the first real-world transaction in 2010, when 10,000 BTC were exchanged for two pizzas, and the rise of major exchanges that have made global trading possible. Its value soared from a fraction of a cent to tens of thousands of dollars, turning early adopters into multimillionaires.
The largest cryptocurrency exchange Deribit received a takeover offer. The Kraken exchange was interested in acquiring the largest platform for trading cryptocurrency derivatives.
It has been 16 years since the launch of Bitcoin and the appearance of the first cryptocurrency. Bitcoin's anonymous creator, under the pseudonym Satoshi Nakamoto, launched the network for the main cryptocurrency on 3 January 2009.
On 3 January 2025, Bitcoin (BTC) turned 16 years old. It was on this day in 2009 that the first block of the main cryptocurrency network, known as the Genesis Block, was created. This block was mined on a small server in Helsinki, and the reward for mining it was 50 bitcoins, which at the exchange rate at the time of publication was equivalent to about USD 4.8 million.
In addition, the first block contained the title of an article in The Times: 'Chancellor on brink of second bailout for banks'. The article described the British government's preparations for a second round of bailouts for banks hit by the 2008 global financial crisis.
The anonymous Bitcoin creator, known by the pseudonym Satoshi Nakamoto, referred to the global financial crisis, pointing out that Bitcoin was created as an alternative to the traditional financial system.
Despite the launch of the Bitcoin network in early January, the first transaction of the main cryptocurrency took place more than a week after the first block was created: on 12 January 2009, in block 170, 10 BTC were sent from Satoshi Nakamoto to developer Hal Finney. The first exchanges did not become possible until 5 October of the same year, when Bitcoin appeared on the exchange New Liberty Standard, where 1,309,000 BTC could be bought for $1 (their current value is $125 million).
On 9 February 2011, Bitcoin reached parity with the US dollar for the first time, and on 16 April of the same year a major publication wrote about the new asset for the first time: the Time published an article on Bitcoin. The total capitalisation of the currency reached $10 million. As of 3 January 2024, the all-time high of BTC's price was recorded at around $108,000 on 17 December 2024. The current price is around $96.7 thousand, with a market capitalisation of the asset of $1.9 trillion.
Bitcoin's genesis
Bitcoin was born out of a vision to create a decentralised financial system, free from government control and intermediaries. Nakamoto's whitepaper introduced blockchain technology, a transparent and immutable ledger system that powers Bitcoin, ensuring its security and reliability. Bitcoin's first blockchain, the 'Genesis Block', contained a meaningful message about the 2008 financial crisis, highlighting the need for an alternative to traditional banking systems.
Evolution and Adoption
Initially, Bitcoin was greeted with scepticism, but quickly gained traction among technology enthusiasts and libertarians. Over the years, Bitcoin has achieved significant milestones, such as the first real-world transaction in 2010, when 10,000 BTC were exchanged for two pizzas, and the rise of major exchanges that have made global trading possible. Its value soared from a fraction of a cent to tens of thousands of dollars, turning early adopters into multimillionaires.
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