Hi there am neotrader. So price action has been wild for the last couple of months.Alot of fortunes have been made and lost.I first got in bitcoin@ 13k rode it to 64k.Then lost most of my investment as it dumped to 29k.If you are like me then you have had a painful year.Grab a drink or a puff and drown the pain.But in all failures comes lessons for success.I have decided to break down bitcoin for its history may be the key to unlimited profits.
Satoshi nakamoto identity is something you will encounter when you dive in the crypto market. There will be multiple people or organizations who will take credit to being Satoshi. But always remember with over a million Bitcoins still sitting in satoshis personal wallets. making him one of the richest men to date.This incentive alone would even make me reappear.
Bitcoin kicked off on January 3, 2009 with the mining of the genesis block , which created 50 Bitcoins. On January 9, Version 0.1 of Bitcoin was officially released, including the generation system that limits the blockchain to the creation of 21 million Bitcoins by 2040
The first ever BTC/USD exchange rate is launched by pro-Crypto website New Liberty Standard. The site sets the rate of one Bitcoin at $0.0007 on October 5, 2009.It was the first source to price Bitcoins based on the electricity cost it took to mine them, and it was the first to offer a daily price.In case you’re interested, during 2009 the exchange rate was calculated by dividing $1 by the average amount of electricity required to run a computer with high CPU for a year (1331.5 kW), multiplied by the the average residential cost of electricity in the U.S. for the previous year, ($0.1136), divided by 12 months, divided by the number of Bitcoins generated by the site owner’s computer over the past 30 days.
On august 8,2010. There was a security breach,Somehow 92 billion Bitcoins were created out of thin air.The massive influx came as a bit of a shock. Bitcoin developer Jeff Garzik first raised the issue on the Bitcointalk.com forum, mildly pointing out that: “The "value out" in this block #74638 is quite strange.” Amazingly however, they managed to fix it within just five hours - by resetting the blockchain to the last point before the bad transaction, and voiding everything that had been created since. It was a quick fix, but it worked.
On November 6, the total market cap of Bitcoin tops $1 million for the first time ever. It was calculated by multiplying the total number of Bitcoins in circulation with the price of the last trade of the day
On april 6,2011 Bitcoin magnate Jerry Brito debuts Bitcoin into mainstream media with an article for Time on the impact the cryptocurrency could have on governments. Basically, by removing the need for a third-party intermediary, Bitcoin allows people to spend their money where they want, without government oversight or approval. In the wake of the Wikileaks scandal (when the US Government allegedly pressured payment providers such as PayPal to freeze funding to the site) this ideological freedom was becoming increasingly important. By November, Wired magazine declared the currency as fallen, writing an article titled the “Rise and Fall of Bitcoin”.
After rallying from $1 in February to highs of $31 on June 8, the bubble bursts and prices tumble back down to single digits by June 12.The sudden climb gave crypto fans huge hope in the currency, with some expecting the price to reach highs of $1,000 and enter mainstream usage by the end of 2011. The crash brought as much despair as the climb had given hope. The shock value of bitcoin more on this later.
Bitcoin undergoes its first halving – when the reward for mining new blocks is slashed by 50% in order to cut the supply of new coins and control inflation.Halvings are supposed to happen once every 210,000 blocks (about every four years) up to a maximum of 21 million Bitcoins and a reward of $0 – expected to happen around 2140. When demand is high, halvings can push the price up, although market reaction can be tough to predict. This first one was super successful though, cutting the mining reward from 50 Bitcoins to 25.It kickstarted a massive run on demand which boosted the price from $12.07 on November 27, 2012 to over $1,012 a year later – a return of more than 8,000%.
When Bitcoin 0.8.0 was released, people found that it wasn't compatible with the others – like when you had to upgrade your Windows PC and none of the old software would work afterwards. Version 8 basically allowed for larger block sizes than the older versions could deal with, and with only half the networks using the upgrade, there was a worry that two versions of the Bitcoin ledger would merge. Luckily, the community was on the ball and sounded the alarm, which led to a hard fork back to the last version.By downgrading most of the network back to an earlier software version they managed to get the whole thing back up and running within less than six hours.
April 11,2013 Bitcoin drops over 70% in two days as a panic sell-off ensues.
Satoshi nakamoto identity is something you will encounter when you dive in the crypto market. There will be multiple people or organizations who will take credit to being Satoshi. But always remember with over a million Bitcoins still sitting in satoshis personal wallets. making him one of the richest men to date.This incentive alone would even make me reappear.
Bitcoin kicked off on January 3, 2009 with the mining of the genesis block , which created 50 Bitcoins. On January 9, Version 0.1 of Bitcoin was officially released, including the generation system that limits the blockchain to the creation of 21 million Bitcoins by 2040
The first ever BTC/USD exchange rate is launched by pro-Crypto website New Liberty Standard. The site sets the rate of one Bitcoin at $0.0007 on October 5, 2009.It was the first source to price Bitcoins based on the electricity cost it took to mine them, and it was the first to offer a daily price.In case you’re interested, during 2009 the exchange rate was calculated by dividing $1 by the average amount of electricity required to run a computer with high CPU for a year (1331.5 kW), multiplied by the the average residential cost of electricity in the U.S. for the previous year, ($0.1136), divided by 12 months, divided by the number of Bitcoins generated by the site owner’s computer over the past 30 days.
On august 8,2010. There was a security breach,Somehow 92 billion Bitcoins were created out of thin air.The massive influx came as a bit of a shock. Bitcoin developer Jeff Garzik first raised the issue on the Bitcointalk.com forum, mildly pointing out that: “The "value out" in this block #74638 is quite strange.” Amazingly however, they managed to fix it within just five hours - by resetting the blockchain to the last point before the bad transaction, and voiding everything that had been created since. It was a quick fix, but it worked.
On November 6, the total market cap of Bitcoin tops $1 million for the first time ever. It was calculated by multiplying the total number of Bitcoins in circulation with the price of the last trade of the day
On april 6,2011 Bitcoin magnate Jerry Brito debuts Bitcoin into mainstream media with an article for Time on the impact the cryptocurrency could have on governments. Basically, by removing the need for a third-party intermediary, Bitcoin allows people to spend their money where they want, without government oversight or approval. In the wake of the Wikileaks scandal (when the US Government allegedly pressured payment providers such as PayPal to freeze funding to the site) this ideological freedom was becoming increasingly important. By November, Wired magazine declared the currency as fallen, writing an article titled the “Rise and Fall of Bitcoin”.
After rallying from $1 in February to highs of $31 on June 8, the bubble bursts and prices tumble back down to single digits by June 12.The sudden climb gave crypto fans huge hope in the currency, with some expecting the price to reach highs of $1,000 and enter mainstream usage by the end of 2011. The crash brought as much despair as the climb had given hope. The shock value of bitcoin more on this later.
Bitcoin undergoes its first halving – when the reward for mining new blocks is slashed by 50% in order to cut the supply of new coins and control inflation.Halvings are supposed to happen once every 210,000 blocks (about every four years) up to a maximum of 21 million Bitcoins and a reward of $0 – expected to happen around 2140. When demand is high, halvings can push the price up, although market reaction can be tough to predict. This first one was super successful though, cutting the mining reward from 50 Bitcoins to 25.It kickstarted a massive run on demand which boosted the price from $12.07 on November 27, 2012 to over $1,012 a year later – a return of more than 8,000%.
When Bitcoin 0.8.0 was released, people found that it wasn't compatible with the others – like when you had to upgrade your Windows PC and none of the old software would work afterwards. Version 8 basically allowed for larger block sizes than the older versions could deal with, and with only half the networks using the upgrade, there was a worry that two versions of the Bitcoin ledger would merge. Luckily, the community was on the ball and sounded the alarm, which led to a hard fork back to the last version.By downgrading most of the network back to an earlier software version they managed to get the whole thing back up and running within less than six hours.
April 11,2013 Bitcoin drops over 70% in two days as a panic sell-off ensues.