If you’re here on this page then you’ve probably just noticed how people started talking about Bitcoin a handful of years back and now they’re still all the rage on many parts of the internet. You may also have some friends who buy and sell Bitcoins but each time you ask them to tell you a bit more about what the Bitcoin is and where it came from, they probably just throw jargon upon jargon at you. If you want to get to the bottom of what a Bitcoin is, you’ll have to do your own research.
On this page, we’ll talk about how the Bitcoin came into being. You may have started hearing about Bitcoin just recently but the truth is that Bitcoin was invented or rather, discovered in 2009. Yes, the cryptocurrency has now been around for a full decade and that wasn’t even the first time someone had tried to achieve a usable cryptocurrency either. In the year 2009, someone or something (we’ll get to that in a bit) named Satoshi Nakamoto mined the first ever Bitcoin block and as a result, they received 50 bitcoins. At the time a single Bitcoin was valued at $0.08 each.
People caught on quick and started mining Bitcoin since it was a real cryptocurrency that could finally be put into use. These days, Bitcoin is estimated to be around $17,000 in value – quite the jump, don’t you think? More and more people have set up powerful computer rigs for the purpose of mining bitcoin now but its process are still sky high. You can learn more about how rates work at https://8bitsumo.com/bitcoin/.
Satoshi Nakamoto disappeared from everywhere shortly afterward and it is said that he (or the group of people that go by the name) possess around 1 million Bitcoin. They’re the only centralized force that can drastically affect the value of Bitcoin.