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  • Writer's pictureScott Spanier

3. The First Blockchain

Updated: Jul 5, 2021

Bitcoin. As mentioned previously, Bitcoin is a cryptocurrency that is widely known; this is because it was the first ever created. Satoshi Nakamoto was the creator of the technology, although there is no evidence as to whether this is a single person or a group of people. There are theories, none of which are confirmed.

 

When Bitcoin was created, it had minimal value because there was minimal demand. Thousands of bitcoin were used years after it was created to purchase 2 boxes of pizza. Miners who believed in this technology could quite easily solve the cryptographic puzzle and were rewarded 50 bitcoin every time they mined a block. Roughly every four years since 2008, when it was created, the reward has been halved (currently 6.25 bitcoin).


As more people became aware of the potential for a digital currency, there were more people that wanted to purchase Bitcoin. Demand slowly rose until it spiked in 2016 before dropping just as quickly. Again, this spike was seen in late 2020 before dropping. It is important to note that after each spike, the level which at which the value dropped to has been well above the value before each respective spike.


Ever since Bitcoin was created, there have been numerous attempts to recreate it and numerous more to improve it. Some have been successful while most others have not. Read more on the multiverse of cryptos.

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