What Is Bitcoin, The Most Asked Question In Google
History Of Bitcoin
A Japanese pioneer Satoshi Nakamoto was the initiator of a revolution that years later became the headline of the media and forced economists to debate it extensively.
The identity of this person has never yet revealed and people consider Satoshi Nakamoto as a group of people who didn’t want to be known in the real world. As this cryptocurrency gets popular, Satoshi would likely avoid any encounters with the real world, and also with the increasing value of bitcoin, it is not unreasonable to expect that it will defeat common currencies. This may make governments protect their currency’s value.
But What Is Bitcoin Really?
Decentralization and avoidance of printing more currencies are the two main characteristics of digital currencies. With this, you can make your money transfers and even order products from online stores. Bitcoin is one of the premier cryptocurrencies to use peer-to-peer (p2p) technology to help pay in no time. Selves and businesses who have the governing computing power and participate in the Bitcoin network, called nodes or miners.
Miners are the people who process the transactions. They are rewarded (after releasing of new coins of this cryptocurrency) in bitcoin as well. New coins of this cryptocurrency delivered to the miners at a fixed, yet intermittently declining rate, for that the total supply of it is approximately 21 million (in 2020).
what is bitcoin
Any digital currency works uniquely from common ones. A decentralized system like Bitcoin introduces the release rate early and according to an algorithm. Totally, bit-mining completes when difficult puzzles are solved and then a new block born. Newborn block sums to the blockchain. With this, transaction records across the network are being verified. Miners get paid by a few bitcoins. Any kind of hardware may be utilized for bit-mining processes but some produce higher bonuses. Certain computer hardware which called ASIC (Application-Specific-Integrated-Circuits) and more powerful GPUs (Graphics Processing Units) are the keys to achieve more reward. “Mining rigs” is a proper nickname for this kind of computer.
Satoshi is the smallest unit of this cryptocurrency, as a cent for a dollar. And also a bitcoin is divisible to 8 decimal places. In order to answer the question “ what is this cryptocurrency “, reading the following of the article is a must.
Bitcoin Price History
May 17, 2010: The first bitcoin exchange launched
May 22, 2010: The first transaction with bitcoin occurred
The first bitcoin transaction occurred in May 2010 by Lazlo Hanich, a member of the Bit-Talk-Forum. He paid 10000 bitcoins to buy 2 pizzas from Jacksonville Restaurant. At this time the value of bitcoin equals 0.0004 dollars.
July 18, 2010: Jed McCaleb, peer-to-peer programmer, announced that the MtGox exchange was ready to buy and sell bitcoins 24/7.
December 19, 2011: the popular TV series “good wife” dedicated an episode to Bitcoin. After the initial announcement, many investors bet on the increase bitcoin’s price and its new record. In 2012 bitcoin’s price reached 4.27-13.70 dollars.
2013
Min price: 13.44 $
Max price: 1237.55 $
2014
Min price: 111.56 $
Max price: 1007.00 $
2015
Min price: 164.95 $
Max price: 463.18 $
2016
Min price: 373.92 $
Max price: 972.17 $
2017
Min price: 819.62 $
Max price: 19336.45 $
2018
Min price: 3232.55 $
Max price: 17171.56 $
2019
Min price: 3375.52 $
Max price: 12657.00 $