There have been many ups and downs in the life of the crypto community. The story of the first cryptocurrency that changed the world forever is woven from them.. The editors of BeInCrypto have collected in one review the brightest moments of Bitcoin that representatives of the crypto industry managed to capture.
Start
15 years ago, members of the cypherpunk movement group received a letter from the anonymous developer Satoshi Nakamoto.. In it, he presented the concept of Bitcoin – the first cryptocurrency, which in the future will change the way many people think about the possibilities of financial instruments.. The development of the crypto industry began with this letter.
Letter from Satoshi Nakamoto to a group of crypto enthusiasts in which he introduced the concept of Bitcoin
Nakamoto emphasized the importance of Bitcoin as an alternative to traditional money in the genesis block – the first block mined on the BTC blockchain. In it, the developer encrypted the message “The Chancellor is on the verge of adopting a second bailout package for banks.”. This is a reference to The Times editorial of January 3, 2009, which pointed out the instability of the current financial system.
Message in Bitcoin's first block and The Times editorial of January 3, 2009
An important event occurred in 2010, which is remembered every year on May 22 as part of the Bitcoin Pizza Day holiday.. On this day, crypto enthusiast Laszlo Haniec exchanged 10,000 bitcoins for two pizzas. Thus, he made the first exchange of coins for goods in the history of the crypto industry. In 2010, BTC was practically worthless. Today 10,000 bitcoins are worth about $500 million. It's scary to imagine how many pizzas you can buy with that money.
Deal to exchange bitcoins for two pizzas
In 2011, The New Yorker published its first article about Bitcoin.. Meanwhile, the cryptocurrency is trading at $4.
The first article about Bitcoin in The New Yorker
By 2013, Bitcoin had risen to $100, but despite this, only a few are interested in digital assets. The state of affairs in the crypto industry at that time can be understood by the number of empty seats in the hall in which the popular author of books on cryptocurrency, Andreas Antonopoulos, talks about BTC.
Andreas Antonopoulos gives a lecture on Bitcoin
In the same year, thanks to a mistake made due to alcoholic intoxication in a post by a member of the crypto community, the term “hodl” was born (from the incorrect spelling of the English word “hold” – hodl).
The search for Satoshi and the first serious problems
March 2014. Newsweek journalists claim that they managed to find Satoshi Nakamoto. According to the publication, Bitcoin was created by a programmer of Japanese origin – Dorian Nakamoto. The “suspect” himself did not admit the connection with BTC, but many believed the journalists. Subsequently, the role of Nakamoto was “tried on” to many famous members of the crypto community, including Elon Musk and Nick Szabo.
Photo of Dorian Nakamoto and the cover of a magazine whose authors claim that Dorian is the real Satoshi
Around the same period, members of the Bitcoin subreddit managed to raise money to launch the first Bitcoin advertising campaign, known as “magic Internet money.”
Bitcoin's first advertising campaign
Also, 2014 was remembered by members of the crypto community due to the hacking of the Mt crypto exchange. Gox – the largest trading platform at the time, which played a vital role for the crypto industry. The consequences of the incident are still being cleared up.
Single action of Mt hack victim. Gox
Another sad event of 2014 was the death of programmer Hal Finney. He went down in the history of the crypto community as the first recipient of cryptocurrency.
New wave of support
By 2017, the crypto industry recovered from previous losses, and Bitcoin secured its place in the financial market. In July 2017, a member of the crypto community, Christian Langalis, caused the media to write about BTC with his action – he raised a sign with the inscription “buy bitcoin” behind Fed Chairman Janet Yellen while she was speaking before Congress.
Christian Langalis in the US Congress
In 2020, the crypto community was supported by software manufacturer MicroStrategy. He became the first public company to invest in BTC. As of the time of writing, MicroStrategy controls 190 bitcoins worth $9.4 billion.
Top 10 Bitcoin investors among public companies. Source: buybitcoinworldwide
Difficult but memorable 2021
2021 will be remembered by many thanks to the redistribution of the mining market. China, once the largest cryptocurrency mining center, has introduced restrictions for miners. As a result, members of the crypto community were forced to look for new countries to do business.. Many left for the USA, making America the new largest mining center. Not everyone decided to take equipment with them. As a result, spontaneous dumps of cryptocurrency mining machines have appeared in China.
A woman in Sichuan province carries a “bouquet” of mining machine parts
Also, 2021 went down in the history of the crypto community thanks to El Salvador’s decision to make Bitcoin the national currency. The country became a pioneer.
The founder and ideological inspirer of the popular US payment application Strike, an active member of the crypto community, Jack Mallers hugs his parents after the announcement that El Salvador was the first in the world to make BTC a national currency
Unfortunately, an investigation by the editors of BeInCrypto showed that even several years after the legalization of Bitcoin in El Salvador, surviving in the country without having fiat in your pockets will not be easy.
A girl sells ice cream for Bitcoin on the streets of El Salvador
While El Salvador was immersed in the crypto industry, the world's first monument to Satoshi Nakamoto was erected in Hungary.
Hungarian sculptors Reka Gergely and Tamas Gilli pose next to the monument to Satoshi Nakamoto
Tesla, meanwhile, launched the sale of cars for Bitcoin. Unfortunately, a couple of months later the company abandoned the decision, citing an unwillingness to support environmentally destructive BTC mining.
The “cherry on the cake” was the launch of a Bitcoin transaction to the moon. It was reflected from the surface of a celestial body and returned to Earth.
Brazilian Crypto Enthusiast Sends Bitcoin to the Moon
New era of bitcoin
In 2022, the crypto industry continued to modernize. In particular, miners have found new ways to reduce the negative impact of mining installations on the environment and direct energy into peaceful channels.
Heat from mining machines is used to grow tulips
Many have found alternative sources of income in the crypto industry, without which it would be difficult for them to survive.
A 22-year-old Lebanese man mines bitcoins to feed his family during the country's banking crisis.
2024 begins with the long-awaited approval of spot Bitcoin ETFs in the US. Many members of the crypto community have high hopes for the tool.
A “buy Bitcoin” sign next to the famous New York Stock Exchange bell, which rings to mark the start of trading
The editors of BeInCrypto believe that there will be many more important moments in the life of the crypto community that will go down in history. Stay tuned so you don't miss them.
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