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Bitcoin first came into being via a document made public on October 31, 2008, which explained the concept.
This document, known as the WhitePaper, is entitled :
“Bitcoin: A Peer to-Peer Electronic Cash System”.
In the early days, only a few computer enthusiasts were interested.
But exchange platforms were soon set up, enabling bitcoins to be exchanged for dollars, and thus setting a price based on supply and demand.
On October 12, 2009, 5050 bitcoins were traded for $5.02, or around $0.001 each, marking the beginnings of cryptocurrencies as an investment medium.
Less than two years later, on February 9, 2011, BTC reached parity: on that day, 1 bitcoin = 1 dollar.
It’s also more efficient than bank transfers, which can take several days, especially if funds are being transferred internationally.
Bitcoin was created in 2008 by an anonymous entity under the pseudonym Satoshi Nakamoto, who published a white paper describing a decentralized digital currency system using the blockchain.
The Bitcoin network was launched on January 3, 2009 with the mining of the first block, marking the beginning of the world’s first cryptocurrency.
Nakamoto left the project in 2010, leaving its development to the open-source community.
Since then, Bitcoin has become a pillar of digital finance.
Bitcoin has no central team, but relies on a community of open-source developers.
Core developers, such as Gavin Andresen, Pieter Wuille and Wladimir van der Laan, play a key role in maintaining the Bitcoin Core software.
Governance and enhancements are made by consensus within this decentralized community, with no central controlling authority. Live Bitcoin prices.
Bitcoin’s operation is based on a protocol: the blockchain.
This is a digitized account book in which all transactions are recorded.
Bitcoins circulate on this network, and are therefore exclusively digital.
This network has 2 fundamental characteristics:
There is no central body controlling its operation: data is replicated on tens of thousands of computers worldwide, and anyone can participate in the network and propose modifications. These characteristics give rise to confidence in its use. To diversify your crypto-currency investments, also consider buying stablecoins like USDT. Find out how to buy USDT safely on Coinhouse.” In addition to Bitcoin, stablecoins like USDT offer a stable option for your transactions and investments. Learn more about USDT.
For the sake of clarity, let’s distinguish between the Bitcoin protocol – which is the network on which all transactions and information are stored – and bitcoins, which are the units of value that are exchanged and whose price is set by supply and demand.
Mystery surrounds Bitcoin’s creator.
He goes by the pseudonym Satoshi Nakamoto.
It may be one person or a group of people, but it’s impossible to be certain.
Some specialists claim that Bitcoin was created in response to the 2008 financial crisis, as a way of breaking free from banks and governments. But Satoshi Nakamoto’s rare writings, which go back to the origin of the cryptocurrencydo not support this theory.
It does, however, discuss the shortcomings of the traditional banking system.
In particular, the need to use financial institutions as intermediaries to guarantee our transactions.
Bitcoin can operate without its original creator, who has not been active in the project since 2012.
Satoshi Nakamoto thus proposes an alternative value exchange system.
He is the first person to have found a solution that functions entirely without intermediaries or central management bodies.
People called miners are volunteers who use their computers to validate transactions and secure the Bitcoin network.
Through this action, known as “proof of work”, they are at the origin of money creation: the aim is to solve a mathematical equation, and the first machine to solve it receives a reward in bitcoins.
This is why the analogy is sometimes made with gold: miners “discover” a new block of the Bitcoin blockchain every time an equation is solved.
Like the gold digger who has worked hard in a mine, the miner receives Bitcoins as a reward for committing computing power and enabling the network to function.
The difference is that with Bitcoin, everything is digital and the total number of units is determined in advance.
Miners are also remunerated by transaction fees, the amount of which varies according to network usage, from a few cents to several tens of euros. Bitcoin and mining: a real industry Today, bitcoin mining has become industrialized.
These are known as “mining farms”, and are usually large-scale facilities housing thousands of computers dedicated to mining.
These farms are often owned by companies, as mining is a capital-intensive business: to be competitive, you need a lot of hardware.
Equipment that consumes a lot of energy and gives off heat, requiring air-conditioning.
Certain countries in the world are favored for this activity because of their cold winters and low electricity costs.
Mining remains a technical subject, which we’ll cover in greater detail in this article.
You’ve probably heard Bitcoin compared to digital gold.
A number of features support this observation:
In these times of economic uncertainty, this characteristic can give Bitcoin the status of a safe haven, in the sense that state currencies could depreciate with the phenomenon of inflation.
Open a Bitcoin account can be very interesting.
But while buying bitcoin as an investment may be a wise choice, you mustn’t overlook its high volatility.
Indeed, its value can rise or fall sharply in the space of just a few days.
As Bitcoins are not subject to any regulation, they are regularly the focus of speculation.
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Bitcoin’s first advantage is that it can be used as an anonymous means of payment.
But this cryptocurrency has many other advantages:
– Transfers are virtually instantaneous (less than 10 minutes); – Transfer fees are zero.
Payment fees are lower than other, more traditional solutions (PayPal, bank cards, etc.); – There is no limit to the amounts that can be transferred; – Exchanges take place on a global level, with no intermediaries for storage and transfer; – Anyone can exchange bitcoins; – It’s a decentralized system, not dependent on any institution; – Total transparency of exchanges is guaranteed: every transaction is recorded in the blockchain, a public database; – It’s an attractive investment opportunity.
Gains can be rapid.
Bitcoin also comes with a number of drawbacks.
It’s essential to be aware of them before investing in or mining this cryptomania: – The system is still relatively unknown.
Almost everyone has heard of bitcoin, but the concept remains little understood by the general public; – Transactions are irreversible.
It is not possible to cancel a bitcoin payment once made, even in the event of an error; – Its independence from institutions and the absence of intermediaries is not without consequence: bitcoin is not regulated or guaranteed by a central authority; – Users must take special precautions to protect their investment.
It is essential to secure your computer and your online wallet.
In the event of hacking or loss of access, the user has no recourse.
Users must also be extremely vigilant in their choice of wallet provider.
– The bitcoin price is highly volatile, and can be significantly impacted by all kinds of events.
However, this should evolve towards greater stability as more individuals and companies use this cryptocurrency.
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