Brief history of bitcoins

Brief history of bitcoins
May 26, 2017
Spread the love

Our society has always had some kind of currency. Before we used to trade goods, then we have developed money which we use to buy all that we need. For thousands of years, the way that we use money didn`t change a lot,t change a lot. We still use it in pretty much the same way. The only new addition is the capability to use it digitally. But now, we have a new player in a currency business, one that is so different than all the rest. One that has the capability to change the way that we use our money. One that has a really bright future in front of it. Our first successful digital-only currency. Bitcoin. In this article we will talk about bitcoin and its history, when and how was it made. So let`s start.

Creation of the bitcoin

In November of 2008, the world has for the first time heard of bitcoin. At that time it was still a concept that is ready to become alive. The person that created bitcoin is Satoshi Nakamoto, who posted the paper on the internet that was the first mention of the bitcoin. This paper has described the way that bitcoin would work. Then, in January of 2009 bitcoin has become alive with the release of the first open-source bitcoin client and insurance of the first bitcoins that were realized. The first person that has mined the bitcoins is its maker Satoshi Nakamoto. In August of 2010, there was a major vulnerability of the bitcoin spotted that created some major problems. There was a problem with transactions of the bitcoin. Transactions were not closed properly before they included in the transaction log or blockchain. And in 15 of August of the same year, this vulnerability was exploited. But the bug was fixed very fast and potentially big damage to the bitcoin was avoided.

The major growth of the bitcoin started when Wikileaks who accepted the bitcoin for donations. This gave a major boost to the bitcoin platform itself. And now bitcoins is one of the major players of the internet currencies, probably the only one that is successful. And with time it will get even more recognition from the people all around the world.

Why is bitcoin so great?

Why is bitcoin such a great idea that works? Well, firstly, because it is universal currency. People all around the world can use it in the same way. There is no problem with calculating the difference of the value of currencies. You have only one currency that you work with. Which in the end will allow you to use this currency easier and without any problem. Also, great think that governments all around the world can`t take it away from you. The reason is because it is not a currency of any country, as such it doesn`t fall under any jurisdiction of any country. This will allow you to keep all of the bitcoin that you have earned over the time. It is also fast, with standard currencies it can take a few days until you get the money on your bank account, but with bitcoin, this process is pretty much instantaneous. It is also cheap to use. Usually, banks would charge you the fee for using their service while buying. But with bitcoin, those problems are avoided. There are no additional fees that you need to pay. And you can earn your own bitcoin. If you have a good PC, you can mine the bitcoin, and with this, you will earn your own bitcoin without any problem. Bitcoin is amazing currency that, hopefully will stay for a long time, and that will only grow as the time passes.

You might also like: New Technologies Which Will Use a VPN Service


Apple news

Dig deeper

Site Secured