Hi! Welcome to a new blog. I think that everyone has heard the word Bitcoin at least once in their life. But where did It come from? What is the story behind it? Who is the creator of Bitcoin? Who owns it? Why Bitcoin has shown such a large rise in its prices? Let's understand.
What is Bitcoin?
In human history, money did not exist from the very start we developed it. Firstly we traded animals like cows in exchange for some work or grains then we changed to gold. But the problems emerged with it. The problems were: Gold was not easy to carry. So government found a solution for it, they started accepting gold from people and in turn providing them receipts that they could use to make payments, later on, these receipts turned out to be paper money like INR, USD and many more. Now that humans have developed technologies we have made a term named 'Digital Money'. Examples of it are some apps provided by trusted companies and Bitcoin.
The emergence of Bitcoin.
In October 2008 a document was published that introduced Bitcoin and the publisher stated his name as Satoshi Nakamoto but later the real Satoshi Nakamoto claimed that he had nothing to do with Bitcoin and his name was used as a fictitious character. The real publisher of that document is still unknown. However, now a lot of cryptocurrency has emerged but in this blog, we will discuss about Bitcoin. Bitcoin was shown as an alternative to bank payments so that no third-party fees like bank charges are required. Bitcoin is just a digital currency that we cannot see or feel it just consists of a specific address to which we are assigned and it can be used to make future payments.
A Different Idea.
As we know money is controlled by the government and is produced in the same manner bitcoin is not produced by a single company or by a party. If it was controlled by a party then the same issue would arise which was the Bank structure. So A new idea emerged which was Bitcoin Would not be produced but Instead be mined in block chains. In 2009 the amount of bitcoin mined in 2 to 3 days was 200 but now to mine 1 bitcoin it would take more than 150 years. The maximum amount of Bitcoin mined will be 21 million and it is predicted that the last Bitcoin will be mined in the year 2140.
The Power Of Bitcoin.
- In 2009 a person named James started mining Bitcoin and he managed to mine 7500 Bitcoins but due to some reasons, he threw the hard drive containing the Bitcoin wallet number in the trash losing over $400,000,000.
- In 2010 a person bought 2 pizzas by paying 10000 Bitcoins Worth 35 USD at that time and now 22 of May is celebrated as Bitcoin Pizza Day.
The first bitcoin was mined in 2009. It had a value of $0.0009 each at that time and today's rate of Bitcoin is $52,826.30 which means 43,85,536.41 INR (Indian Rupees). This drastic rise in bitcoin is Said to be due to a huge investment. A lot of companies have started to receive their payments in Bitcoins like a well-known Company Apple.
You can check the rise of Bitcoin (graph) here:
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