That sounds like a lot, but in reality, the US dollar has over 3.7 trillion in circulation and even gold has a $7 trillion-dollar price tag. But, by spending CPU power and electricity, it was entirely possible to generate new coins, thereby building one’s digital wealth over time.īy 2017, over 16.7 million bitcoins were in circulation, valued at an estimated 250 billion dollars! By 2019 that number jumped to 18 million bitcoins. Like all other global currencies, bitcoins are subject to fluctuations in value. Why would someone buy bitcoin when traditional banks and money were still widespread? Everyone knew common currencies, and most had a trusted bank institution in town. With an outline detailing how bitcoins function in the digital and economic space, the only thing left was an incentive. With a public and private key protecting the transaction, the team even outlined a public mint, or central authority organization, to help ensure the sanctity of each transaction to avoid theft, scams, or double-spending of coins. In this online white paper, they detailed how bitcoins work namely, how this new form of cryptocurrency can replace paper and coin money to ensure everyday transactions continue without fail. Initially, the concept of bitcoin was nothing more than a white paper written by the anonymous individual we now know as Satoshi Nakamoto. dollar or Euro were questionable at best, and so Nakamoto and the rest of the team developed a brand-new type of digital currency designed to compare gold.
Why is bitcoin a reality today? The team behind the most popular cryptocurrency on the market was influenced by the economic recession back in 2009. Nakamoto’s real identity is still a mystery and the group has not made an official public statement for years.īut we’re keen to dive deeper into the origin of bitcoins, like many of you. It began on January 3, 2009, by Satoshi Nakamoto and a group of cyber experts. But where did bitcoin come from? History of BitcoinĪs far as cryptocurrencies go, bitcoin is the oldest and most familiar form. It works via peer-to-peer technology that is public, open-sourced so it is available to anyone, anywhereīecause of its unique exchangeability, bitcoin has become increasingly popular. It is a type of cryptocurrency, or digital currency, with little or no oversight by the government.
BITCOIN EXPERT TALK HOW TO