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Source: CoinTelegraph; Compiled by Deng Tong, Bitchain Vision
This article discusses2009 to 2012The key year focused on the global context and challenges of the mysterious pseudonym Satoshi Nakamoto when it emerged.The series begins with the creation of the Bitcoin protocol and outlines other important milestones in the early stages of the digital currency space and the emergence of altcoins.
This period lays the foundational stage for innovation and diversity, which will become a feature of the future of the cryptocurrency ecosystem.
1. Satoshi Nakamoto and the Global Financial Crisis
The cryptocurrency known today first appeared on October 31, 2008, Satoshi Nakamoto, the anonymous creator of Bitcoin, sent an email to the crypto-punk mailing list containing a white paper titled “Bitcoin: A peer-to-peer electronic cash system” in which members discuss cryptography and privacy enhancement technologies: A tool for social and political change.
then,The world is at the height of the global financial crisis from 2007 to 2008, one of the worst global economic crises in recent decades.The incident was blamed on the excessive risk-taking of international financial institutions, the accumulation of toxic assets within banks and the bursting of the U.S. real estate bubble.
In September, the crisis reached its peak.On December 15, 2008, Lehman Brothers filed for bankruptcy.This ultimately led to a crisis in the national economy around the world, the so-called “Great Recession”.
2. The emergence of Bitcoin
On October 31, 2008, Satoshi Nakamoto sent an email to the mailing list of crypto punk and wrote an article about the electronic cash system that would be “completely peer-to-peer, without trusted third parties”and shared the Bitcoin white paper.
The paper combines existing cryptographic concepts with distributed ledger technology and introduces a decentralized system independent of central institutions.At the time, the winners may not have known that the project would pave the way for the entire cryptocurrency industry to peak in 2021 — worth $3 trillion.
Cryptocurrency Market Value, Source: CoinMarketCap
On January 3, 2009, the Bitcoin blockchain was launched, when Satoshi Nakamoto mined the Genesis block and embedded a message: “On January 3, 2009, the Times Chancellor of the Exchequer will make a second time on the bank.Rescue. ” This message quoted a similar title published by the Times on the same day.Many interpret this information as a comment on the instability brought about by traditional finance.
A few days later, Satoshi Nakamoto sent an email announcing the launch of the first version of Bitcoin.On January 9, 2009, the anonymous Bitcoin creator explained the basics of Bitcoin, including how to mine and send Bitcoin.Satoshi Nakamoto also explained the total supply of Bitcoin and talked about what later became known as the Bitcoin halving.
On January 12, 2009, the world’s first Bitcoin transaction occurred, and Satoshi Nakamoto sent 10 Bitcoins to American programmer Hal Finney.Finney is a frequent visitor on the crypto-punk mailing list and one of the earliest adopters of Bitcoin.
3. Bitcoin reaches $1 on Mt. Gox
Fast forward to 2010, events like the iconic Bitcoin Pizza Day and the now-defunct establishment of Mt. Gox took place.On May 22, 2010, programmer Laszlo Hanyecz bid 10,000 bitcoin to buy two large pizzas on BitcoinTalk online forum.Jeremy Sturdivant accepted Hanyecz’s proposal and delivered a meal in exchange for bitcoin.This marks the first real-world transaction of Bitcoin.
On July 17, 2010, the Mt. Gox Exchange was established.Programmer Jed McCaleb announced the creation of the exchange on the BitcoinTalk forum.The exchange provides users with a platform for trading Bitcoins.Paving the way for future exchanges.
In 2011, Bitcoin suffered huge losses while making huge gains.On February 9, 2011, Bitcoin’s price at Mt. Gox exceeded $1 for the first time, confirming the value of Bitcoin as a new type of financial asset.However, a few months later, Satoshi Nakamoto sent out his last verified correspondence.
4. Satoshi Nakamoto fades out of his sight and altcoins appear
On April 26, 2011, Satoshi Nakamoto had an email exchange with Gavin Andresen, Gavin Andresen, a key figure in the early Bitcoin community, took over the development of Bitcoin in December 2010.In this email,Satoshi Nakamoto expressed his desire to move to other projects and no longer directly participate in Bitcoin development.This marksThe end of Satoshi Nakamoto’s known interaction with the Bitcoin community.
One of the most important developments after Satoshi Nakamoto left was the emergence of altcoins.On October 7, 2011, Charlie Lee released Litecoin through an open source client on the developer platform GitHub.The network itself went live on October 13.
2012There are two critical moments:The launch of cryptocurrency exchange Coinbase, and the issuance of XRP.
While community members at the time may not be obvious, events that occurred early in life affected the wider adoption of the technology.From the creation of Bitcoin to the departure of Satoshi Nakamoto, these events will be recorded in history as the cornerstone of paving the way for new asset classes.
Stay tuned for the next article in the Tracking Cryptocurrency History series, which explores the expansion of Bitcoin and the early development of Ethereum.
