The news article discusses seven wild moments in the history of Bitcoin, from its mysterious creation by Satoshi Nakamoto to its current status as a $2 trillion cryptocurrency industry. The first recorded transaction using Bitcoin was the purchase of pizza, and it has become legal tender in El Salvador. Additionally, Bitcoin mining has been booming in Kazakhstan, but also experienced a bust.
1. The Mysterious Creator of Bitcoin
Despite its enormous profile, no-one actually knows for sure who invented Bitcoin. The idea for it was posted on internet forums in 2008 by someone calling themselves Satoshi Nakamoto. They explained how a peer-to-peer digital cash system could work to enable people to send virtual coins over the internet, just as easily as sending an email.
2. Making History with Pizza
Bitcoin now underpins a two trillion-dollar cryptocurrency industry – but the first recorded transaction using it was the purchase of pizza. On 22 May 2010, Lazlo Hanyecz, offered $41 worth of Bitcoin on a crypto forum in return for two pizzas.
3. Becoming Legal Tender
In September 2021, President Nayib Bukele of El Salvador made Bitcoin legal tender. Hairdressers, supermarkets and other shops had to accept Bitcoin by law, alongside its main currency, the US dollar.
4. Kazakhstan’s Crypto Boom and Bust
In 2021, Kazakhstan became a hotspot for Bitcoin mining – the process of crunching through the complex calculations that underpin crypto transactions. These days it takes warehouses full of the latest computers running all day and all night, but the reward is brand new bitcoins for those companies that take part.
5. Bitcoins in the Rubbish Dump
Imagine having a crypto wallet worth more than $100m (£78m) – and then accidentally throwing away a hard drive containing the login details. That’s what James Howells, from south Wales, says happened to him.
6. Donald Trump’s Bitcoin Boost
Donald Trump’s victory in the US presidential election has helped push the price of Bitcoin to a series of record highs. Backers of the digital currency are celebrating, and wondering how much more valuable it could become – with some suggesting it could reach $100,000 per coin.
7. Investment Bank Boom
Despite all the turmoil, Bitcoin continues to attract attention from investors and big companies. In fact, in January 2024, some of the biggest financial firms in the world added Bitcoin to their official asset lists as Spot Bitcoin ETFs.
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