Things you need to know about bitcoin

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It feels like everybody (and we mean EVERYBODY) is talking about BitCoin these days it’s probably because they are!

One of the hottest new investment opportunities to come along in a very, very long time – as well as a revolutionary new approach to currency that exists in a 100% digital realm – BitCoin is a technology that stands the chance to change the way our world operates, but many of us still aren’t quite sure exactly what BitCoin is right now or what it is all about.

Hopefully this quick guide shines a little bit of extra light on the subject for you moving forward!

What exactly is BitCoin, anyway?

At its very core, the essence of BitCoin is a 100% digital currency (there are nearly 800 alternatives like BitCoin out there right now) that isn’t controlled whatsoever by a central banking authority or a government. 100% decentralized, 100% open sourced, and 100% created by “miners” that use specialized hardware to process transactions on blockchain – the foundation of BitCoin and most other crypto currencies – this is a new approach to money that hasn’t ever caught on quite like this before.

Established almost 9 years ago (the oldest of all the crypto currencies), it also happens to be the most valuable of all the crypto currencies – reaching the highest of heights just a few short days ago (close to $19,000 per coin). Proponents of this technology say that it creates more secure transactions, allows for greater anonymity, and is the future of banking as more and more people become distrustful of government agencies and big banks that are apparently “too big to fail”.

Who created BitCoin?

Even though BitCoin is talked about by most anyone and everyone right now, and even though it has been around for almost 9 years, and the end of the day nobody really knows exactly who created BitCoin – except for that they used the pseudonym Satoshi Nakamoto and released 50 BitCoins into the wild on January 3 of 2008.

Whoever the creator of BitCoin is they are very, very wealthy, as they are believed to have mined more than a million BitCoin (worth more than $15 billion US right now).

When was BitCoin used first?

Believe it or not, the very first ever transaction involving BitCoin was on May 22, 2010 when a computer programmer traded 10,000 BitCoin for a pizza. Today that BitCoin would be worth well over $99 million – making it may be the most expensive pizza ever sold!

Other early transactions were mostly handled online between computer programmers, but another famous example is of someone buying a brand-new Porsche with just a few hundred BitCoin. That would still be a transaction heavily favored towards the one that accepted BitCoin, but it’s not nearly as jaw-dropping as the pizza story is.

At the end of the day, BitCoin looks like it is here to stay. And while the future of this cryptocurrency is impossible to predict, the technology that it is based upon (blockchain) looks like it could become the future backbone of the internet as we know it.

About the Author
Morris Edwards is a content writer at CompanyRegistrationinSingapore.com.sg, he writes different topics like Visa Approves Monaco Cryptocurrency Card For Singapore Residents, Monetary Authority of Singapore a strong supporter of Fintech and all topics related to Singapore Business and Tech.If you are interested about Setting up a Company in Singapore visit our website for more info.

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