THE GLIMPSE
Bitcoin is a decentralized digital currency that operates on a peer-to-peer network. It was created in 2009 by an anonymous person or group of people using the pseudonym Satoshi Nakamoto. Unlike traditional currencies, Bitcoin is not controlled by any government or financial institution and transactions are recorded on a public ledger called the blockchain.One of the main advantages of Bitcoin is that it allows for fast and secure transfer of funds anywhere in the world, without the need for intermediaries such as banks. Additionally, because the supply of Bitcoin is limited to 21 million coins, it operates on a deflationary model, meaning that its value is expected to increase over time as demand for it grows.Despite its many benefits, Bitcoin is not without its challenges. The value of the currency is highly volatile and subject to rapid changes, making it a risky investment. Additionally, the anonymity of Bitcoin transactions has made it a popular tool for illegal activities such as money laundering and cybercrime.Bitcoin is a complex and innovative technology that has the potential to disrupt traditional financial systems. While its future is uncertain, it remains an important and influential player in the world of finance and technology.
BITCOIN PIZZA DAY
Bitcoin Pizza Day is an informal holiday celebrated on May 22nd, honoring the first recorded purchase of a good using Bitcoin. On this day in 2010, a programmer named Laszlo Hanyecz bought two Papa John’s pizzas for 10,000 Bitcoins. At the time, this was considered a silly transaction, but today those 10,000 Bitcoins would be worth over $400 million dollars, making it one of the most expensive pizzas in history. Bitcoin Pizza Day is now seen as a symbol of how far the cryptocurrency has come and how far it still has to go.
FACTS TO KNOW
Here are some interesting facts about Bitcoin:
First real-world transaction: The first recorded real-world transaction using Bitcoin was in 2010 when a programmer named Laszlo Hanyecz bought two pizzas for 10,000 Bitcoins.
Energy consumption: Bitcoin mining, which is the process of verifying and adding transactions to the blockchain, is a highly energy-intensive process and consumes more electricity than entire countries like Argentina.
Anonymous transactions: Although Bitcoin transactions are recorded on a public ledger, they can be made anonymously by using a pseudonym instead of a real name.Lost Bitcoins: It is estimated that there are over 4 million lost or unspendable Bitcoins, worth billions of dollars, due to people losing access to their wallets or private keys.
Acceptance: While still not widely accepted, more and more businesses, including large companies like Tesla and Square, are starting to accept Bitcoin as a form of payment.
Regulatory uncertainty: The regulatory status of Bitcoin and other cryptocurrencies is still uncertain in many countries, and governments are grappling with how to deal with this new technology.
You hear crypto you can never miss out the story of Bitcoin……..
