Ever wonder the beginning of the famous of all Cryptocurrency, Bitcoin???
Humm... Humm!?!!?
Who started this weird monetary system with the most independent self-governence??
Humm...Humm!?!!?
How does it gets such popularity and value???
Humm...Humm!?!!?
Today in my very first blog . I am about to discuss the same thing that you guys are here for. (Literally)
I will try my able best to explain it to you but not more than I can (because they say never eat or fat more than you can #just a joke)
So, let's begin our first blog!!! Shall we??
According to the official information Bitcoin was started from 11th January, 2008 and at that time it's value was a perfect 0.
While talking about the inventor of this system, it is never confirmed but it is claimed that Satoshi Nakamoto is/are the founder. Even though it sounds a single person it is not sure if it is a single person or a team behind it! It is said that Satoshi Nakamoto is the citizen of Japan and the one who invented this system.
Even though it is claimed the name of Satoshi Nakamoto. We don't have much information about it. It is a mystery.
Well, I can explain how this mind boggling idea came in his brain.
Imagine a man sleeping for last 11.29 hours (don't worry, he is alive, just have nothing much to do than sleeping) was forced to getup. No it wasn't his mother not father. It was the one that no-one one can ignore much long, the nature's call. So, he ran for the toilet and there he got rid of his pressure but got in a deep thought the thought of transparency as he forget to close the door. He realised that piracy should be there while shitting but on the monetary system transparency is the most to prevent crimes. In the mean time his father saw the toilet door opened with his son shitting inside.
It caused his mind explode with the idea of Cryptocurrency and named it Bitcoin
Well, I know it's a very bad joke but it was continuously jumping in my mind. So, don't mind funny for nothing jokes.
Back to the topic!!!
How is this system so transparent???
The answer is blockchain. It is the representation of the whole information with regarding the cryptographic hash, time of transaction and a transaction data. It is in a block space structure with block connected with each other there is whole lot to study but that is another subject. So, that makes it so transparent.
And, the puzzling question is:
How did Bitcoin get such valued from absolute zero to $11,732.20.
The answer is demand. we all know as the demand increase the value of the products increase as well.
So, when Bitcoin was introduced it was quite easy for mining it. People started to mine them. And in 2009 the first price of Bitcoin was introduced for $0.01 at that time 10,000 btc were used to buy two Pizza, you can imagine the price of those btc today.
Simply saying, Bitcoin has value because we mind them as valuable as gold is mind as valuable even though it is just a stone. As the demand increase the Bitcoin value increased.
This is the simple explanation of Bitcoin from my side. Hope you were able to read article with my bad jokes!!!
If you were??, Mind to comment, share, like and do such other stuffs!!
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