to avoid too much technical jargon..
bitcoin 2009 was a simple payment system
from A to B
where the keys to sign permission of A were just lengthy numbers(private key)
and where the "addresses"(public key) of A and B were basic lengths of what looked like random characters not east to vocally speak out loud or right down
since then: new features have evolved
use of QR codes made it easy to read/copy addresses without had writing.typing it out manually
things like deriving the private key in multiple ways. such as word phrase libraries. making it easier to write down the key by just writing down 12 words..
also those keys can have a nonce(number/salt) added where by 12 words creates a master key which then allows 1000 keypairs generated from that one master key
meaning you can control 1000 addresses from one key
also
where addresses can be a combined address of multiple keys allowing multiple owners to co-sign for funds (multisig)
just those things alone allow for people to set up "family trusts" "escrows" "joint accounts" "off shore banking" (sorry for abusing fiat banking terms, but its for easy description not for categorisation specifically/technically)
where funds can be, not only linked via one persons signature.. but also if using multisig can be were X chosen people can co-operate and combine their keys to produce a combined address, and all have ability to co-sign funds. and where it does not need lawyers/bank managers to set up these processes, people can be their own bank
people can have 1000's of addresses each managed by one master key to send/receive funds or can have a dozen people involved in managing one address
......
other evolutions are
when it was CPU mining the costs of a block were pennies
this evolved to GPU mining meaning the difficulty competition of mining increased meaning the cost increased,
then pooling(syndicate) the work load to increase the competition thus the cost to solve
this helped raise the base value to which the market price discrovery premeum above value then pushed the market price up for those that didnt want to work for coin but just wanted to buy it
then asics came along and evolved in the competition cost thus further helped push up the base value which pushed up minimal levels of market prices
(along with the block reward halvings)
other features evolved such as locking value up for lengths of time
this allowed people to secure funds from for instance their teenage kids getting inheritance early.. or whereby using that locked value. it can be used to then produce sub networks that use that reference to create sub tokens that can be used elsewhere on other networks
politically bitcoin change in its definition legally
2009-2014 it was digital property
2014-2016 it was digital currency
2017-2021 it was digital asset
2022-20++ it was digital commodity
which changed things from not being regulated to being regulated at the businesses/services edges, to now political regulators trying to decide where their jurisdictions cross over and begin or end
bitcoin 2011 changed from a payment system of just half a dozen businesses
alpaca socks, bitcoin cupcakes, 1 exchange. faucets
bitcoin 2023 has MILLIONS of businesses and services using it/involved in it
there is alot more that has happened but thats just some highlights
Whoa, what a ride it's been for Bitcoin since its launch in 2009! It all started as a simple payment system that was just A to B transactions. The private keys were just lengthy numbers and the public addresses were random characters that were tough to read or write down. But over time, new features have evolved that have made it so much more than just a payment system.
For starters, the use of QR codes made it easy to read and copy addresses without manually typing them out. And the way private keys are generated has also become easier, with word phrase libraries and the ability to derive the private key from just 12 words. And with multisig, multiple people can co-sign for funds, allowing for things like family trusts, escrows, joint accounts, and even their own form of off-shore banking.
Another big change has been the evolution of mining. It started with CPU mining, which was cheap, then GPU mining made it more competitive and costly, and then pooling and ASICs further increased the competition and cost. These changes helped to raise the base value and push up market prices.
Bitcoin has also evolved politically, starting out as just digital property, then becoming a digital currency, then a digital asset, and now a digital commodity. This has resulted in regulations changing from being at the business and service level to political regulators trying to figure out where their jurisdiction starts and ends.
Finally, the adoption of Bitcoin has skyrocketed since its early days. In 2011, it was just a handful of businesses using it, but now in 2023, millions of businesses and services are involved. It's amazing to see how much has changed in just a few short years.
