Tag: Bitcoin

Bitcoin is a decentralized global peer-to-peer network.

It can provide different ways of transactions, online payments, cheap international transactions etc.  It is transparent and open to everyone 24/7.

To put it briefly, it is the first widely spread implementation of a paying system, which is not controlled by any global government.

Unlike governmental organisations and banks print or generate practically unlimited new money, Bitcoin has a limited available amount of 21 Million coins. At the moment there are about 18,2 millions of coins manufactured, but the last Bitcoin will probably be mined on May 7th, 2140.

Bitcoin is also abbreviated as BTC or XTB. It can be divided down to 8 decimal places. Therefore,  one hundred-millionth 0.00000001 BTC is the smallest amount that can be handled in a transaction. The smallest unit is unofficially named Satoshi.

Bitcoin emerged in 2008 as the first cryptocurrency.

Since then a lot has happened and we would like to make a brief review about it.

BTC was invented by a mysterious person or organisation named SATOSHI NAKAMOTO. Their identity is still unknown and we believe it will never be revealed.

Nakamoto has stated that work on the writing of the code for Bitcoin began in 2007.In August 2008 he or a colleague registered the domain name bitcoin.org,and created a web site at that address. In October 2008, he published a paper on the cryptography mailing list at metzdowd.com describing a digital cryptocurrency, titled Bitcoin: A Peer-to-Peer Electronic Cash System.

On January 3rd, 2009, Satoshi Nakamoto launched the platform by generating the first bitcoin block, called “Genesis Block”.

On October 5th, the first exchange rate was given on the New Liberty Standard platform.  1309.03 (ONE THOUSAND THREE HUNDRED NINE point 03

BTC for 1$. This price was established by calculating the price of electricity spent to undermine this quantity of bitcoins.

 

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