General Facts About Bitcoin

Golden Bitcoin Cryptocurrency

Bitcoin is generating a lot of hype these days, not only because it is on a bull run for over a year now but because it has changed the perception of cryptocurrencies in the mainstream community of institutional investors and businesses. So, if you’re completely new to Bitcoin and this crypto community, a place to start these to familiarize yourself with the main facts about Bitcoin; in this article, we have compiled this list of important facts about Bitcoin and its history.

The Creator 

The creator of Bitcoin is Satoshi Nakamoto, but that is a pseudonym used for a group of people or a person that wants to remain anonymous even after ten years that have passed after the launch of the blockchain network in Bitcoin. The name is mentioned with the famous white paper Bitcoin: A Peer-to-Peer Electronic Cash System – that explained more about the purpose of the cryptocurrency, which was developed to bypass the centralized institutions and control in order to provide an alternative distributed payment solution to the masses. 

Based on the success of Bitcoin and the widespread usage of the blockchain network, we have witnessed the success of the cryptocurrency, and we can say that the mission of Bitcoin was fully accomplished, especially with the last halving in 2021

First Online Trading Site

The problem with Bitcoin was a lack of consensus for its price because there wasn’t a designated crypto market for trading, and users made arrangements either in person or on a forum when they wanted to trade BTC. 

However, that was changed with the launch of Bitcoin Market, an online trading site that utilized PayPal at the time for its transactions. It had several issues during its run, and it was shut down by 2011. Still, it important because it sparked interest in online trading as well as online trading sites.

There is an abundance of online trading sites today and automated trading sites that provide perfect options for anyone that wants to get into crypto trading. For example, Immediate Edge is an excellent automated trading platform that facilitates trading automatically for its members and based on artificial intelligence-powered algorithms, and it offers trading at a high profitability rate. In fact, you can earn up to $800 for trading here, while you only need a deposit of $250 to get started.

Bitcoin Halving

Bitcoin halving is a very important event for the Bitcoin community that actually offers a lot of positive outcomes for every user on the network. More specifically, the halving event splits in half the block reward and the number of BTC that are issued on the network.

 By 2020 the block reward was halved from 12.5 BTC to 6.25 BTC. After this event, Bitcoin was following a great upward trend, and it rallied up to $60,000. So, it’s safe to say that this halving protocol keeps the inflation rate in check, and it makes sure the supply is on a lower level than the demand.

BTC Transactions

There are two transactions that are important for the Bitcoin community in a historical context. The first Bitcoin transaction was facilitated by Satoshi Nakamoto, and the receiver on the other end was its crypto supporter Hal Finney. The other transaction was a commercial transaction for two Papa John’s Pizzas from the user on the Bitcointalk forum for a now famous developer Laszlo Hanyecz.

Elon Musk

Ellon Musk has become part of the crypto community due to his numerous Tweets on the topic where he has made it clear that he supports the crypto revolution, and he also wants to express that he believes in the long-term value of BTC. In March 2021, Elon Musk is associated with one of the biggest investments made from a corporation (Tesla) to BTC of $1.5 billion. This changed the trajectory of Bitcoin because it’s priced or jumped just in a month after this event to over $60,000.