What Makes Bitcoin So Important
By Space Coast Daily // July 28, 2022
Bitcoin is regarded as one of the most popular cryptocurrencies in the world. It is hard to imagine the modern world without Bitcoin or cryptocurrencies, in general.
Let’s get back to Bitcoin. It is a decentralized peer-to-peer electronic exchange.
The above-mentioned cryptocurrency was created so people don’t have to rely on the government or financial institutions to make financial transactions. It allows users to transact amongst themselves using the Bitcoin blockchain, which depends on a proof-of-work method for tracking and verification of transactions.
As stated earlier, Bitcoin is one of the most popular cryptocurrencies in the world. Some people believe that it could one day replace physical cash. While it isn’t perfect, investors are optimistic about the developments that have been made since the crypto’s inception.
Unsurprisingly, Bitcoin growth has rallied a fervent community that is excited about cryptocurrency’s rise as well as the opportunities it will present for investors and businesses. The world’s most popular cryptocurrency has also inspired the development of thousands of other cryptocurrencies.
First of all, you won’t find negative information on the internet, for example “BitiCodes Scam,” and do you know why? Hopefully, it isn’t a scam.
The purpose of BitiCodes is to help both beginner and expert traders make accurate and profitable trades.
Thanks to its innovative technology, you won’t need to have prior trading experience to make a profit. BitiCodes is designed to catch opportunities in the market, and it’s considered much safer than trading on your own.
Early days of Bitcoin
This cryptocurrency was created out of the turmoil of the 2008 Great Recession as distrust of banks as well as their role in the financial system grew.
What’s interesting, Satoshi Nakamoto issued a white paper to address the centralized control of money and the trust required in handling citizens’ cash.
So, Bitcoin was presented as a way to transact without using a third party. Rather, the Bitcoin system uses cryptographic proof to keep the integrity of the network instead of relying on third-party banks as well as other institutions.
On Jan. 3, 2009, the blockchain was launched when the first block, called the genesis block, was mined. The first test transaction took place about one week later.
Back then, Bitcoin had no real monetary value. Miners would trade Bitcoin back and forth just for fun.
However, it would take more than a year for the first economic transaction to take place, when a Florida man negotiated to have two Papa John’sJohn’s pizzas, valued at $25, delivered for 10,000 BTC on May 22, 2010.
One interesting fact: In honor of this pivotal moment, cryptocurrency fans and supporters call May 22 Pizza Day.
In 2011, miners as well coders started to build other networks, like Ethereum and Litecoin, and began to improve the code behind Bitcoin’sBitcoin’s blockchain, adapting it for different uses,
Once Bitcoin became available on exchanges in 2010, it became easier to buy, sell, trade and store. Thanks to these exchanges, Bitcoin has a reliable price against the U.S. dollar. Bitcoin even has been officially adopted as legal tender in El Salvador alongside the dollar.