Beginner in Game Development, Which Engine Should I Use? Comparison of Unity vs Unreal vs Godot (Focusing on Free Engines) Choosing a Game Engine: Know This First: 5 Key Q&A Q1. What is a Game Engine? Is it necessary to use one? A. Think of a game engine as a set of development tools that bundles essential functions required for making games, similar to a car engine. It includes features like rendering graphics on-screen ( Rendering ), physics effects for characters colliding with walls or jumping ( Physics Engine ), and playing background music or sound effects ( Audio System ). While it's possible to create a game from scratch without an engine, it requires an immense amount of time and effort, which is why most developers today use game engines, especially beginners! Q2. I want to start game development; are there any good free engines available? A. Yes,...
The History of Bitcoin: The Digital Gold Rush That Started with Two Pizzas
The History of Bitcoin: A Digital Gold Rush That Started with Two Pizzas
Bitcoin: What You Should Know First - 5 Key Q&A
Q1. How exactly did Bitcoin start?
In October 2008, an anonymous figure named 'Satoshi Nakamoto' posted a 9-page paper on the internet. Then, on January 3, 2009, the first block (Genesis Block) was created, inscribing a newspaper headline hinting at the financial crisis of the time, revealing concerns about the existing financial system.
Q2. What were the major events in Bitcoin's history?
In the early days, there were dark events like the online black market 'Silk Road' and the bankruptcy of the world's largest exchange 'Mt. Gox'. Later, there was a public investment frenzy in 2017 and 2021, and in 2022, another major crisis occurred with the collapse of the FTX exchange.
Q3. What was the biggest reason for the recent rise in Bitcoin prices?
There were two significant events. In January 2024, the U.S. Securities and Exchange Commission (SEC) approved the 'Spot Bitcoin ETF', paving the way for traditional financial funds to enter the market. Then, in April of the same year, there was the 'halving' event, which cut the new supply of Bitcoin in half.
Q4. Is it true that the first payment made with Bitcoin was for two pizzas?
Yes, that’s true. On May 22, 2010, a developer ordered two pizzas for 10,000 BTC. At the time, it was only worth a few dozen dollars, but today it amounts to billions. This day is celebrated as 'Bitcoin Pizza Day', marking the first time Bitcoin was recognized for its real-world value.
Q5. What factors most influence Bitcoin prices?
Broadly speaking, we can identify halving (supply), ETF (demand), and macroeconomic conditions (interest rates, inflation, etc.) as key factors. Events related to 'trust', such as exchange hacks or regulatory changes, also have a significant impact.
"I should have bought back then..." is a lament many people express when looking at Bitcoin charts. From the price of two pizzas to nearly 100 million won at one point, Bitcoin's 15-year history is not just a record of price fluctuations. It is a message of resistance against the existing financial system, a drama where blind faith in technology meets cold betrayal, and a vast chronicle etched with the hopes and frustrations of countless individuals. Today, we will follow that tumultuous journey, exploring how Bitcoin reached its current position and what has driven its price movements.
A White Paper and a Newspaper Headline
The beginning of all legends was on October 31, 2008, when an anonymous figure named 'Satoshi Nakamoto' published a 9-page paper on the internet. It proposed the idea of a 'P2P electronic cash system' where individuals could send money directly to each other without intermediaries like banks. Then, on January 3, 2009, the first Bitcoin block contained an inscription of the newspaper headline "Chancellor on brink of second bailout for banks," which was a symbolic representation of Bitcoin's birth as an alternative to the existing financial system amidst the 2008 global financial crisis. Thus, Bitcoin made its first real-world encounter on May 22, 2010, when it exchanged 10,000 BTC for two pizzas in its first commercial transaction.
Episode: Laszlo Hanyecz, the Developer of 2010
The protagonist who bought the pizzas with 10,000 Bitcoin was Laszlo Hanyecz, a developer from Florida. At that time, Bitcoin was merely a 'fun technical experiment' for him, and he just wanted to see if the digital coins he mined could be exchanged for real goods. He never imagined that it would one day be worth billions. He said, "It was just fun back then," and he has no regrets. His pizza transaction has become a legendary event in the Bitcoin community, commemorated every year as 'Pizza Day'.
Surges and Crashes: Events That Left 'Lessons'
The early history of Bitcoin, as it began to gain recognition, was not smooth. In 2013, the online black market 'Silk Road' was shut down by the FBI, causing a sharp drop in Bitcoin prices. This cast a dark image of 'illegality' over Bitcoin. The following year, in 2014, the shocking bankruptcy of 'Mt. Gox', then the world's largest exchange, led people to question the security and trustworthiness of exchanges for the first time.
However, despite these crises, the Bitcoin network did not stop, and in 2017, the first public investment frenzy finally brought the price close to $20,000. Later, in 2021, with the entry of institutional investors, Bitcoin reached an all-time high of around $69,000. But that glory was short-lived, as the collapse of FTX, one of the top three exchanges in 2022, plunged the cryptocurrency market into another harsh winter. This incident left investors with a painful lesson: 'Not your keys, not your coins,' emphasizing the importance of securing one's own assets instead of relying on exchanges.
Opening the Door to Institutional Finance: ETF and Halving
After numerous twists and turns, Bitcoin finally reached a historic turning point in 2024, opening the door to institutional financial markets. On January 10, the U.S. SEC approved the listing of the Spot Bitcoin ETF. This meant that large institutional investors, such as pension funds and asset management companies, could legally include Bitcoin in their portfolios.
Additionally, on April 20, the fourth 'halving' event occurred, reducing the new supply of Bitcoin by half. While demand was set to increase, the supply was actually decreasing. Fueled by these two powerful events, Bitcoin surged past $69,000 in March 2024, marking a spectacular comeback.
Episode: Investor Hyun-jin Park in 2022
Hyun-jin Park, who started investing in Bitcoin during the 2021 craze, suffered significant losses during the FTX crisis in 2022. "At that time, I really thought it was all over. I vowed never to look at it again." However, in early 2024, after hearing the news of the ETF approval, he began studying the market again. "I thought it was a historic moment for Bitcoin to be recognized as a legitimate financial asset, not just simple speculation." He started investing again through dollar-cost averaging and found himself compensated for his past pain when Bitcoin surpassed $125,000 in October 2025.
In-Depth Exploration 1: What is 'Halving', an Event that Occurs Every Four Years?
A keyword that cannot be omitted when discussing Bitcoin prices is 'Halving'. This is an event programmed into Bitcoin's design, occurring approximately every four years, where the rate at which new bitcoins are created is cut in half.
Bitcoin is issued through a process called 'mining'. Miners around the world solve complex mathematical problems and receive a certain amount of Bitcoin as a reward. Halving refers to the point at which this 'reward' is halved. In the first halving in 2012, the reward per block decreased from 50 BTC to 25 BTC; in 2016, it dropped to 12.5 BTC; in 2020, it became 6.25 BTC; and in April 2024, it will further reduce to 3.125 BTC.
Why is this important? Because if demand remains constant while the supply entering the market is halved, scarcity increases, creating upward pressure on prices. Historically, Bitcoin has shown significant price increases within one to one and a half years following each halving. Of course, past patterns do not guarantee future outcomes, but halving is one of the most critical concepts for understanding Bitcoin's supply structure.
In-Depth Exploration 2: Opening the Door to Institutional Finance - The Significance of 'Spot Bitcoin ETF'
On January 10, 2024, the SEC's approval of the spot ETF is considered one of the most significant events in Bitcoin's history. An 'ETF (Exchange Traded Fund)' is a fund that can be easily bought and sold on a stock exchange like a stock, and a 'spot ETF' means that the fund directly holds physical Bitcoin.
Why was this so important? Before the ETF approval, it was very difficult for traditional 'big players' like pension funds and large asset managers to invest in Bitcoin. They had to go through the complex and risky process of signing up for cryptocurrency exchanges and creating digital wallets. However, now they can simply buy an ETF managed by global financial companies like BlackRock or Fidelity, enjoying the same benefits as investing in Bitcoin.
In other words, the spot ETF has created a 'bridge' for large traditional capital that hesitated to enter the cryptocurrency market to do so legally and safely. This is a symbolic event recognizing Bitcoin as a 'regulated financial asset' that can be included in the portfolios of Wall Street, no longer just the property of a handful of tech enthusiasts or individual investors.
5 Key Factors That Move Prices (FAQ)
Q. Besides 'halving', what else affects prices?
Broadly speaking, new capital inflows through institutional channels (like ETFs), macroeconomic conditions such as inflation or interest rates, trust issues like exchange hacks or bankruptcies, and regulatory and policy changes in various countries all play a role.
Q. Do you have any advice for those who regret not buying back then?
Remember three things. First, Bitcoin is extremely volatile, so never invest with money you can't afford to lose or with debt. Second, as history shows with exchange bankruptcies, you must learn about 'self-custody' to securely store your assets. Third, it's important to develop the ability to distinguish facts from opinions by relying on official documents from the SEC or trustworthy media reports rather than rumors or community posts.
Author Information: The content of this article has been compiled from Satoshi Nakamoto's white paper, SEC official documents, and chronological reports from major media outlets such as Reuters, Financial Times, and The Guardian, providing an objective overview of Bitcoin's birth, its incorporation into the financial system, and the key factors behind its narrative and price fluctuations.
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