The history of Bitcoin. Before and after.

By Carlos Fos
Date 21 9 22
CATEGORY Cryptocurrencies. Without category

Many people think that absolutely all the technology related to Bitcoin and blockchain has been born in recent years. Some know that Bitcoin came out in 2008, in the wake of the global financial crisis. But very few really know all the background before the creation of Bitcoin, and everything that happened after.


-1990-1991: Stuart Haber and W. Scott Stornetta create the first Blockchain archetype. Its purpose was to be able to sign documents, and that after this the documents were unchangeable. Something that today we already have very normalized with digital signatures, but for that time, it was a great revolution.

-1997: Adam Black develops Hascash, created to combat spam, with a system very similar to the Proof of Work that we have today in Bitcoin. The strategy followed by hascash was to establish a quick verification mechanism that the person who sent a message is interested enough to send it and is willing to "pay" with CPU time to put a mark that shows that they do not send it simply because it does not cost any. In this way, those who want to send large volumes of spam will have to spend high costs dissuading them or at least limiting their actions. The creator of Bitcoin was inspired by this to establish the Proof of Work in his project.

-1998: Wei Dai creates B-Money. B-money was devised by Wei Dai as a means to make interaction and cooperation between communities more efficient, providing a tool that works as a means of exchange, as well as a mechanism that enforces the contracts signed between members. Of the same. Introduced decentralization for subscription payments.

-2008: Financial crisis and the world financial system crumbles.


-October 31, 2008: Satoshi Nakamoto, creator of Bitcoin, publishes the Bitcoin whitepaper. Satoshi is someone completely anonymous, it is unknown who he is, if it is just one person, or a group of them. What is known is that Satoshi was very inspired by this 2008 crisis, introducing solutions to many of the problems that banks have, and for which this crisis occurred, in the foundations of Bitcoin. 

-3 January 2009: Bitcoin genesis block. A genesis block is the first block to be created on a blockchain. The first block of the bitcoin blockchain was created out of hundreds of thousands that would be created later.

-January 9, 2009: Bitcoin 1.0, the alpha version of Bitcoin, is released.

-January 10, 2009: The first Early Adopters appear. Hal Finnet and Wei Dai become the second and third miners in the history of Bitcoin, since the first was Satoshi. How many Bitcoins did these first miners earn? If we see it now knowing that a Bitcoin has come to be worth 68,000$, it may surprise us that approximately every 10 minutes, these three miners solved the mathematical problem necessary to create a block, which rewarded the person who their PC solved with 50 Bitcoins. the problem. Therefore, among these first miners, they earned no more and no less than 7,200 Bitcoins per day. What today would be equivalent to 158,400,000$, but at the time, a few cents.

after bitcoin.

-December 12, 2009: Bitcoin creator Satoshi Nakamoto completely disappears. Since this date, he has not made any further posts, and his Bitcoin portfolio has not made any movement. All these years, it has not been possible to find out who he is, or his whereabouts, or even if he is still alive.

-May 22, 2010: Laszlo Hanyecz makes the first purchase in the history of Bitcoin. He paid a friend 10,000BTC for two pizzas from Papa John's. What has come to be worth 680 million dollars. He did not believe that in the history of humanity, such an expensive pizza would be paid again.

-February 2011: Bitcoin reaches parity with the dollar, a milestone for all Bitcoiners of the time, something unthinkable when it was created two years ago.

-June 14, 2011: Wikileaks accepts donations in Bitcoin.

-September 2012: Bitcoin Foundation is created, an American non-profit organization, which has the mission of standardizing, protecting and promoting the use of Bitcoin for the benefit of users around the world.

-February 2014: Collapse and bankruptcy of one of the biggest exchanges 'MT.Gox'.

-March 3, 2017: Bitcoin exceeds the value of 1.000$ for the first time.

-November 20, 2017: Bitcoin exceeds 10,000$, and in less than a month it is close to 20,000$.

-June 8, 2021: El Salvador adopts Bitcoin as legal tender.

This is a small percentage of the entire history of Bitcoin, especially after its creation, as it has revolutionized many sectors, especially technology, but also finance.

Currently absolutely the entire crypto ecosystem owes everything to Bitcoin, and despite the fact that there are cryptocurrencies and projects with better technology, with better consensus, more efficient... Bitcoin is still the father of all cryptocurrencies.

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