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How bitcoin grew up and became big money

theverge.com

Bitcoin was born from a crisis

In the middle of the 2008 banking crisis, a group of anarchists, libertarians, and other tech-savvy true believers created digital cash.

In August 2008, bitcoin dot org was registered as a domain. On Halloween the same year, Satoshi Nakamoto put up a white...

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Bitcoin highlights how fundamentally bizarre money is. Money is a value token that makes exchange easier. It isn't real in a tangible way. But it's real enough that people fight and die for it.

Bitcoin's ideology is that of a specific distrust of financial institutions. I...

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  • Bitcoin is a peer-to-peer money network. You don't have to pay a fee to a bank when you send money to another party.
  • Bitcoin is finite. There can only be 21 million bitcoin in the world. More than 17 million have already been mined while the rest w...

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In order to make your investment in bitcoin worthwhile, you have to convince others that the investment is valuable too.

The most significant community for early bitcoin was dark web marketplace Silk Road, founded by Dread Pirate Roberts (Ross Ulbricht). The idea was t...

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Magic: The Gathering Online eXchange (Mt.Gox) launched a bitcoin exchange in 2010. It let people buy bitcoin and sell using bank transfers.

The early years of Mt.Gox revealed that online currency m...

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Despite Mt.Gox and the Silk Road, bitcoin continued to enter the mainstream. At the end of 2014, Microsoft began accepting bitcoin payments. In 2015, other cryptocurrencies such as Ethereum - also based on the blockchain - began to emerge.

Ethereum changed the focu...

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  • Ethereum was the most meaningful of the ICOs (initial coin offering). Many other companies followed, such as NXT Neo, Spectrecoin that were often tied to specific businesses and products.
  • In 2017, the US Securities and Exchange Commission (the money police) announced that financin...

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On January 3rd, 2009, a few months after the publication of the original whitepaper, the first lines of code were committed to the bitcoin blockchain by Satoshi Nakamoto. But Nakamoto vanished. No one has discovered who Satoshi was or is, though many have tried.

The initial idea of bitcoin...

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