Bitcoin is the oldest and most popular cryptocurrency in the world
Lately, cryptocurrencies have only gained popularity. The values โโof some of the digital assets have skyrocketed and many of them have been backed by major investors, making the coins even more attractive. Bitcoin, the oldest and most popular cryptocurrency in the world, has earned the trust of investors over the years. There have been endless discussions on various platforms about Bitcoin and its dizzying value, but do you know how it all started? If you are someone who is interested in the cryptocurrency market, the origin of Bitcoin is sure to catch your eye.
What is the origin of Bitcoin?
No one has ever seen the creator of Bitcoin. This digital currency was mysteriously created in 2008 and released as open source software in early 2009. The creator of Bitcoin is a person or group of people who worked under the pseudonym Satoshi Nakamoto.
In 2008, an academic report related to the concept of Bitcoins was uploaded with the title 'Bitcoin: A peer-to-peer electronic cash system'. He mentioned the digital currency which is devoid of any government interference. No organization or government will have control over it.
In 2009, the software was finally released and launched the Bitcoin network. Today the software is open source and anyone can view and contribute.
Bitcoins work according to three fundamental principles: supply and demand, cryptography and decentralized network. If you noticed, Bitcoins and basically the digital currency idea was introduced after the world saw the financial crisis in 2008.
Subsequently, starting in 2011, many rival cryptocurrencies began to circulate.
How does Bitcoin work?
Bitcoin is the oldest cryptocurrency in the world. It is a digital currency that is often used to exchange value for goods and services. Bitcoins work on the principle of blockchain technology. Bitcoins can also be mined or produced using a massive computer system, a complex technical process, and an active internet connection.
People have been trading Bitcoin for over a decade. Many companies have even started accepting Bitcoins as a payment method. The price of coins has risen substantially over the years. At the time of writing this article on Wednesday, Bitcoin is trading at Rs 49.75 lakhs on the Indian exchange, CoinSwitch Kuber.
However, before trading, always remember: this virtual currency is very volatile.
