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Author: Admin | 2025-04-28
Bitcoin is a collective work of many people around the world but is commonly attributed to Satoshi Nakamoto who created and launched it in 2008. Bitcoin signifies the public blockchain that is responsible for issuing and administering the cryptocurrency that goes by the same name.Bitcoin is a cryptocurrency that functions as a substitute for country-backed currencies or cash. It operates through a blockchain system to protect transactional data from any centralized body that has acted as a broker and overseer of trades.The world’s first cryptocurrency, Bitcoin, has a rich and fascinating history. Here’s an overview of its journey:2008: The BeginningIn 2008, Satoshi Nakamoto published a white paper entitled “Bitcoin: A Peer-to-Peer Electronic Cash System”. October 31: This paper suggested the formation of a decentralized digital monetary system that goes hand in hand with blockchain technology.2009: Bitcoin is LaunchedJanuary 3: The Genesis Block (Block 0) was mined, marking the official launch and inception of BTC. A phrase was embedded in the block, reading accordingly: “The Times 03/Jan/2009 Chancellor on the brink of the second bailout for banks,” which referred to an article that pointed out the need of independence from the financial establishments. The first version of the Bitcoin software was released. January 12: The first Bitcoin transaction took place between Satoshi Nakamoto and the developer Hal Finney transferring btc ten dollars. 2010: First Real-World TransactionMay 22: Laszlo Hanyecz made the first real world purchase out of his known to be Bitcoin Pizza Day when two pizzas were sold at a price of 10,000 BTC. Bitcoin began to gain monetary value. The first market exchange rate emerged at the value of $1 = 1,309.03 BTC. 2011: Growing AwarenessIn February, bitcoins were able to be equalized with dollar bills. (1 BTC = 1 USD). Competing cryptocurrencies such as Litecoin were founded borrowing the template from Bitcoin’s open-source protocol.
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