Did you know that Bitcoin was not only the first cryptocurrency to exist, but is also the most valuable cryptocurrency to this day?
What most people don’t know is that Bitcoin came from humble beginnings, created at a time when many markets were crashing and the future of the global economy was uncertain.
The history of Bitcoin is a story that began as a way to bring change to the world and has become an integral part of society.
Keep reading to learn more about how a bit of code became the top name in cryptocurrency.
The History Of Bitcoin
Bitcoin was created in 2008, as an idea centered around a peer-to-peer electronic cash system that would allow people the freedom to trade with each other outside the need for banks.
Bitcoin is made through a mining system, where computers work to solve complex math problems. When a computer is able to solve the problem before other computers, bitcoin is awarded and the process repeats itself. Bitcoin itself contains a type of code called a blockchain.
Created in 2009, the first bitcoin is referred to as the genesis block. The genesis block started the blockchain network that would make up the currency.
Within the genesis block is a string of text used to mark the date of its creation. It is also a commentary on the fragility of the modern banking system.
This was an important aspect of the creator of bitcoin, Satoshi Nakamoto. He believed that there needed to be an alternative to the current system of currency, one that instead belonged to the people.
The Pizza Transaction
The first commercial transaction with Bitcoin occurred in 2010 on May 22, when a programmer named Laszlo Hanyecz was able to buy two Papa John’s pizzas for ₿10,000 from someone named Jeremy Sturdivant.
At the time the bitcoin cash price was worth about $40, which was roughly double what the pizzas cost. Today this amount of bitcoin is worth around $365 million. This transaction was so iconic that May 22 has now become Bitcoin Pizza Day, where people remember Bitcoin’s beginnings with pizza.
Although bitcoin has seen its ups and downs, bitcoin hit a spike in 2021. It climbed the charts after experiencing a price crash in 2020, which was largely due to the onset of the Covid-19 pandemic.
Today bitcoin holds its value over all others within the cryptocurrency market and has been adopted as legal tender in more places and countries. People are not only investing in Bitcoin but are mining it as well. With the right software, mining a single bitcoin takes roughly 10 minutes.
Bitcoin Stands Above The Rest
While the future is never certain, the future of Bitcoin seems secure within the world’s economy. As the metaverse continues to grow and expand, the need for cryptocurrency also rises.
The history of Bitcoin has become an important placeholder over time, one that marks a shift in the way that commerce conducts itself, helping to form a whole new industry in the process.
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