Topic: History of Cryptocurrency (Read 379 times)

The history of cryptocurrency is a fascinating journey, beginning with Bitcoin's creation in 2009. Its whitepaper, 'A Peer-to-Peer Electronic Cash System,' outlined the concept of decentralized currency on the blockchain. Bitcoin's first use occurred in 2010 when 10,000 BTC were exchanged for two pizzas. Ethereum, introduced in 2013 and launched in 2015, marked the rise of alternative cryptocurrencies or 'altcoins,' with Litecoin leading in 2011.

The first exchange, Mt. Gox, initiated Bitcoin transactions but faced security concerns and hacking issues. The introduction of Initial Coin Offerings (ICOs) as a funding method accelerated the creation of new altcoins. 2020 witnessed the surge of decentralized finance (DeFi), reshaping traditional finance through blockchain.

Additionally, the emergence of non-fungible tokens (NFTs) has gained prominence. Central banks are exploring the development of their own digital currencies. Cryptocurrency's evolution continues, driven by technological advancements and a growing user base.

There are still many riddles in cryptoworld... First, we still don't know the mastermind behind the whole cryptocurrency hustle. There are many companies which are interested in fintech technologies, so if we take a look at the timeline, we can propose that BTC and other cryptoprojects are testnets, in which novel digital finance technologies are being tested in global scale. The best tech solutions are then adopted by banks and other financial companies.

This is one of the mistakes new members make. How can they learn when they think that they know more and they keep on teaching? It is not possible now. He has just totally discredited himself.
Op, it is better to do more research than trying to teach people who know more than you, you can't learn if you are thinking that you know it all so I believe that now you have seen your error, if those corrections that was given to you by other user's, you should learn then so that you will not make the same mistake again.

Op your historical analysis of bitcoin has a lot of mistakes and others have pointed out many errors for you and I will like to dwell on the creation date you mentioned. Bitcoin was created or invented in 2008 and was launched in 2009 and it was created to bypass the corrupt system of the Banking system so the bitcoin network use per to per system. Op if you what to know the history of bitcoin make research and ask questions so that you will know more. I know if you really here to learn, from the replies you have gotten here, you will learn more. Just feel free to navigate the forum to learn.

You are just making posts that are not unique. I am not trying to disrespect you or discourage you but topics like these are of lesser use. Because there have been many topics related to this context have already been made and they contain a hell lot of information. You only covered a few incidents but those topics are like bigger ones. I hope many members must have shared any of those but still, I will share the topic links here so you can read them and get more idea about what I really am saying.

161 History of Bitcoin 2007-2014
The most iconic bitcointalk threads. History on Bitcointalk.

Before reading the replies I was going to thank OP for this short summary of the history of crypto because I thought I could share it with my partner who was asking about random information about crypto as she is relatively new in this scene/system, however, based on the replies I spent time fact-checking the post and found some false information on OP's post. Clearly some may think that it is not a big deal but spreading false information can still have bad effects no matter how big or small it is plus since you are already posting someone it is still better to make sure that you are 100% sure that you are posting something that is backed up by reliable sources. It wouldn't afterall take much to double check things.

Looks like your thread is made for merit. If you're going to make a thread about cryptocurrency history then do it with proper research.

Here is the brief summary thread^[1] of bitcoin history at least until late 2019.

It's Namecoin actually and not Litecoin. Although, they are created the same year but Namecoin was made months before the other alts including LTC.

[1] https://bitcointalksearch.org/topic/the-bitcoin-origins-explore-bitcoin-history-and-secrets-5187275

It's hard to believe that Litecoin is the first altcoin and is still surviving to this day, and was made on a similar logic as compared to Bitcoin. It follows the Halvings as Bitcoin and also reduces the supply. The definition of Cryptocurrency has changed a lot in these years and what I have realized is that it's hard to consider Bitcoin as a Cryptocurrency as It's way more different that the Crypto projects launching these days. Way different.

I might take your comment as a rough draft for "An Overly Simplified History of Crypto," a short tale. With more technique and, dare I say, depth? Not to be hyperbolic, but I'd be on a private island if I got a Bitcoin for every time someone mentioned the legendary pizza buy. We missed so many opportunities! While we're recalling the past, why not discuss the Silk Road? Or the endless crypto vs. fakery debates? We're not doing that. We're focused on the best parts, and who can resist Ethereum's quick appearance after Bitcoin? Not like its history or technology is interesting. Even though it was off, the summary was interesting.

I really wish people would try to get over the headlines and do a little more research about this, so we don't end up with myths like these ones:


This is false, and one should really ask themselves, why did Lazlo say 10,000 BTC?
That's because the first actual transaction that involved a value in USD, not the test from Satoshi to Hal happened on Oct 12, 2009 when Sirius sold 5,050 BTC for $5.02.

No again, it was Bitcoinmarket.

Seriously OP, lock this topic, it will only help spreading misinformation!!!!

Ethereum is a first project used DAO (The Decentralized Autonomous Organization) and created a lot of noise as well as excitement and expectation among investors. Unfortunately, Ethereum the DAO was hacked.

History of Ethereum blockchain.
How The DAO Hack Changed Ethereum and Crypto
Decentralized Autonomous Organization

Honestly, I don't understand why the op couldn't just fact-check the stuff before posting. So many mistakes there about the first things... It almost looks like something AI would hallucinate due to a lack of knowledge. The first 4 points were corrected by tbct_mt2, and I want to add a point about ICOs. First of all, all previous points mention the first something, but not this one. Secondly, ICOs are counterposed by the op to Bitcoin and Ethereum, but Ethereum was launched through an ICO!
As for the first ICO, Wikipedia says it was Mastercoin.

Bitcoin's blockchain was first released in 2009 and Bitcoin's popularity gradually increased. We know Bitcoin Pizza Day is held every year, and it is the biggest event for a Bitcoin. Where a person buys a pizza with 10k BTC bought by bitcoin, at that time the value of bitcoin was very low. Due to which, Bitcoin has gradually become so popular, and it is now possible to buy many luxury goods in the world with Bitcoin. And seeing this change in Bitcoin, we all have Bitcoin in our hearts and it is our trusted currency. Currently, Bitcoin is used in almost all countries of the world, many countries have officially sanctioned it and many are illegal, but even there Bitcoin transactions are hidden. So if we look at Bitcoin's past, we will definitely see how much Bitcoin has changed and if we do research, we will definitely understand how much Bitcoin's price and position will change in the future.

This thread is not deep enough to be considered as a history related thread, infact I don't see the need of it, there is the internet where anyone can look up the history of Bitcoin and read and also good threads about Bitcoin already exist on the forum some are pinned.
 And op I noticed some errors on your post which signifies that you also need to do some learning yourself before making this type of post.

You can learn extensively alot about Bitcoin history from this thread.
https://bitcointalksearch.org/topic/m.61818276

You spend your energy on this information, gather it, and then post it here but the information you post here is wrong not all the information but some points. Many members mention that information in their replies but one I noticed is not only one I mentioned to you that the first transaction took place on 10 May 2010, but it is also wrong the right one is January 12, 2009. I don't know whether you gathered this information, Is that website authentic or not? Please do some good research on it again and then correct it, Spreading wrong information is not good for your account so do it hurry.

OP, you would have made some changes or editing of your text or carryout more research. The first sentences are not well thought out, the syntax or word arrangement doesn't lead to a meaningful  paragraph. I hope you'll read from the examples presented by members here, then make corrections. The pizza day is well celebrated by bitcoiners, but its not the first transaction to happen in the bitcoin network. It's bad that your emphasis about the history of bitcoin is all wrong and not encouraging to be read by a newbie. However the comments here corrects the misleading aspect of your thread.

Where did you find this information? To many inaccurate information posted so I will not get surprised that many forum users debunk the words you posted so maybe best to research more deeply about history so that next time when you post some information it will be interesting for us to read. The one you bring up here are generic and false information so expect that people will dislike it, if you want to earn merit bring informative post and not something like this since most likely many will just ignore this thread.

The source that you relied on contains false information, and it is not surprising that the history of Bitcoin is being made now, but some clear things, such as first exchange or altcoinare from history that can be easly review authenticity, and you will find that namecoin is the first alcoin, not litcoin, and mtgox is not first exchange despite it's fame.
Search using bitcointalk in google will give you better cryptocurrency history

This is what happens to people who are misinformed by others or not doing enough research. That is not the first transaction in BTC Network but it indeed help the growth of BTC as there's no other transactions like that at the time. Well, everything that is mentioned do exist but it is not what your information said it to be. I wonder where you get all those information and then share it here. If you search here in the forum then you'll know that the information you provide is not accurate or true.

Laszlos pizza-deal wasn't the first transaction.
LTC wasn't the first altcoin.
MtGox wasn't the first exchange.

Seems to me like some made up history.
Where did you do your research?

Except for the BTC, nothing was surprising at all, Every category and market development in the Crypto space caused many issues and crises except for the BTC even though I think BTC suffered most of the time due to the other aspects of the market and for now the suffering is due to the NFT's as we are getting meme pool filled up with these shit Ordinals of no use. On the name of the digital ART, it's really damaging the Bitcoin network. Anyway, narratives keep changing with time less wait and watch.


A new story lets see.. For now, I just looked over what is it.. My pre-reading reaction is haha Buddy chooses heavy words as compared to the actual reality of it.

There is recent news about the development of Bitcoin in EL Salvador.
Currently, it is not only in the payment sector that is legalized, but Bitcoin will be applied to El Salvador's education curriculum.

"El Salvador's Ministry of Education and the non-governmental non-profit organization Mi Primer Bitcoin (MPB), which means "My First Bitcoin," have reportedly entered into a partnership to add Bitcoin BTC education to the public school curriculum by 2024"

Training for the pilot test of the program will begin on September 7, which means it started yesterday.
With help from Bitcoin Beach, the Bitcoin diploma program will be taught to 150 public school teachers from 75 schools to give them "Basic Knowledge" of Bitcoin.

The program will be very beneficial for students to be more aware of how Bitcoin works and they have a foundation of Bitcoin before using it.

Source: https://cointelegraph.com/news/el-salvador-to-introduce-bitcoin-education-in-schools-by-2024

I'd like to add a few points that, in my opinion, are noteworthy in Bitcoin's history.

Bitcoin's First Halving (2012)
This marked a significant cycle that had a profound impact on the Bitcoin network, as it reduced the block reward by 50%. During the first halving in November 2012, the block reward for BTC was halved from 50 BTC to 25 BTC. However, during this first halving, the price of Bitcoin didn't experience significant changes until, eventually, at the end of 2017, its price underwent a drastic shift. It was a truly surprising moment.

El Salvador's Adoption of Bitcoin (2021)
An astonishing international development occurred when El Salvador announced its decision to legalize Bitcoin as an official currency. This decision stood in stark contrast to several major countries that were implementing restrictions or even outright bans.

This seems to be a trivia thread and with everything that's first, don't forget about the very first Bitcoin faucet[1] made by Gavin and it was posted here and a lot of Bitcoins were given during that time.

But, of course it wasn't priced that much so giving them was easy and those who have kept it and sold on a higher price were the winners. And look at that thread, the bitcoin pizza, laszlo was the first in the comments and also our hero, satoshi.  

[1] Get 5 free bitcoins from freebitcoins.appspot.com

We can also make an addition of the first bitcoin transaction made by Satoshi Nakamoto to Hal Finney, this together with the history of bitcoin pizza remain unforgettable in the history of bitcoin in cryptocurrency.


They are no where to be found today, there are many accusations base on the account of scam on them which they took part, people now hold their coins on a non custodial wallet and avoid the use of a  custodial means to store their bitcoin.


This does not include in the bitcoin network, but we have them on other cryptocurrencies.


We also needs to be informed that they exist in altcoins but the rate of their scam is far bigger than the advantage and benefits they served us, because scam rate in them are high.

First bitcoin on its public ledger and transaction history, is it what you want to write about. Because the transaction of 10,000 BTC  for 2 pizzas happened a long time after the Bitcoin genesis block.

Pizza for bitcoins?
That trade was done with this transaction https://blockchair.com/bitcoin/transaction/a1075db55d416d3ca199f55b6084e2115b9345e16c5cf302fc80e9d5fbf5d48d at the block #57,043, the block #0 or #1.

The history of Cryptocurrency is a journey that started with the creation of Bitcoin(BTC) which is most well-known digital coin Basically the idea of creating a digital currency was explored by computer scientists and a cryptographic hey introduced the concept of digital money in 1980.

First Bitcoin:
The most well-known currency(BTC) was created in 2009 known as the famous Bitcoin Pizza Day witnessed by the first Bitcoin. The whitepaper “A Peer to Peer Electronic Cash System”  laid out the blueprint for a decentralized currency system that reeled on blockchain on January 3, 2009.

First use of BTC:
First-time Bitcoin(BTC) is used by Small community and tech enthusiasts. The first transection is took place on 10 May 2010 when the programmer paid 10000 BTC in the exchange of 2 pizzas. After BTC the second most popular cryptocurrency appear known as Ethereum was proposed by the programmer in 2013 and launched in 2015.

Altcoins:
The success of Bitcoin created a new way for the creation of other alternative currencies which are known as altcoins in these days the altcoin Litecoin (LTC) launched in 2011 was the first altcoin in the crypto.

First Exchange:
Mt. Gox was the first exchange where Bitcoin’s selling and purchasing started but the Mt. Gox exchange gated hack and caused a lot of BTC loss and raised concerns about the security of the exchange.

Initial coins (ICO’S):
The concept of an initial coin offering is as a funding method it is use to sell new cryptocurrency in the exchange of the already established currency like BTC or ETH that method boosts the creation of new altcoins.

Defi and Nft’s:
2020 is the rising year of decentralized finance which creates the traditional finance by using Blockchain technology
Many central banks are developing their own central digital currency. Cryptocurrency continually enveloping the new technology advancement cause of the new users and the developing technology