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What Is Bitcoin 2017-10-31T02:25:23+00:00

What is Bitcoin?

Bitcoin was first created in 2009 under the synonym Satoshi Nakamoto. The real identity of it’s creator(s) is not known, however the value of the digital currency speaks for itself. Bitcoin is the first ever decentralised currency, a fact which plays a big part in it’s ever increasing popularity. For generations, the global monetary system has been run and controlled by centralised banks, riddled with corruption, inflation, and most importantly, based entirely on debt. Bitcoin is not controlled by any organisation, bank, third parties. It’s controlled entirely by it’s users, transaction by transaction. Bitcoin allows users to quickly and directly transfer the digital cash to any address around the globe, without the permission of any third party.

Bitcoin is the golden standard in cryptocurrencies! Most people investing in altcoins first buy Bitcoin before transferring it to an exchange like Bittrex where they can they buy almost any altcoin.

Bitcoin (BTC) ​Live Price:

If you haven’t realised by now, Bitcoin is the biggest and most popular cryptocurrency of them all and because of this there is no shortage of exchanges and trading platforms. Most, if not all accept and trade in Bitcoin!

Here are a few of the best in terms of UI, usability and low fee price:

bitcoin-coins

How does it work?

Bitcoin uses blockchain technology to bypass third party control. Before Bitcoin, a third party organisation such as a bank would be required to authorise and log any transfer of money in a ledger in order to prevent double spending. This ensures any monies transferred to, for example account B, had actually left account A. Bitcoin provides the ideal solution to the double spending problem, enabling complete freedom of cash transfers.
Every transaction (the block) is time stamped and added to the chain. Every other transaction is then added to the chain creating the block chain. The chain and blocks are highly encrypted and each new transaction forms a part of a sophisticated equation spanning the entire chain. If one block were to be changed in an effort to double spend or change the values, the entire chain would be effected and the attempt would immediately be picked up on and amended.

How it all started

The first real world transaction was made on May 22nd 2010. A programmer from Florida used the technology to buy a pizza for 10,000 BTC! At the time, the exchange rate for Bitcoin in GBP was just £0.001956, fast forward to today’s price of £1975 per BTC, that amount of Bitcoin would be worth £19.75 Million. Slowly, as more and more people started becoming involved with Bitcoin and realising the benefits such a system could bring, online communities started sharing and publishing articles about it. The word quickly spreads, and as more people start using it, the price begins to rise.
On July 11th, Bitcoin is mentioned on the site Slashdot (it’s tagline being ‘news for nerds, stuff that matters’) and interest surges. Over the next few days, the Bitcoin price increases 10 times and the snowball started to grow.

More information & resources:

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