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Dec

The amazing history of Digital currency: Bitcoin

If you want to know details about Bitcoin, then you need to start with the history. In this article, we are going to discuss the history of Bitcoin. Click here to know about bitcoin price.

What is Bitcoin?

Bitcoin is a digital currency which does not have a physical existence. It is generated through algorithm and transferred via blockchain technology. It is not controlled by any central authority.

The history of Bitcoin

The term Bitcoin first appeared in 2008. It is the junction of two English words: bit which designates the binary unit in computer science and coin which means “coin”. Satoshi Nakamoto is the inventor. Visit this site to know about bitcoin price.

This man – or woman – is also very mysterious, since nobody knows his/her true identity. This name would be a pseudonym, some rumors even claiming that it hides a group of developers and hackers – even Elon Musk himself! Anyway, 2009 sees the publication of the source code of the cryptocurrency, visible by everyone on the net. In 2012, the Bitcoin Foundation is created.

bitcoin

For the anecdote, Satoshi Nakamoto, whoever he may be, would own a million bitcoins. Knowing that the value of this virtual currency is estimated at just over € 11,500 at one time, this mysterious inventor would have finances of not less than 11 billion euros! A nice jackpot that would place him.her in the 44th place of the most fortunate people in the world.

How bitcoin works

Bitcoin is a so-called digital currency, thus opposing the classic physical currency found in the form of notes or coins. If digital transactions have existed for a long time with bank cards or transfers, bitcoin brings a new novelty that is its strength: it is decentralized.

The interest for the user is that Bitcoin can perform transaction do without banks and other financial institutions. Transactions are made directly between two users, regardless of their location in the world. Pretty awesome, right? Bitcoin is a payment method like any other, accepted by more and more platforms around the world.