Bitcoin

Bitcoin is a digital currency that was created in 2009 by Satoshi Nakamoto.  It thumbs its nose at governments and banks since it isn't controlled by any central authority. Forget about physical assets; Bitcoin relies on clever encryption and a network of computers to make transactions watertight.

Bitcoin is a digital maverick that lets you buy stuff online and swap it for other currencies on exchanges. But it's not embraced everywhere as a payment method, and it's like a wild ride on a rollercoaster with its high volatility.

Bitcoin logo

Bitcoin's mastermind remains an enigma. Satoshi Nakamoto, the coding genius behind this digital revolution, hides behind a pseudonym. It could be a mysterious individual, a brilliant woman, or perhaps a secretive collective. Their identity remains a tantalizing puzzle.

On January 3, 2009, Satoshi Nakamoto wielded his/her/their digital pickaxe and birthed the bitcoin cryptocurrency network by mining its inaugural block. Thus, the foundation for the revolutionary blockchain technology was laid.

The first real-world Bitcoin transaction was 10,000 BTC for two pizzas. It made history as the currency of choice when Florida-based programmer, Laszlo Hanyecz,  traded a jaw-dropping 10,000 Bitcoins for two Papa John's pizzas. That fateful transaction marked the cryptocurrency's maiden voyage. 

In a major blow to the dark web, the FBI slammed the door on Silk Road, an illicit online drug bazaar in late 2013. The mastermind behind the operation, Ross Ulbricht, alias Dread Pirate Roberts, saw his stash of Bitcoins seized. This high-profile move sparked intense debates about the cryptocurrency's fate, leaving the FBI holding over 144,000 BTC in their grasp.

Breaking new ground, El Salvador proudly claimed the title of being the world's first country to embrace Bitcoin as legal tender on September 7, 2021. The groundbreaking Bitcoin Law, endorsed by a solid majority of 62 out of 84 votes from the Legislative Assembly of El Salvador on June 9, 2021, enshrines Bitcoin's status as an accepted currency alongside the mighty United States dollar. This bold move mandates that all businesses in El Salvador must accept Bitcoin as a valid form of payment.

Today, bitcoin mining companies dedicate facilities to housing and operating large amounts of high-performance mining hardware (see picture below)

By Marco Krohn - Own work, https://commons.wikimedia.org/w/index.php?curid=40495567

Bitcoin transactions are irreversible. Once bitcoins are sent, there’s no way to get them back, even if the transaction later proves to be fraudulent.

Bitcoin addresses, a mix of 34 alphanumeric characters, cloak the recipient's identity. This veil of secrecy partly explains why illicit activities often gravitate toward Bitcoin. 

Despite its drawbacks, Bitcoin has captivated investors, witnessing its value surge in recent years. In 2021, it smashed records, soaring to a dizzying peak of $68,990.

The elusive Satoshi Nakamoto is said to hold a vast fortune of 750,000 to 1,100,000 Bitcoin. Experts arrived at this estimate by scrutinizing Bitcoin's blockchain, uncovering a trail of early blocks attributed to a solitary figure. Within these blocks lie a staggering sum of 1.1 million Bitcoin, believed to be securely stowed away by Nakamoto.

Sources TheNextWeb, TimesNowNews