Bitcoin – The first and the most successful digital currency – The Human Resources Social Network

Bitcoin is a crypto currency that was invented in 2009 by an unknown developer with the name of Satoshi Nakamoto. The currency became internet sensation only after 2012 and has ruled the digital currency market since then. In today’s market, the price of 1 bitcoin is believed to be around $16000 and the value goes on increasing day by day.

Bitcoin has gone through criticism and has faced a lot of legal issues but the value and popularity has continued to grow. It is slowly being streamlined by many countries and reserve banks and has been used in transactions more often than before. Bitcoin can now proudly say that it has been able to sideline the conventional currency and this is the reason why bitcoin has occupied more than 50% of the digital currency market. Bitcoin is the most popular and widely accepted cryptocurrency in the market today that can be used for all kinds of trade and payment is made through the internet. It is a digital currency that is owned by no bank and is decentralized. The users and owners of this digital currency can buy, sell and do other trades as per their convenience. A bitcoin owner can sell their bitcoin, exchange them for service or buying of goods but the dealer must accept bitcoin as replacement of currency. It is yet to be recognized by many countries but this has not hampered its popularity and value. The interesting thing about bitcoin in-fact a fascinating thing for many bitcoin traders is that there is no bank or middleman involved in the trading of bitcoin. There is no any regulatory body and you need not pay any service fee for using it. You don’t have to reveal your real name to trade with bitcoin and you can buy basically everything using bitcoin. You can take it as the traditional currency with only one difference that is bitcoin is traded via internet unlike traditional money and it does not have a physical presence either. Bitcoin is believed to replace conventional currency in the coming year to come with governments slowly accepting this form of currency it might not be impossible though. CREDITS is one of many popular blockchain platforms that is helping in trading of bitcoins and other cryptocurrency.

How it all did started?

There were discussions regarding paperless money and other digital currency before bitcoin was invented. But there was no effective move made by any one until 2008. There were series of activities related to bitcoin during the mid-2008 and registration of bitcoin.org website was one major breakthrough. There was a paper published by the author named Satoshi Nakamoto which described on how peer-to-peer computing can be utilized for the trade of cryptocurrency. The blockchain concept was getting materialized and the Nakamoto mined first bitcoin in 2009 called as genesis bock. This block had 50 bitcoins as reward. The concept of blockchain was implemented in his first mining by the inventor. The programmer named Hal Finney who downloaded the application for bitcoin was rewarded with 10 bitcoins too. This way the trade and use of bitcoin started and everyone knows where it is today.

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