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So, What Exactly is a Bitcoin?

June 15, 2016

 

History of Bitcoins and What They Mean Today

 

Bitcoins are regarded as the world’s first decentralized currency and were first conceptualized by Satoshi Nakamoto in 2007. There is uncertainty as to whether Satoshi Nakamoto is actually an individual or a pseudonym for several different individuals. Nevertheless, by August 2008 an application was made by three individuals for a patent for the Bitcoin concept and later in the month, bitcoin.org was registered.

 

This was followed by a series of events and in January 2009, version 0.1 of bitcoin was released.

The first bitcoin transaction took place between Satoshi and a gentlemen named Hal Finney. Following the establishment of an exchange rate further in the year, version 0.2 was released in December of 2009. In early 2010, a bitcoin currency exchange was established which facilitated the trading of bitcoins and by February the encryption patent application made in 2008 was approved and published.

 

A new digital currency was created.  It is generated and managed all electronically.

 

How Bitcoins are Used Today

 

Today, bitcoins have become one of the world’s most popular digital currencies. They may be obtained through mining or by purchasing them on a bitcoin Exchange such as Bitcoin.com. 

Here are the top three factors that make the Bitcoin a unique concept.

 

1. There really isn't any "middle man".  Most transactions are Peer-to-Peer, eliminating any processing bank therefore reducing possible fees.

 

2.  All sales are final. There is no risk of return or chargeback.

 

3. Currently, there is no government regulations on Bitcoins (i.e. there is no ability to hold, freeze or investigate your bitcoin account).

 

Have you ever used this alternative payment method? What was your experience? 

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