Bitcoin is the oldest and most popular cryptocurrency in the world
Recently, cryptocurrencies have only grown in popularity. The value of some digital assets has increased, and major investors have backed many of them, making the coin more attractive. Bitcoin, the world’s oldest and most popular cryptocurrency, has gained investor confidence over the years. There have been endless discussions on various platforms about bitcoin and its skyrocketing value, but do you know how it all started? If you are someone interested in the cryptocurrency market, then the origins of bitcoin will surely grab your attention.
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 an individual or group of individuals, operating under the pseudonym Satoshi Nakamoto.
In 2008, an academic white paper relating to the concept of bitcoin was uploaded with the title ‘Bitcoin: A peer-to-peer electronic cash system’. It mentions digital currency which is free from any government interference. It will not be controlled by any organization or government.
In 2009, the software was finally released and the bitcoin network was launched. Today, the software is open source and anyone can view it and contribute.
Bitcoins work on three main principles – demand and supply, cryptography and decentralized networks. If you noticed, the idea of bitcoin and, basically, digital currency was introduced to the world after seeing the financial crisis in 2008.
Later, from 2011 onwards, several rival cryptocurrencies started coming into circulation.
How does bitcoin work?
Bitcoin is the oldest cryptocurrency in the world. It is a digital currency that is often used to exchange the value of goods and services. Bitcoins work on the principle of blockchain technology. Bitcoin can also be mined or produced using a massive computing system, complex technical process, and an active Internet connection.
People have traded in bitcoin for over a decade. Many companies have also started accepting bitcoin as a payment method. The value of coins has increased significantly over the years. At the time of writing on Wednesday, bitcoin was trading at Rs 49.75 lakh on Indian exchange CoinSwitch Kuber.
However, before trading, always remember – this virtual currency is highly volatile.
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