17 memes that will help you understand bitcoin and how it works.

1. In January of 2009, the very first bitcoin came to be.

The first transaction took place a few days later.

"I'm gonna need you to start paying me in Bitcoin."

2. A year later after bitcoin's release, programmer Laszlo Hanyecz paid 10,000 bitcoins for one pizza.

During this time, that was only worth $25 US currency.

"Her: He's probably thinking about other girls... Him: If I invest $3000 in bitcoin today, I should be able to afford 2 recreational nukes by 2022."

3. In the summer of 2010, bitcoin’s value increased tenfold in just five days.

Bitcoin fans were thrilled.

"Bank holiday, bitcoin user not affected. Hyperinflation, bitcoin user not affected. Cash controls coming to France, bitcoin user not affected. Americans unable to open bank accounts overseas, bitcoin user not affected. A matter of time until one of Europe's TBTF banks fails, bitcoin user not affected."

4. That same year in November, bitcoin’s market cap reached $1 million.

"If you had bought $100 worth of Bitcoin in 2010, you'd have $75 million by May, 2017"

5. Silk Road officially opened their business in 2011.

They eventually became recognized as a bitcoin marketplace for selling illegal drugs via the dark web.

"Criminals in bitcoin? There are no criminals in bitcoin. Never!"

6. Just a few months after becoming equivalent to the US dollar, bitcoin was valued at $10 in June of 2011.

"Nurse: Sir you've been in a coma. It's 2025. Me: How many dollars per Bitcoin? Nurse: What is a dollar? Your bill is 0.0000000031"

7. Still, the concept of bitcoin remained a mystery to several people.

"I don't know how bitcoin works and at this point I'm too afraid to ask."

8. Bitcoin rose to a value above $31 per coin before plunging in the financial crash of 2011.

At that point, the value dropped all the way back to single digits, and by the time the sellers were through, bitcoin was 93% off its peak.

"Bought bitcoin aaaand it's gone"

9. However, bitcoin soon began to recover.

"I'm not spending these until they can buy me the ENTIRE candy store!"

10. Soon people starting to request that the government ban bitcoin.

But bitcoin survived, of course.

"The government banning bitcoin"

11. Then Donald Trump became President of the United States of America...

"Bitcoin is going up bigly"

12. All of a sudden, everyone and their mother wanted to invest.

13. Meanwhile, bitcoin has gained a reputation as hackers' ransom of choice.

"Seems that malware encrypted our files including our bitcoin wallet"

14. Given all the craze, it’s no shock that regulators are finally stepping in.

"I'm thinking of putting some money into bitcoin, do you know anything about it? Well, that would be a very risky venture. Bitcoin is quite volatile! It's a virtual currency controlled by shadowy people in an unregulated environment, without any real guarantee of return. You never know when the value will drop, or be forced down by nefarious forces, or your money stolen by unscrupulous lowlife scum! So how is that any different than the regular banking system or the stock market? When you use bitcoin, I can't charge you fees."

15. So when will the value of bitcoin peak?

"Bitcoin...is money for smart people. You wouldn't understand."

16. The skeptics are left wondering when the bitcoin frenzy will end.

"I don't like bitcoins and I never will because I didn't think of them first."

17. Either way, it's hard to tell what bitcoin's future will look like.

All we know now is that lots of people are eager to invest.

"My husband is rich in bitcoins, but if he dies then I won't understand how to spend them."

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steemcleaners (83) 7 years ago