First thing that come to people’s mind when talking about cryptocurrency is Bitcoin. Nowadays Bitcoin is treated the most popular cryptocurrency in the market due to its high value. While everybody is familiar with Bitcoin, a few only know the history and reason behind its creation.
Earlier in 2008, a person or group using the Satoshi Nakamoto pseudonym released a white paper on bitcoin on the mailing list for cryptography, which explained how the cryptocurrency operated. What makes bitcoin unique is that it runs in a decentralized advanced program called blockchain. At the beginning of 2009, the first bitcoin was digitally mined and the process was called genesis block. The identity of Satoshi Nakamoto is still a mystery to this day. Many people claimed to be the enigmatic programmer or a group of programmers, as is often suspected; several attempts had been made to ascertain the person or group, but none were sufficiently convincing to be seen as conclusive.
Sometime in May 2010, the first time that Bitcoin was used in a purchase is when a programmer offered a pizza guy 10,000 worth of bitcoins in exchange for a box of pizza. At that time, neither the two parties are not aware of what might future in Bitcoin will bring.
In October 2011, there was a record that more than 2500 bitcoins were sent to invalid bitcoin addresses. This error of transaction cause certain percentage of bitcoin to be stagnant and nowhere to be found.
Noting that Bitcoin is not unprecedented in human history given all of these issues and its early association with illegal activities. It is not yet issued by any country as a monetary unit or holds any inherent or tangible value. But its price is not only growing but is constantly used by individuals and traders worldwide as a means of exchange. Today Bitcoin can purchase an amazing number of products and services from some of the largest companies in the world: money, real estate, weapons (legally) and wars.