With ample chatter around this word cryptocurrency, it is natural to be curious about the starting point. When it is about crypto, plenty of people still assume that it is the synonym for Bitcoin only. Well, the fact is that Bitcoin is certainly the pioneering cryptocurrency, but there are others on the list that have positively impacted the market. These coins are called altcoins. Other names like Ethereum, Tether, Cardano, etc. came a little later. Hence, it makes sense to know about the background of Bitcoin—the point where it all started, marking the rise of digital currency.

One of the primary reasons that has led to a much rise in the demand for Bitcoin is the value it holds presently.  There are cryptocurrencies like Ethereum, Litecoin, Ripple, Dogecoin, Safemoon that have created a fervor. But prior to investing in it, you must know about these cryptocurrencies. It does not matter if you are a newbie or a regular crypto trader, or even if you are not into crypto yet, it is significant to have general knowledge. Here will be sharing insight on Bitcoin and its journey.

Who is behind the rise of Bitcoin?

Everybody wants to know who brought in the spectacular and unique idea of digital currency. If you also wondered the same, then you are not the only one because it is indeed such an intriguing question. Well, as per of plenty sources, whether online or offline, national or international, there is one name that pops up frequently as the creator of Bitcoin- Satoshi Nakamoto. However, full-proof info about the verified identity is still a mystery.

When did Bitcoin come into existence?

The exact date of the idea behind Bitcoin is somewhat vague, but August 2008 is believed to be the most precise timeframe. Satoshi or one of his acquaintances reportedly created a website for Bitcoin in mid-August 2008. In the same duration, Satoshi released a whitepaper under the title, “Bitcoin: A Peer-to-Peer Electronic Cash System.” It was very soon that his publication received massive attention from people across the globe, and it made Bitcoin one of the most-talked currencies. A couple of months later, ie in 2009, Bitcoin, was made available to the public at large via software.

When Bitcoin was first transacted?

Since Bitcoin was a new concept, it didn’t gain acceptance quickly like other currencies or the rise of digital currency. In January 2009, Bitcoin began its mining process. This process creates Bitcoin. During this time, the first blockchain also came into existence, forming the basis for Bitcoin transactions. However, there was no recognized value for Bitcoin in the market at that time.

The next year, which is 2010, brought more laurels and growth to this crypto. Even umpteen people across the globe consider the year 2010 as the year of Bitcoin’s creation. On May 22, 2010, the first-ever Bitcoin transaction took place, and that too was for some food. A programmer was having a couple of Bitcoins and he bought two pizzas for 10,000 Bitcoins. As per stats and sources, it is believed that if he had not sold his Bitcoins, he would have been standing at a valuation of hundreds of million dollars for those 10K Bitcoins as of today.

What is the current status of Bitcoin trading? Or Conclusion

Well, lawful authorities and legislative powers of countries are still in turmoil as to the recognition of Bitcoin. El Salvador is the only nation that has given legal status to Bitcoin as of now. Dallas Mavericks, Overstock, Microsoft, Etsy, Shopify, etc. are some of the names of the established firms that take Bitcoin for any sale or service with them.

Bitcoin trading is also seeing an impressive surge in the last few months. Several verified applications like bitql facilitate the crypto exchange safely and privately.

Concluding thoughts

With the surge of Bitcoin, the world also got to know about Blockchain technology. It forms the underlying technology of Bitcoin and several other cryptocurrencies. The revolutionary wave has already transpired across the different industrial segments and we are witnessing the rise of digital currency investment. With the present trend, we can certainly conclude that Bitcoin is here to stay.