A Brief History of Bitcoin: 10 Years of Highs and Lows

October 31 marks the ten year anniversary of the release of the Bitcoin whitepaper, which was authored by Satoshi Nakamoto, and whose identity still remains a mystery.

In this relatively short period of time, Bitcoin has challenged the way modern society looks at global finance and banking, and has been the catalyst for the birth of over a thousand different cryptocurrencies as well as many more blockchain projects.

Its history has been full of highs and lows, as the volatile cryptocurrency has battled through years fraught with controversy and success. With the release of the whitepaper, a movement was set in motion that has left an indelible mark across a multitude of industries.

Cointelegraph takes a look at some of the most memorable and infamous moments over the 10 years since Bitcoin was brought to life.

Formative years

On Aug. 18, 2008, the Bitcoin.org domain was registered by an anonymous entity as a precursor to the body of work that would describe the intricacies of the Bitcoin protocol.

This came to life with the publishing of the Bitcoin whitepaper on Oct. 31, 2008. Titled “Bitcoin – A peer-to-peer electronic cash system,” the initial nine page document was distributed on cypherpunk mailing list in November 2008.

On Jan. 3, 2009, Nakamoto successfully created the Genesis Block, the founding block of the Bitcoin blockchain. The Genesis block was hardcoded into the Bitcoin software and the 50 BTC, which were created cannot be spent, due to the way the code was written. The exact reasons for this aren’t known, just another mystery to add to Satoshi’s story.

The average time between the creation of new blocks is 10 minutes, but it took a full six days before the next block was added to the Bitcoin blockchain, according to the timestamps of those specific blocks.

Original story and image from: https://cointelegraph.com/news/a-brief-history-of-bitcoin-10-years-of-highs-and-lows

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