Just a few days ago, the price of Bitcoin exceeded $70,000 reached an all-time high. Since Satoshi Nakamoto released the Bitcoin white paper in 2008, the development of Bitcoin has gone through 16 years. In the past 16 years, Bitcoin has gone from being believed by no one to slowly being accepted by the public, from being worthless to hitting record highs, which very typically reflects the tortuous and upward development path of a new thing.
There is no doubt that the rise in Bitcoin prices has brought about huge investment/speculation opportunities. Whether they are long-termists, speculators or onlookers, they are inevitably enveloped in a huge FOMO mood, and everyone is keen to discuss the next high point of Bitcoin: $80,000, $100,000, $150,000 Even $200,000... Although the answers given are different, they are surprisingly consistent in their expectations of continuing to rise.
In my opinion, high sentiment helps to help Bitcoin form a broader consensus base. But the more we are in this atmosphere, the more we should withdraw from it, and it is necessary to look back at the birth and development of Bitcoin.
Brief History of Bitcoin Development: Milestone Moment
On October 31, 2008, A person named Satoshi Nakamoto published a paper called "Bitcoin: A Peer-to-Peer Electronic Cash System." In this paper, Satoshi Nakamoto elaborated on the feasibility of electronic currency based on timestamps and proof-of-work.
Of course, many people will ask, why would Satoshi Nakamoto publish such a paper? To answer this question, we have to look back at what happened in the world in 2008.
On September 15, 2008, Lehman Brothers, a large American financial company, went bankrupt, triggering a global financial crisis.
In response to the crisis, the U.S. government launched a large-scale rescue operation for the domestic financial system. The Federal Reserve started the money printing press and adopted a quantitative easing policy to release a large amount of water, seriously damaging the stability of the global financial system. That year, whether in New York, London, Tokyo, or Hong Kong, every financial practitioner felt in danger and worried about whether they would lose their job tomorrow; the Wall Street Journal, Bloomberg, the New York Times, the Financial Times and other globally influential media The forum discusses what to do almost every day; every large-scale event around the world discusses only one theme, and that is how to save the market. In short, that year, global finance was in a whirlwind, and everyone was shrouded in the shadow of economic recession.
The systemic collapse of financial intermediaries and the self-resultation of evil motives, coupled with the inflation and exchange rate instability caused by the over-issuance of currencies by sovereign countries, and even global bailouts Problems such as slow action all reflect the inherent fragility and shortcomings of traditional financial and global monetary systems. It was in this context that Bitcoin came into being.
On January 3, 2009, with the official launch of the Bitcoin system, Satoshi Nakamoto mined the genesis block of Bitcoin (block number 0 ), the Bitcoin network was officially born, and he himself received a reward of 50 Bitcoins. Interestingly, there is a message written in this block: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"
By 2010 On May 22, Laszlo Hanyecz, a programmer living in Florida, suddenly decided to try to use his Bitcoin to buy some real things. In the end, he used 10,000 Bitcoins to buy some real-life things. The coins were exchanged for two pizzas delivered from a local pizzeria in Florida. This is the first time that Bitcoin has exchange value, and May 22 is therefore called "Bitcoin Pizza Day" by crypto enthusiasts.
On November 28, 2012, Bitcoin ushered in its first halving in history. On that day, the price of Bitcoin was approximately US$12 per coin. Six months later, on May 28, 2013, the price of Bitcoin rose to US$130 per coin.
On July 9, 2016, Bitcoin began its second halving in history. On that day, the price of Bitcoin was approximately US$660 per coin. By January 9, 2017, the price of Bitcoin reached US$900 per coin.
On May 11, 2020, Bitcoin experienced the third halving in history. On that day, the price of Bitcoin was almost US$8,600 per coin. Six months later, on November 11, 2020, the price of Bitcoin rose to US$15,700 per coin.
The magic of Bitcoin is not over yet. On June 9, 2021, the El Salvador Congress passed a bill approving Bitcoin as the country’s legal tender. For the first time in history, Bitcoin has been officially accepted by a sovereign country.
On January 21, 2023, Bitcoin developer Casey Rodarmor launched the Ordinals protocol, and inscription opportunities emerged in large numbers. Bitcoin The currency has ushered in a historic moment to create an ecosystem.
On January 10, 2024, the U.S. Securities and Exchange Commission (SEC) approved 11 Bitcoin spot ETFs, which means retail and institutional investment in the financial market Anyone can purchase Bitcoin to enrich their diversified investment portfolio, thus becoming an epoch-making milestone in the history of Bitcoin.
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