Bitcoin: From Idea to Reality

Rohan Mathew

Updated on:

The idea of digital currency was just an idea back in the day. Nowadays, it’s a global phenomenon that stands to revolutionize the way people look at money. Bitcoin is one of the most popular cryptocurrencies in most financial markets. There are lots of people that are into using cryptocurrency while more are on the way.

You’re probably looking to join the ranks of the Bitcoin traders and no one can blame you. There have been numerous success stories. In other words, people have become millionaires overnight. But everything has a starting point and so does Bitcoin. So, how did it all began?

How Bitcoin Came to Be

There have been a few predecessors to this cryptocurrency. One of them was BitGold and it was one of the first cryptocurrencies back in the 90s. The man behind it was Nick Szabo, who will also contribute to the popularization of Bitcoin as a cryptocurrency.

However, the enigma that is Satoshi Nakamoto is credited with the creation of Bitcoin. Back in 2008, he published a white paper that contained all the details behind Bitcoin as a decentralized cryptocurrency. Next year, on the 3rd of January he would create the first part of the blockchain known as the Genesis block.

This first block is made up of 50 BTC that no one can spend. New blocks could be created within 10 minutes and the contributors to this project got down to work. It was time for the cryptocurrency to get more widespread attention. That’s when Laszlo Hanyecz bought 2 pizzas for 10,000 BTC in 2010. Papa John’s was the first business to take part in a Bitcoin transaction.

Nowadays, there are many businesses and individuals that take part in Bitcoin transactions. In fact, there are traders that make sure the price of Bitcoin assets goes up. These traders are always looking to gain the upper hand.

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If you’re such an individual then you’ll be glad to hear that some platforms offer trading bots. These bots can do the trading for you. If you’re looking for such a platform then click this link to visit the Bitcoin Circuit platform. All you need to do is make an account and deposit the minimum of $250. Then you need to go over the tutorials to understand the bot’s settings. Finally, you can go live with the bot doing all the work for you.

What Makes Bitcoin So Popular?

The important thing about Bitcoin is that it’s based on blockchain technology which gives users several benefits. Thanks to blockchain the cryptocurrency is decentralized. This means that no third party has authority over Bitcoin. It the collective that serves as the authority over it.

Since it isn’t controlled by a third party that means that the users’ accounts are private and no one but them can access their accounts. This means that there’s a greater level of anonymity which allows for a greater level of security. Additionally, you don’t need to pay fees for account maintenance.

You’ll pay fees for transactions but they will be significantly lower compared to the ones that a bank or another third party would impose on you. When it comes to banks and other financial institutions you’ll be able to access your accounts only during working hours.

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The Bitcoin trading market is available 24/7 and it’s available online. Bitcoin wallets are made to be available on multiple devices. This means that you can use your computer or smartphone, connect to the Internet, and trade whenever you want to. In other words, the level of availability is a lot different.

However, the online presence does come with its issues. One of the greatest issues is security. There are hackers online as well as various malware that can harm your assets. That’s why the developers of Bitcoin wallets make sure to give it several layers of security before presenting the product.

This goes to show that not every currency is perfect and neither is Bitcoin. However, Bitcoin is on a good way to become a lot more common than it is today. So far, the prices of Bitcoin assets have been rising and the usage of the cryptocurrency has grown substantially. In other words, businesses and individuals are getting more familiar with Bitcoin.