The Creation of Bitcoin: A Breakthrough Moment

2008: The pseudonymous figure Satoshi Nakamoto (whose true identity remains unknown) published the Bitcoin whitepaper titled “Bitcoin: A Peer-to-Peer Electronic Cash System.” Nakamoto’s vision was to create a decentralized digital currency that allowed for peer-to-peer transactions without the need for a trusted intermediary like a bank.
2009: Nakamoto released the first version of the Bitcoin software and mined the first block, known as the genesis block, of the Bitcoin blockchain. The reward for mining the genesis block was 50 BTC, and Nakamoto embedded a message in the coin’s code referencing a headline from The Times newspaper: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” This was seen as a critique of the financial system following the 2008 financial crisis.

In the first few years, Bitcoin was largely a niche technology, with miners and users operating in a small community. Early Bitcoin transactions were low-profile, with early adopters using Bitcoin to pay for minor goods or services.
2010: The first known real-world transaction using Bitcoin occurred when Laszlo Hanyecz paid 10,000 BTC for two pizzas. At the time, this was worth around $25, but today would be worth hundreds of millions of dollars.

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