Bitcoin, What Is It & Who Invented It?
What does really Bitcoin mean aside from being world’s newest powerful currency? Here is something you need to know about it.
Bitcoin was created as an alternative to the banking system allowing thousands of computers all over the world to track the ownership of digital token that changes the way how people look and use the money.
The crypto-currency users can see all the transactions once verified and logged in a public ledger called “Blockchain” that records every Bitcoin transactions and gives a copy to the users.
The physical currency was issued through a central authoritative agency while ‘Bitcoin’ is a peer-to-peer system being awarded to “miners” as a reward for verifying and processing transactions.
Satoshi Nakamoto an online profile with a currently unconfirmed physical identity founded the Bitcoin.
In late 2008, Nakamoto announced the Bitcoin system development prompting the developers and programmers all over the world to work with him after recognizing his intelligence.
In 2009, the first exchange of Bitcoin has been published listing the value of 1, 309 Bitcoins at $1 and continued to gain momentum throughout the years hitting the $31 mark.
Bitcoin value dramatically dropped to $2 in 2011 after the MtGox system was hacked.
However, after months of stagnation, the crypto-currency slowly recovered and climbed back on to exchange market boards in 2012 and now widely used in various transactions.
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