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Category Archives: Crypto Infographics

Bitcoin Evolution over the Years

The past decade has been attributed to all sorts of technological advances. From the financial technology that seems to be the future of the banking system to decentralized forms of currency. Bitcoin has then evolved to become the first decentralized currency in the world. While the term Bitcoin has become a household name among many entrepreneurs, there is the need to know how it (the digital currency) has evolved over the years since the original idea emanated in 2007.

Satoshi Nakamoto is the Japanese legend behind the Bitcoin currency. However, it has been rumored in the past that Nakamoto could probably be a pseudonym representing three contributors of the Bitcoin concept; Neal Kin, Vladimir, and Charles Br. But the three of them deny having any relationship with Satoshi. According to Satoshi, his intention was to create a peer to peer version of electronic cash. The idea arose as he looked into a way to stop incidences of money copying.

The first real business took place in January 2009. Besides Bitcoin mining starting out, the first transaction using Bitcoins took place. It was between Satoshi and Hal Finney, a cryptographic activist. October of the same year was also attributed to some success after New Liberty Standard established the first Bitcoin value in relation to the US dollar. The value was $1=1309 Bitcoins.

The success rolled over to the following year and in May 2015, Pizza revealed the interesting news that Bitcoin’s value stood at £1962034. This was a great achievement that has remained bookmarked in the company’s history.

Unfortunately, Bitcoin received a blow later that year in August after it was hacked. Information on how the system verified its currency was revealed. It got even worse when a particular intergovernmental group let out shocking details of possible money laundering practices by new payment methods and that included Bitcoins. The unfortunate case was also evident early the following year after Bitcoin was accused of being an accomplice of the Silk Road, an avenue of conducting untraceable illicit drugs online.

Nevertheless, Bitcoin kept its heads high and in February 2011, its value rose, and each Bitcoin was worth $31. This was great news for the Bitcoin company since it saw it’s market capitalization hit $206 million. The success was evident for the entirety of 2012. In March 2013, a guidance report was established to regulate any person administering, exchanging, and using virtual currency. This was a good move that resulted to Bitcoin market capitalization hitting $1billion. August through December of the same year had the Bitcoin business thriving. For instance, Bloomberg started testing Bitcoin data and how it can be used as money. November also saw the Bitcoin price climb to $700 with the US Senate. However, Bitcoin was not embraced by all since China banned the use of Bitcoin transactions in the country.

The best of Bitcoin businesses were realized in 2014 and onwards.  First, early 2014 was marked by Elliptic launching the first global insured Bitcoin storage service. HM Revenue & Customs further classified the Bitcoin currency as an asset as well as a form of private money. This revealed that the UK government was all eyes in regards to Bitcoin taxation.

Mid 2014 was marked by 29,000 Bitcoins auctioned by the US government after the money was seized from Silk Road, the illegal online marketplace. The New York State Department of Financial Services also released the proposed rules aimed at regulating virtual currencies such as Bitcoins.

Bitcoin success continued to brighten after George Osborne, the Chancellor of the Exchequer purchased £20 worth of Bitcoins. He further announced the UK Treasury’s call to get information on digital currencies. TeraExchange was also reported to have announced that the first Bitcoin transaction took place on a regulated exchange. With the above details, Bitcoin was in a big way gaining credibility and confidence in the public eye.

Finally, 2015 saw the NYSE focus on bringing transparency, security, trust, and safety to the Bitcoin currency.  The UK Treasury Call results for the digital currency were also announced.

BargainRoo.com sponsored and/or supplied the article, including the infographic below:

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Bitcoin Usage Infographic: Bitcoin Shows No Signs of Slowing Down

This new infographic with 33 indicators shows that Bitcoin growth isn’t slowing down in 2016.

Bitcoin2_infographic

Source: Bargain Fox

 

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