I know you all have a bitcoin name once in your life, and now it very popular cryptocurrency with the 21 million bitcoins supply in the market how. It took time to get to this point because when cryptocurrency starts, it was the initial stage of the internet, and Satoshi Nakamoto got the Idea to start a new digital currency that cannot be controlled by any central party like the government, individual, financial institutions even by Satoshi Nakamoto.
So to understand more about bitcoin, let’s go back to the year when the Idea came to start this popular cryptocurrency, i.e., bitcoin. So without wasting any time, let’s go back to the history of bitcoin. Now there are some websites and apps available for bitcoin buyers, but the most popular is https://bitcointrend.app.
The Starting Idea
Why and how this Idea to start bitcoin came into existence? Bitcoin was started in 2008, and to understand the more depth of the starting idea, we have to understand the previous conditions of the payment methods and money.
The banking system is centralized because there is a central bank that can control all the banks and can suspend or ban some banks if it breaks the regulations and rules of the central bank. Satoshi Nakamoto wants to make a currency that would not be under the control of any person.
At the time of the banking system, they charge huge amounts of commission if you want to transfer money to a foreign country, and it was a very difficult process. To make it easy, Satoshi Nakamoto started bitcoin because there are nominal or very few fees for every transaction.
The second reason to start bitcoin is all the payment systems are under the control of one or a group of people or institutions or organizations that means centralized things can be easily hacked, and there would not be proper security for payment. Bitcoin is a purely decentralized system that means no one can hack and control the bitcoin system, and it never gets stopped.
Other payment systems like PayPal and other payment systems charge a high amount of fees to got that transaction done, and it was a major problem for the small businessman and large firms to transfer money from one country to another country.
Bitcoin started with nominal or very fewer transaction fees, and there is no issue of hacking, and you can do transactions easily without paying tax to the government because there is no control of the government over the bitcoin, and this is the reason in some countries, bitcoin has been banned.
In October 2008, Satoshi Nakamoto showed the white paper of bitcoin first time. It was time to launch bitcoin, and some people do not know about bitcoin.
So the white paper shows the information about blockchain technology, what blockchain technology is, how it works, and how to use blockchain technology, how you can create a block by using computer power and algorithms to solve complex problems or mathematical equations.
After launching the bitcoin in 2008, the first block was created in January 2009. Block is the set of enough transactions that is validated by the miners to broadcast on the blockchain to make it public so that everyone can see it. At the time of 2009, the price of bitcoin for 1 dollar is 1309.03BTC.
The real-world transaction of bitcoin was when the price of bitcoin was too low and the one person named Laszlo Ganyecz, who purchased two pizzas for 10,000 BTCs and now you can compare the value of 10,000 bitcoins (multiply 10,000 by the current value of $48,062 (at the time of writing this article))
In February 2011, the value of one bitcoin was 1$, and this is the first time when the value hits the 1$ dollar, and suddenly it jumps up to $31 that was too high at that time. It was the first time when some people think the price will rise.
This year, many WordPress websites started accepting bitcoin as an online payment mode, and this is the best method online payment method because you do not need to pay tax.
The first time the marketing capitalization of bitcoin was reached one billion dollars and the price of one bitcoin touched $1000, and it was rapid growth. The growth rate of bitcoin was so high, and no one can control bitcoin because it is decentralized.
In 2015 and 2016:
More than 1,60,000 companies are accepting bitcoin as a mode of payment, and many physical stores are accepting bitcoin by using QR codes through mobile payments. It is the second halving day because the miners were rewarded by 12.5 BTC for solving or validating the bitcoin transactions, and now it is 6.25 BTC.