Bitcoin is the oldest and most popular cryptocurrency in the world
In the end, cryptocurrencies are only just gaining popularity. The value of some digital assets has skyrocketed and large investors have backed many of them, making these coins even more attractive. Bitcoin, the world’s oldest and most popular cryptocurrency, has, over the years, gained the trust of investors. There have been countless discussions on various platforms about Bitcoin and its skyrocketing value, but do you know how it all started? If you are someone interested in the cryptocurrency market, the origins of Bitcoin will definitely catch your attention.
What is the origin of Bitcoin?
No one has ever seen the creator of Bitcoin. This digital currency was mysteriously created in 2008 and released as open source software in early 2009. The creator of Bitcoin is a person or group of individuals working under the pseudonym Satoshi Nakamoto.
In 2008, an academic white paper regarding the Bitcoin concept was uploaded with the title ‘Bitcoin: A Peer-to-Peer Electronic Cash System’. It refers to the digital currency that is not tampered with by any government intervention. No organization or government will have control over it.
In 2009, the software was finally released and launched the Bitcoin network. Today the software is open source and anyone can view and contribute.
Bitcoin works on three main principles – supply and demand, cryptography, and a decentralized network. If you notice, Bitcoin and basically the idea of digital money was introduced after the world witnessed the financial crisis in 2008.
Then, from 2011, many rival cryptocurrencies began to circulate.
How does Bitcoin work?
Bitcoin is the oldest cryptocurrency in the world. It is a digital currency commonly used to exchange value for goods and services. Bitcoin works on the principle of blockchain technology. Bitcoin can also be mined or produced using a huge computer system, complex technical processes, and an active internet connection.
People have been transacting with Bitcoin for over a decade now. Many companies have even started accepting Bitcoin as a payment method. The price of this coin has increased significantly over the years. At press time on Wednesday, Bitcoin is trading at Rs 49.75 lakh on Indian exchange, CoinSwitch Kuber.
However, before trading, always remember – this virtual currency is very volatile.
