What is Bitcoin?

What is Bitcoin?

Bitcoin (BTC) is first of the cryptocurrencies introduced to the world. It is also currently the dominant currency (aka coin) in the crypto-market.

A brief history of Bitcoin

Bitcoin first emerged in 2008, created by a person or group going by the pseudonym Satoshi Nakamoto. The Bitcoin network was formed in early 2009, with Satoshi mining the genesis block of Bitcoin. Soon after, Satoshi ceased all involvement with Bitcoin, handing over the reins to Gavin Anderson, who became lead developer of the Bitcoin foundation. Till today, the true identity of Satoshi still remains a mystery.

Bitcoin Facts & Figures

  • There will only be 21 mil BTC ever. To date, more than 16 mil BTC have already been mined.
  • If you lose your private key, you lose the Bitcoins tied to it forever. To date, a staggering 25% of all bitcoins (5.25 mil BTC) is estimated to be forever lost.
  • Since 2008, Bitcoin’s value has been steadily rising, with the exception of 2014 (mainly due to the Mt. Gox hack).
  • 1 BTC can be further broken down into units called Satoshi. 1 Satoshi = 0.00000001 BTC / 1 BTC = 100,000,000 Satoshi.

Fun Fact

The first documented goods purchase using Bitcoin was on 22 May 2010, and it was for two Papa John’s pizzas at a price of 10,000 BTC. To commemorate that, 22 May is celebrated as Bitcoin Pizza Day.

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