1st October is an interesting and a very great day for many people who love and follow cryptocurrencies. This day marks the date the first digital currency called BITCOIN was introduced. Its first white paper was published 2008. Before we delve into the reasons why people all over the world are happy about this day, lets first understand what blockchain technology is because Bitcoin(cryptocurrency) falls under the blockchain technology.
Blockchain technology is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyright, branding). Virtually anything that can be traded and tracked on blockchain network, reducing risk and cutting costs for all involved. As I mentioned earlier, cryptocurrency is a blockchain technology. Other areas that the blockchain technology covers include Money transfers, Internet of things, smart contract, personal identity, non-fungible tokens (NFT's), Logistics and healthcare.
The Bitcoin cryptocurrency or digital currency came about as a result of the 2007-2009 global financial Crises. It was at that period where there was a distrust in the traditional banking system and the central banks. An unknown person who was using the pseudonym Satoshi Nakamoto designed the bitcoin. Till date a lot of people have stepped out to claim the ownership of this coin, but their evidence is not substantive.
During the period when bitcoin was launched a lot of people and government saw the project to be a scam but as it turns the impact of the coin has been quite inevitable. Now a lot of countries have come to accept cryptocurrencies while other countries still hold on to their disbelief in this digital currency. Just recently United Kingdom lawmakers passed a bill to recognize bitcoin as a regulated financial currency.
For most people, bitcoin was a life changer, bitcoin has made a lot of its early adopters' millionaires. Early people who saw the potential of the coin and started mining for free or investing in it have been made very wealthy.
It's very relevant to know that investing in bitcoin or any other cryptocurrency is very risky and as such various financial experts recommend 'Doing Your Own Research (DYOR). Bitcoin can also be used as a means of payment. And with Bitcoin you can make payment internationally without any regulated framework. A lot of companies accept it as means of payment. You can use it to purchase products provided it is accepted by the company you are buying the product from.
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