Bitcoin made it’s entrance into the market

Bitcoin made it’s entrance into the market in January of 2009. Satoshi Nakamoto, who chooses to keep his identity anonymous, became the first miner of  Bitcoin. Nakamoto mined almost a million bitcoins before he left the market and passed his legacy on to developer Gavin Andersen. Before the bitcoin was introduced, a plethora of other digital currencies were in existence. However, Nakamoto created an industry that has not only changed the way our markets will function, but it will be a new wave in the future for currency exchange. Nakamoto’s mission was to create a platform for peer to peer transactions without “relying on trust”. Bitcoin is a digital currency that is not monitored or regulated by a higher authority, therefore it is decentralized. Bitcoin is also not linked to a bank of any sort. Bitcoins are validated and made available on a public ledger, this is what we call a blockchain. Since bitcoins are completely electronic, they are held in digital wallets, which in turn are linked to the person’s bank account. Cryptography helps to measure and manage the flow of how bitcoins are created. Complex math, algorithms, and specific codes which are solved by a network of computers, create the bitcoin. Many cryptocurrency brokers such as Coinbase, Bittrex, and etc. offer the public an arena for bitcoin purchasing, exchange, and other services. A person can own a fraction of a bitcoin as well by something called mining. Mining requires a functioning internet connection, and hardware. The software allows miners to mine for bitcoins and miners can cause forks that affect the block chain. Also, there has been development of bitcoin ATM machines. With these ATM machines, a person is able to purchase bitcoins or exchange them for cash.
Bitcoin has created a frenzy in the cryptocurrency market. It has paved the way for different types of digital currencies and may be a major form of currency accepted by every person, business, and corporation in the near future.

 

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