At the end of the Previous Decade, a new kind of cryptocurrency was in the works by an unknown individual or a group of individuals who were known by the name Satoshi Nakamoto. The earliest traces of its existence can be traced as early as August of 2008 when a new domain – “Bitcoin.org was formally created. This was followed merely days later at the end of the month by a paper authored by the same “creators of Bitcoin” titled Bitcoin: A Peer-to-Peer Electronic Cash System. The paper was followed by Btc, being made “Open source” which means the source code for this was available freely and openly for those who wanted to use it.
The root for blockchain! The start of online trading!
On 3rd of January of the following year, the creators mined the first chain, called the “genesis block” and later opened the community up for transactions. The first recorded transaction made via Bitcoin was by an individual called Hal Finney who downloaded the software and later received 10 units of this bizarre new currency.
Due to its ever increasing popularity and peaking interests by all parties involved, the currency soon found middlemen acting as agents to help regulate the flow of the currency, a famous example being Mt. Gox, which was later banned by US agencies for not being a registered money transmitter. This incident and a few notable ones of the same natures fluctuated the price of the currency globally.