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Bitcoin is a decentralized cryptocurrency that was first defined in a whitepaper in 2008 by a person or group of individuals going by the identity Satoshi Nakamoto. It was released shortly after, in January 2009.
Bitcoin is a peer-to-peer internet money, which means that all transactions take place directly between equal, independent network participants, with no need for a third party to permit or enable them. According to Nakamoto, Bitcoin was intended to allow “online payments to be transmitted directly from one party to another without passing via a banking institution.”
Some ideas for a similar form of decentralized electronic currency predate BTC, but Bitcoin is the first cryptocurrency to see widespread adoption.
Satoshi Nakamoto is the pseudonym used by the original creator of Bitcoin. The exact identity of the individual — or organization — behind the alias is unknown as of 2021.
On October 31, 2008, Nakamoto released the whitepaper for Bitcoin, which detailed how a peer-to-peer, online money could be established. They advocated using a decentralized ledger of transactions bundled in batches (called “blocks”) and safeguarded by cryptographic techniques — the entire system was named “blockchain” later on.
Nakamoto mined the first block on the Bitcoin network, known as the genesis block, just two months later, on January 3, 2009, introducing the world’s first cryptocurrency. When Bitcoin was first established, the price was $0, and the majority of Bitcoins were obtained by mining, which only required moderately powered machines (e.g., PCs) and mining software.
On May 22, 2010, programmer Laszlo Hanyecz exchanged 10,000 Bitcoins for two pizzas in the first documented commercial transaction involving Bitcoin. Those pizzas would be worth $478 million at today’s Bitcoin price in mid-September 2021. This occasion is now known as “Bitcoin Pizza Day.” Bitcoin first began trading in July 2010, with the Bitcoin price varying from $0.0008 to $0.08 at the time.
You can trade Bitcoin on WhiteBIT, Binance, and Dcoin. Popular trading pairs for Bitcoin in the market includes BTC/USD, BTC/CAD, BTC/EUR, BTC/PHP, BTC/INR, and BTC/IDR.
