The Almost Complete and True Bitcoin Story
Did you know there are more than 4,000 cryptocurrencies out there? Including Bitcoin, that’s a staggering number. However, did you know that none of them would be possible without Bitcoin?
The Bitcoin network has been around for several years now, and while most people know what it is, they don’t really know where it came from.
You likely already know some Bitcoin facts based on what you see in the news. However, what do you know about its cryptocurrency history? Are you curious about where Bitcoin started or who founded it?
Keep reading to get some basic information on the Bitcoin story.
The Beginning of Bitcoin
The domain bitcoin.org was registered in 2008, and in that same year, a paper was authored called Bitcoin: A Peer-to-Peer Electronic Cash System was released on a mailing list. Bitcoin’s network came into existence in 2009 after Satoshi Nakamoto, who we will discuss in a moment, mined the first block (number 0) with a reward of 50 bitcoins.
The world’s first transaction of bitcoins was between the creator and a developer named Hal Finney on the day of release for 10 bitcoins. Finney was one of the first people to download the Bitcoin software and back the entire idea of Bitcoin as a network.
Although it wasn’t regulated much back then, you’ll find many Bitcoin tax regulations and other requirements that must be followed in countries like Canada or the US. As more people started to back this idea, its popularity exploded with investors around the world.
Who Is the Bitcoin Founder?
To this day, no one knows who the real founder of Bitcoin actually was.
The name Satoshi Nakamoto is a pseudonym for the person (or group of people) that created Bitcoin. Satoshi Nakamoto is the same name that was used to author the previously mentioned paper, which helped to jumpstart cryptocurrency into what we know it as today.
Nakamoto was involved with Bitcoin until 2010 when they emailed another developer saying that they were moving on to other things. People estimate that Nakamoto has about 1 million bitcoins in their control, which would be more than $50 billion in value.
Many have claimed to be Satoshi Nakamoto, but the actual identity of the founder remains a mystery to this day.
Bitcoin Purchases: From Pizzas to Cars
As time has passed, more and more retailers are deciding that they are willing to accept cryptocurrency as payment. However, it wasn’t always this way; most people that invested in Bitcoin early on were unable to spend their bitcoins on anything at all.
The first Bitcoin transaction was by a man named Laszlo Hanyecz purchasing two Papa John’s pizzas back in 2010. This is considered the first official use of Bitcoin in a commercial transaction with a real, established company.
Of course, today, the 10,000 bitcoins used to place that purchase would be worth about $372 million. No one knew then what Bitcoin would eventually turn into.
People with Bitcoin burning a hole in their digital wallets today can buy many items, including furniture, fast food, event tickets, funerals, and cars. In the future, it’s anticipated that even more retailers will start to accept cryptocurrency as a regular form of payment, making it even more accessible.
The Bitcoin Story Continues to Grow
Now that you know a little bit more about the origins of Bitcoin and the general Bitcoin story, you can really understand why it’s such a big deal that it grew so quickly. People underestimated just how popular it would be at first, but now, people are paying much closer attention to cryptocurrency as a whole.
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