Bitcoin’s journey started in January 2009, and the first lines of code were committed on January 3. This code was committed after the publication of the paperwork. The lines of code are referred to as genesis block by an indication or group of individuals known as Satoshi Nakamoto. In the starting, the value of the Bitcoin was negligible. People didn’t use Bitcoins for trading and gave to others as appreciation reward at that time. The real transaction was carried by Laszlo Hanyecz, who bought two pizzas for about $30 or 10,000 Bitcoins.
Since its invention, Bitcoin mainly drew three overlapping communities: the blockchain technology aficionados, the small community of true believers and original investors, and the speculators, who only want to make some money. After that, one more community joined that was of old-fashioned stodgy finance types. Basically, the Bitcoin was not governed by any central authority and the financial institution, but instead, it was based on the programming and whitepaper of Satoshi Nakamoto. But suddenly, Nakamoto got disappeared.
The time Bitcoin was called the digital currency, the system that was no doubted to have trust issues developed issues. After the rise in Bitcoin’s price, the financial system becomes another thing to replace it, but as of today, it has become the part of the system it was expected to overthrow. Read more here about bitcoin and its birth. Sooner this digital currency will change the world in all means. If you want to know more you can visit knowtechie.com
The Born of Bitcoin
At the time of Bitcoin’s invention, people don’t even think that finance may have a counterculture. But at the time of the banking crisis in 2008, a group of libertarians, anarchists, and dissatisfied and frustrated tech-savvy believers created a counterculture. Though there were many attempts made for digital cash, none of them was successful. For the first time in August 2008, an individual registered Bitcoin .org as a domain. The paper stated Bitcoin as a decentralized system to carry out electronic transactions.
Since then, the original paper of Satoshi Nakamoto began and was popularly a person-to-person vision of digital cash. It allows online transactions that can be sent from one person to another without any third-party involvement that could be a financial institution or central authority.
Into the Underworld
The structure of Bitcoin reveals its ideology. The idea of person-to-person money transfer attracted a lot of people. The users are not required to pay the transaction fee while making transactions even abroad. There is no government involvement, which means Bitcoin is serving in a currency-based economy to dislike the government. No financial institution or central government can run the Bitcoin system and goose inflation for their political agendas.
A public ledger is made in which all the transaction record is noted, which means anyone can access it. Everyone can only access this, but one can know your Bitcoin address or your transaction number. If the user keeps his wallet anonymous, no institution or government can keep track of your records. No financial system was trusted in earlier times because the government tracked your transactions and the trust issues caused the counterculture’s need.
The emergence of smarter coin
Blockchain technology has gained investors and traders’ trust, which is when the Bitcoin entered the mainstream. More and more companies desire to accept Bitcoin and promote it. The first company to accept Bitcoin was Microsoft in 2014, and from 2015 the Bitcoin begins to emerge. Many other cryptocurrencies based on blockchain technology began to emerge. The most crucial one was Ethereum that was launched in 2018 through an ICO and raised over $18 million.
In the year 2017, the price of Bitcoin raised more than 1000 percent, which attracted lakhs of people worldwide and mainly attracted young investors. This was an astonishing way to make money professionally. As the market or Bitcoin is unpredictable, its market fell in 2018, and the one-time investors lose interest as they weren’t aware of the market. The enterprises and large businesses who are well aware that the price can decrease didn’t feel much pain. But afterward, bitcoin keeps on rising, and in today’s time, most people worldwide are making bitcoin transactions.
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