Since the start of the Top 10 bitcoin miners age, businesses have used this worldwide platform to sell their products to an ever-increasing share of the world’s populace. Most of us have bought items off the Internet using credit cards or bank accounts.
But over the years, developers have tried to find a way to create a unique currency just for the digital marketplace. In 2009, they did with the introduction of Bitcoin. At the time, Bitcoin was still in its infancy. It was incredibly volatile, and each Bitcoin was worth only a few pennies on the dollar. Hanyecz’s post was for two Papa John’s pizzas that he said he would pay 10,000 bitcoins for. This transaction would go down in Internet history as the first time that Bitcoins were actually used to buy something. On May 22, Hanyecz posted that someone had taken him up on the offer.
At the time, he just thought it was cool that he could get pizza for seemingly nothing. Bitcoins until the summer when he ran out of Bitcoins. He didn’t give any of this a second thought because he believed—as many others did at the time—that Bitcoin was never going to actually go anywhere as an Internet currency. For the next few years, it seemed that what everyone thought about Bitcoin was true. But in 2013, investors and speculators became interested in Bitcoin and began to trade it on a much larger scale. Soon, the value of Bitcoin began to skyrocket as it became a popular commodity.
For those unaware of the Silk Road, it served as a way for anonymous Internet buyers to order illegal drugs. Named after the famed trade route between Europe and the Orient, it operated clandestinely from its conception until it was taken down in 2013 after an intensive investigation by various government agencies. One of the keys to the Silk Road’s success was the use of a completely anonymous form of payment: Bitcoin. Due to the nature of its operations, the Silk Road could only be accessed through the Tor anonymizing network.