Bitcoin (BTC) was publicly launched on January 3, 2009, with the Genesis Block. However, it wasn’t until January 12 of the same year that Satoshi Nakamoto made the first Bitcoin transaction—and the first in cryptocurrency history—by sending 10 BTC to cryptographer Hal Finney.
Since then, the first cryptocurrency has evolved from an innovative concept among tech geeks to a global phenomenon that has revolutionized the economy and introduced terms like decentralization and governance into everyday conversations. But how has Bitcoin changed in these 16 years?
In this article, we’ll take a quick journey through Bitcoin’s fascinating evolution, from its first transaction to its establishment as a recognized asset.
Genesis Block: The Birth of Bitcoin
On January 3, 2009, the Bitcoin blockchain officially made its debut when Satoshi Nakamoto, the still-enigmatic creator of Bitcoin (BTC), mined the first block of the blockchain. This milestone is known as the “genesis block” or block 0.
Unlike subsequent blocks mined on the BTC blockchain, the genesis block was coded by Satoshi Nakamoto directly into Bitcoin’s source code and did not grant any spendable reward.
Additionally, Satoshi Nakamoto included an excerpt from The Times newspaper within the block’s data:
“The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”
This text not only serves as a timestamp proving when the transaction was created and added to the blockchain, but it also delivers a clear critique of the traditional financial system, where the value of fiat money relies solely on state assurances. Bitcoin’s goal, by contrast, was to decentralize money.
The First Bitcoin Transaction (BTC)
Just days after the genesis block was added to Bitcoin’s blockchain, on January 12, 2009, Satoshi Nakamoto made the first Bitcoin transaction in history by sending 10 BTC to Hal Finney, a renowned developer and cryptographer. This event also gave rise to a famous tweet in the crypto community, posted by Hal the day before:
Running bitcoin
— halfin (@halfin) January 11, 2009
Bitcoin Pizza Day: The First Purchase with BTC
Bitcoin had to wait over a year for its first commercial transaction, which involved buying something as mundane as two pizzas.
Specifically, on May 22, 2010, a programmer named Laszlo Hanyecz purchased two pizzas for 10,000 BTC, which today would be worth nearly €1 billion, making them the most expensive pizzas in history at €500 million each.
This event, known as “Bitcoin Pizza Day,” symbolizes the first time Bitcoin was used as a medium of exchange in the real world.
Bitcoin’s Price History: From Cents to Tens of Thousands of Euros
Many cryptocurrency enthusiasts claim that the true value of BTC lies not in its price in dollars or euros, but in the technology that underpins it—in this case, the blockchain.
While Satoshi Nakamoto would likely agree with this statement, the reality is that Bitcoin’s price and its fluctuations are undeniably a major draw, bringing institutional investors and many new users to the cryptocurrency world.
Bitcoin’s price has gone from being virtually zero—initially given away by early enthusiasts on informational forums—to surpassing $100,000 by late 2024.
This astronomical price growth has positioned BTC as the best-performing asset in human history. Yet, beyond its price appeal, the understanding of blockchain and the importance of decentralization has grown even more significantly.
Satoshi Nakamoto: The Unknown Creator(s)
You’ve likely heard the name Satoshi Nakamoto as the creator of Bitcoin (BTC) and the pioneer of blockchain technology. However, the identity of this person—or possibly a group of people—remains the greatest mystery in the cryptocurrency space.
What is known is that “Satoshi Nakamoto” is almost certainly a pseudonym. Nakamoto disappeared from the public eye in 2011, reasoning that Bitcoin no longer needed anyone to continue its journey.
Bitcoin Halvings: Events That Define Its Economy
The halving, or reduction by half of mining rewards, is one of Bitcoin’s features that most confuses new cryptocurrency enthusiasts. This mechanism, built into Bitcoin’s protocol, cuts in half the rewards miners receive for validating a new block.
This reduction occurs every 210,000 blocks mined, approximately every four years. Essentially, this mechanism controls Bitcoin’s issuance and ensures its scarcity, similar to gold.
How Does Halving Impact Bitcoin’s Price?
The impact of Bitcoin halvings on its price is one of the most analyzed and debated topics within the crypto community.
According to the basic economic theory of supply and demand, if the demand for Bitcoin remains stable or increases after a halving, the reduced supply could create upward pressure on its price, fueling optimistic expectations among investors and enthusiasts.
When Is Bitcoin’s Next Halving?
The last Bitcoin halving occurred in 2024, so initial predictions suggest the next BTC halving will take place around 2028. However, since halvings occur every 210,000 blocks mined and the mining speed varies hourly, we’ll need to wait until closer to 2028 for precise calculations.
How to Buy Bitcoin in Spain
If you’re wondering how to get started with Bitcoin (BTC), Bitnovo is an ideal option. The Bitnovo cryptocurrency wallet allows you to buy Bitcoin in the European Union quickly, easily, and securely—and the best part is, you retain custody of your funds.
Bitnovo offers multiple ways to buy Bitcoin in Europe:
- Using coupons or gift cards available in over 40,000 physical stores across the European Union.
- Via SEPA transfers to your self-custodied Bitnovo wallet.
- Through debit or credit cards, easily and securely.
In addition, Bitnovo provides a wide range of other cryptocurrencies and payment options to suit your needs.
