It goes without mentioning that bitcoin has taken over the world by storm. Professionals, adults and even children are mesmerized by the mysterious bitcoin. So, what is bitcoin to begin with? Where did it suddenly emerge from?
Bitcoin is a digital currency that does not originate through a bank or has a network of tangible transactions. Unlike government-issued currencies. Bitcoin is operated by a decentralized authority. It is a type of cryptocurrency that holds no physical form and is available for the world to access through a transparent public ledger because all transactions of bitcoin are certified through a gigantic amount of computing power.
Bitcoin was founded by the pseudonym of Satoshi Nakamoto, upholding the mystery of the person who designed this technology in 2009. This plan of bitcoin was brought forward due to the severe financial crisis during the time. And has today become the world’s leading cryptocurrency networks, instigating the creation of more cryptocurrency platforms with different features and benefits.
Since the creation of Bitcoin, privacy has been one of the most crucial factors in the network. The domain is registered so that no information is available to the public. The first Bitcoin was mined on January 3, 2009, and was known as the “genesis block”.
The privacy and security factor has been so detailed and vital that even the creator of this blockchain is undetermined, working under a pseudonym. To this day, the world is unaware of the creator of this magnificent blockchain.
After the first mining of the Bitcoin, there was still no monetary value involved and it was primarily a fun activity to trade back and forth. A little more than a year later, the economic value of the blockchain was established when a man from Florida used Bitcoin to negotiate a few Papa John’s pizzas. This was what established the real world value of the Bitcoin blockchain in the beginning.
In the span of just a few months of 2011, the threshold of Bitcoin raised from $2 to $31 in June 2011. That did not last long and was shot down to single-digit range very quickly.
However, the economic value shot up by $200 in just two years and was brought up to $1,000 only a few months later. By November 2017, the worth of Bitcoin was upto $10,000.
The steep increase in Bitcoin value fluctuated over the years and saw many decreases. The prices peaked with different exchanges and vice versa.
Today, Bitcoin is worth a little more than $12,000. Its history is the prime factor of the interest of large business moguls today. The mystery of the creator has a massive impact in the trust foundation made for the blockchain.
The creation of Bitcoin encouraged many other networks to emerge and offer benefits like financial services and business sharing. Ethereum and Coinbase are two examples of cryptocurrency that have followed in the footsteps of the Bitcoin and have begun their journey to dominate the business world. H how are you sw?