The term bitcoin had its origin in 2009 when it was created by Satoshi Nakamoto, who created it to be used to make purchases only through the Internet.
- What is Bitcoin?
Bitcoin is a digital payment system and a cryptocurrency that has revolutionized the technology industry with the creation of the blockchain. It is a currency in virtual form, decentralized and independent and since it is free from control of any financial institution, bank, State, or any firm.
Bitcoin an intangible currency, but still, it can use as a means of payment, just like real money. A Bitcoin is a computer file that stores in a ‘digital wallet’ app on a computer or smartphone. People can send and receive Bitcoins to their digital wallets. Every single transaction records in a public list called the blockchain
- Background of Bitcoin
The idea of creating a digital financial system or a virtual currency was not the idea of the founder of bitcoin. However, Satoshi Nakamoto, who can denote as the hier of Bitcoin, achieved something that others had not done before: Create a decentralized payment platform.
On January 4, 2009, Bitcoin created by Satoshi Nakamoto, who launched the first open-source Bitcoin client and registered the first block of the bitcoin blockchain, called the genesis block. On January 12, the first bitcoin transaction takes place between Satoshi Nakamoto and Hal Finney.
- Bitcoin Historical Price
The virtual currency uses cryptography to get hold over making. It has a programmed system which generates bitcoins in a fixed amount. These collect on per unit of time with the help of computers which act as miners. Currently, for the number is fixed as 25 bitcoins every ten minutes.
But when it was born, it did not enjoy much popularity, and it was the crypto community that supported and spread the use of the first cryptocurrency. In the beginning, it only exchanges for entertainment, so the initial price of bitcoin was zero.