Wishing Bitcoin a belated happy Birthday, Bitcoin Celebrated 10 years on 30th of October.
The origins of Bitcoin
Bitcoin was born on October 31, 2008. It was created by an unknown individual or group, known only by the alias Satoshi Nakamoto. It came as a response to the financial crisis of 2008 after the US-based investment bank called Lehman Brothers announced bankruptcy. The event affected numerous people, and Bitcoin’s creator(s) decided that such power was too high to be given to only a few.
This is what sparked the decision to create a new form of money, a digital asset, that will be used and controlled by the people, instead of an institution. In a way, this was a political vision that was first presented in Bitcoin’s white paper — a nine-page academic style paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System”.
Soon after that, on January 3, 2009, the first 50 BTC coins were released into circulation, after the “genesis block” was solved. This was the first block, which marked the beginning of not only Bitcoin but also blockchain. The concept revolved around solving Bitcoin transactions, which were collected into blocks. Upon solving each block by using computing power and other resources like electricity, people would be rewarded with a sum of 50 BTC. This is what kicked off the concept of crypto mining.
Nine days after the release of the first 50 BTC, Satoshi Nakamoto tested the new technology by sending 10 BTC to a computer scientist, Hal Finney. Soon after that, Bitcoin transactions started, and BTC received its initial value of $0.00076 per coin on October 5, 2009.
During the following year, Bitcoin started gaining more and more attention, and the Bitcoin’s price began to grow. Then, on December 12, 2010, Nakamoto announced a withdrawal from the project. Bitcoin’s creator returned to shadows and had only returned once after that. This was in 2014, when he appeared in a chat room, stating that news of his identity being discovered is false. Since then, nobody ever heard from Nakamoto again, to date.
SOME FACTS ABOUT BITCOINS.
One of the first transactions made by Bitcoin was to buy a pizza.
May 22 will be eternally remembered as a Pizza Day. Practically everyone in the crypto community knows about Laszlo Hanyecz’s purchase of two pizzas from Papa John’s. He spent 10 000 Bitcoins on them. Back then, 10 000 Bitcoin was about $40 and could buy two pizzas. Nowadays, 10 000 BTC is equal to 66 615 000 USD.
Who is the creator of Bitcoin? Nobody knows
In the original whitepaper of Bitcoin, it is said that Satoshi Nakamoto is the creator of Bitcoin. In reality, nobody knows who is Satoshi Nakamoto. Is it one person, or a group of people who created this project? Nobody knows! Doesn’t it make you smile, that one of the most sensational inventions is still a mystery?
Bitcoin miners are a heating system of the future
Bitcoin mining rigs eat the electricity but the consumed energy returns in the form of heat. If you’ve ever encountered a Bitcoin miner, you’d know how hot it is to go near it. Now imagine, thousands of miners in one data center. People all over the world are using mining farms to heat their houses, create greenhouses and other heat-depended places.
Bitcoin has a limit
There will never be more than 21 million Bitcoins in the world. Bitcoin’s quantity is mathematically limited and after it reaches the limit, producing new coins for mining will stop.
We have more digital wallets than banks
It wasn’t enough to battle with cryptocurrency, now banks are battling with digital wallets.
Turning into a Crypto-friendly country is a new aim for most of the places
Malta, India, China, Georgia, this is a short list of countries, trying to achieve the maximum level of comfortability towards the crypto industry. Malta is said to be the crypto island, China and Georgia are taking places as countries with most bitcoin miners. The US is working on regulations and creating cryptocurrency taxes. Countries are adapting to the innovations and it’s a good news.
Bitcoin is the mother (father) of all cryptocurrencies
After Bitcoin’s success, different people tried to give birth to their own cryptocurrencies. It’s happy to know that our beloved Bitcoin has served as a path to success for many altcoins. Nowadays, there are more than 1900 tokens backed-up with amazing projects.
High electricity consuming
In 2017, Bitcoin mining was ranked as 71st among the highest power usage worldwide. Fun fact, that’s more than all of Iceland.
Bitcoin created new professions
ICO advisor, blockchain developer, Bitcoin analyst, and many other professions were born after the popularization of Bitcoin and cryptocurrencies. Bitcoin and blockchain have given the population of earth different other professions and new possibilities.
HURRAY!!!!
Resteem if you Love Cryptocurrencies. !
