In 2009, Satoshi Nakamoto launched Bitcoin as the first established cryptocurrency. Unknown to the world back then, Bitcoin would later revolutionize the financial system.
Bitcoin (BTC) is a digital currency that runs on a system called the Blockchain technology. A block is a series of records of transactions. Once verified, blocks are added to a network of other blocks which make the blockchain. Moreover, it is a distributed peer-to-peer public ledger that is open source and decentralized (there is no central authority in control). This offers Bitcoin users autonomy over their money and also quick performance of transactions because there are no middlemen to slow the process down. In addition, users have their privacy protected as users’ identity is not revealed. It’s only the users’ wallet address that is reflected in the transaction history. Besides, the number of times that a user’s wallet address can be changed is unlimited.
Only 21 million Bitcoins can be released in circulation. The finite nature of the cryptocurrency controls for inflation. At the time of writing, over 18 million Bitcoins have already been mined. Bitcoin has the largest cryptocurrency market cap with over $595 billion. Its ROI is 23,387.39% (that’s over 200x). On July 14, 2014, BTC was at an all-time low of $65.53 to 1BTC and, in less than eight years, was at an all-time high of $64,863.10 on April 14, 2021.
Multinational companies such as Microsoft, AT&T, Wikipedia, and PayPal accept payment through Bitcoin. In addition, there are even Bitcoin ATMs (BATMs) installed across many countries today including the US, UK, Canada, Spain, Germany, France, and South Africa. It is noteworthy that on June 9, 2021, El Salvador became the first country in the world to formally accept Bitcoin as a medium of payment.