Bitcoin’s short history has set a precedent for decentralized currencies to work off of.
We’re going to walk you through the evolution of bitcoin today, giving you some insight into how this currency has worked its way into the position it currently has. Years ago, bitcoin was just something that you heard about on the news, but now there are bitcoin ATMs popping up all over.
We’ll look at bitcoin evolution, the impact of bitcoin, and more. Let’s take a look.
The Evolution of Bitcoin
Bitcoin started as an idea from Satoshi Nakamoto for a form of decentralized currency. This means that it was a form of currency without a primary bank, stronghold, or location from which transactions were moderated.
Instead, the transactions existed online-only, stored in the computers of those who participated. The first bitcoins were encrypted through a security measure called a “block-chain.”
Block-chain involves a series of complex mathematical sequences that would make it virtually impossible for the human mind to deconstruct them. That said, it was possible to break those codes with complex computer technology, running at full speed for months at a time.
When an individual uncovered bitcoin by getting through the code, they had “mined” that bitcoin. Mining bitcoin is the process through which all of the early investors got their share.
Now, you can buy bitcoin at an ATM. Learn more to find out if there are bitcoin ATMs near you.
Value From Then to Now
At first, mining a bitcoin didn’t have much value at all.
The first transaction made with bitcoin was a marginal one. A man who had mined 10,000 bitcoins traded them in exchange for two pizzas. That transaction was worth around $25.
That number of bitcoins would now be worth just under $115 million dollars. That increase in value happened over the course of around 13 years. At first, more people started to become aware of bitcoin and use it to barter goods and services in niche markets online.
Over time, awareness and value started to increase, then the public became very aware of bitcoin. Once that occurred, bitcoin started to receive a lot more attention and participation, sending the value way up.
Once some businesses started allowing bitcoin as a form of currency, bitcoin was established as the dominant form of cryptocurrency in the world. Its value has risen and fallen a great deal since it established itself, though.
As it stands now, one bitcoin is worth around $30,000. That’s liable to change, considering that 6 months ago one coin was only worth around $8,000, shooting up to nearly $60,000, then back down to where it is today.
It’s a volatile investment, but it’s one that has made a number of people rich beyond their wildest dreams.
Want to Learn More about Bitcoin?
Bitcoin is an exciting currency that is sure to stick around for a while. If you’re curious about the fine points of the evolution of bitcoin or just want to know more about how it works, we’re here to help.
Explore our site for more insight into the history of bitcoin, bitcoin ATMs, cryptocurrency, and more.