Bitcoin has seen an incredible rise in the past year. The impressive returns of this digital currency have made it the hot selling financial stories. This virtual currency is designed to transform the peer-to-peer transaction. It doesn’t need any transaction fee, and exchange of personal information. Let us take a look into the history of Bitcoin.
Origin of Bitcoin
2008, was seen as a period of the extreme financial crisis. Amidst the shattering financial infrastructure of the world, the domain “bitcoin.org” got registered. In 2008, an individual, or a person using the alias “Satoshi Nakamoto” printed an article on Bitcoin to a cryptography mailing list.
This article was about the working of the cryptocurrency. At the beginning of 2009, Nakamoto was the first person to have mined the first-ever bitcoin, called the “genesis block.”
This 1st bitcoin transaction was recorded when Nakamoto sent it to Hal Finney, an enthusiast, and cryptography expert. Till the present date, the identity of Satoshi Nakamoto is a mystery.
Some people claim that he is a mysterious programmer or, a team of programmers. Despite several attempts, no satisfactory result has been obtained about this individual.
Bitcoin dealers are a reputed place to buy BitCoin. It is a company based in Australia, which has its operational branches in prominent cities of Australia like Sydney, Adelaide, and Melbourne. By providing a simple and secure platform of transactions, this company is considered among the best Bitcoin dealers in Australia.
What was the first Bitcoin transaction?
In 2010, Laszlo Hanyecz, a programmer in Florida ordered two pizzas and offered 10K bitcoins as its price. This was the first-ever bitcoin transaction that was done in the history of Bitcoin. The date May 22 was noted and celebrated throughout the Bitcoin celebrity as “Bitcoin Pizza Day” to make the transaction memorable.
How Bitcoin progressed?
In 2013, the total value of all circulated bitcoins reached the $1 billion mark. It was a random milestone, but not a chance that the cryptocurrency began to attract the attention of venture capitalists, and Silicon Valley. The technology-savvy businessman also moved in and made the investment in bitcoin and a few other cryptocurrencies.
What makes Bitcoins unsafe?
Bitcoin is seen as an area of interest among underworld criminals. This currency enables them to move them digitally as well as anonymously easily.
Bitcoin and Blockchain technology
The entire Bitcoin cryptocurrency is dependent on blockchain technology. This technology serves as a publicly distributed ledger. It records, and stores every Bitcoin transaction in it that happens over the network.
These transactions are stored in the form of a block. When the memory of the block becomes full, it is added to the sequence of existing blocks in the chain. This ledger is freely available on the network. It verifies bitcoin transactions, relays transactions to other network systems, and stores the blockchain.
Bitcoin made a drastic success from the time of its introduction. This was an interesting and mysterious history of how Bitcoin evolved in the world.