History and Everything you need to know about Bitcoin

BITCOIN OFFICIAL LOGO

Bitcoin which is the first know crypto currency (If you don’t know what a crypto currency is click here, I’ve made a post about it) which is known to be digitally decentralized which means it doesn’t have one administrator or central banking platform. Bitcoin can either be sent from peer to peer on the network an there’d be no need for a third party.

Founder: Bitcoin is transferred in a peer to peer Electronic Cash System
Bitcoin was created by Satoshi Nakamoto on the 9th of January 2009 (11 Years ago) and the official website for Bitcoin is Bitcoin.org.

Against the central banking currency, Bitcoin is run through cryptography and transactions on the platform follow suit and thereafter recorded in a Leger distribution called Blockchain. Also note that though Bitcoin was created in 2008, the identity of the crypto currency is not known as the creator/creators used the name Satoshi Nakamoto to conceal their identify.

The creation of bitcoins by users are done through the reward systematic process called minning. The coin however, can be exchanged for other currencies ranging from dollars to Euros etc.

Moreover, according to a recent research carried out by Cambridge university, there are 2,9 to 5.8 million unique users using the wallet of the crypto currency as at 2007 and the most used is Bitcoin.

This notwithstanding, Bitcoin has been so widely criticized for not being centralized and not trackable. For example, the Central Bank of Nigeria (CBN) have guidelines on the amount of money an individual or a group of persons (either company or firm) can have in their account or can be able to transfer at a single transaction) but in Bitcoin a single person can transfer Bitcoin worth billions of naira without being traced thus the criticism.

Bitcoin can be used for investment as well and it is been indexed by Foreign Exchange (FOREX) and users can comfortably exchange Bitcoin with other currencies.

The price of Bitcoin has skyrocketed in recent times and thus becoming a force to reckon with in modern monetary times.
This is however handicapped with the facet that most banking institutions have not yet embraced Bitcoin as a medium of exchange.

Leave a Reply

Your email address will not be published.