On 22nd May, every year we celebrate bitcoin pizza day 2020. and today is the 10th bitcoin pizza day 2020. Yes, it might sound funny but it’s true. .Bitcoin Pizza day 2020 shows that bitcoin has gained so much. of popularity and it is a huge demand. people have started trusting in cryptocurrencies like bitcoin.
Bitcoin pizza day 2020 shows the growth of bitcoin cryptocurrency. Back in 2010, on the same day, a programmer named Laszlo Hanyecsz bought a pizza for 10,000 BTC, when bitcoin was still a new thing. During that time, the cost of 10k BTC was just $25 but now it costs millions according to several exchange rates
So, the eventual growth of the price of bitcoin from then shows that there is a huge demand for bitcoin and it is something that people have started adopting. The underlying technology behind bitcoin is Blockchain technology. And it is one of the greatest technologies.
Brief History of Bitcoin.
- Its inception was announced back in 2008 by the pseudo-anonymous identity Satoshi Nakamoto who came up with the white paper “Bitcoin: A peer to peer transaction system”
- Later around $500,000 worth bitcoin was transferred which led to several speculations and it is believed that the owner Satoshi Nakamoto has done it.
- In 2009, Bitcoin walled was created which suddenly cashed out.
Timeline of Bitcoin
Bitcoin was not something which exists from a long back time. But several kinds of research happened quite before the bitcoin came into existence.
During the interval from 1982-1997, A researcher or computer scientist David Chaum represented the idea of e-Cash. His research paper was titled “Blind Signatures for untraceable payments”. In his paper, he discussed how cryptography could be used to autonomous transactions, where any third party could not have permission to check payment.
What did Chaum try to mention in his research paper?
According to him, senders and receivers could create a blind signature. Soon, after his paper came, in 1990 a company called Digicash was found in Amsterdam which created digital currency just like bitcoin. Chaum’s writing attracted several venture capitalists and employees. But soon Digicash was bankrupted.
After this during 1998, two great personalities of computer science, Wei Dai and Nick Szabo came up with their ideas. Dai brought the concept of “b-money” that would be cryptocurrency. And it would use the proof of work concept for transferring the money and broadcasting to the network. Whereas Nick Szabo came up with the “bit gold”, An alternative currency which does not require any third party. It would also use proof of work to get the bits of stewing of the new transaction just like Bitcoin’s Blockchain.but none of these researches worked out.
But back in 2008, A white paper was published: “Bitcoin: A Peer to Peer Electronic Cash System”. Also, this white paper had a similar approach, what previous researchers tried to do. In the white paper, he wrote about decentralization, proof of work, digital signatures, hashing of the transaction to form the chain.
2009 was the year when the first-ever block “Genesis block” was mined. It was the first iteration of the bitcoin software. In the first transaction, Satoshi Nakamoto sent 10 BTC to Hal Finney who was a computer Programmer and developer. Soon in the final quarter of 2009, a bitcoin exchange rate was announced $1 for 1309.03 BTC. and the second version of software came.
2010: Founding year of Bitcoin Pizza Day 2020.
So since the exchange rate was formed and someone purchased bitcoins. As mentioned before, Laszlo Hanyecz, Florida based Programmer, bought two pizzas for 10,000 BTC which were around 25$ after conversion. and since then we celebrate bitcoin pizza day 2020.
And when bitcoin began to grow and rose its value from the penny, A first Mining pool was formed. In the mining pool, several miners combine resources to get bitcoin. Soon the Bitcoin market cap was around a million.
Some challenges and vulnerabilities were there which led to a generation of 184 billion BTC. but soon it was fixed and erased.
With steady growth and popularity, one bitcoin value rose to $1 for the first time. And soon it began to gain visibility. Several big media companies published about the bitcoin. Also soon an article was available on Silk road. The silk road was the dark web drug market and due to anonymous transactions bitcoin was used as payment. Soon it rose and the value of BTC was $30. But sooner it crashed and came $10.
2012 was the year when bitcoin gained huge value of around $100, it became one of the world’s most famous digital currencies.
In 2013 the value of bitcoin rose by 10times and it was the time when it was a recognizable and successful cryptocurrency.
Several things happened like Mt. The Gox crypto exchange bankrupted and bitcoin saw several gains and losses.
It was the best year in the timeline of bitcoin. Bitcoin reached its highest value and crossed the $1000 mark. It valued $3000 during 2017. And with such adoption and enthusiasm of people led it to cross $10000 mark and soon in December 2020 it crossed the $19,783 mark. Several companies and people started to chase the trend and the price kept on rising.
What are several applications of Bitcoin?
Bitcoin is use for doing transactions between the sender and reciever. it will be great substitute for the fiat currencies. for using bitcoin one does not need to register for bank or get a bank account. people just need to have a electronic wallet.
Since then many people have started believing in bitcoin. Several cryptocurrencies have come up. Also the technology behind all the cryptocurrencies, THE BLOCKCHAIN has gained huge value and several industrialists, computer scientists are working on bringing blockchain into industries. Hence blockchain technology and cryptocurrencies are FUTURE.
Let’s make this bitcoin pizza day 2020 exciting by getting familiar with the bitcoin pizza day 2020.
Cryptocurrencies like Bitcoin will grow more and it will be a mainstream medium for the transaction. and we will be celebrating more such days like bitcoin pizza day 2020.
HAPPY BITCOIN PIZZA DAY 2020!
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