Bitcoin – The Start of Cryptocurrency: What is a Bitcoin and How does it Work?

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What is a Bitcoin and How does it Work – Bitcoin is the most widely traded cryptocurrency worldwide. However, it was first created in 2008 by an anonymous person or team, Satoshi Nakamoto. The word was first introduced to the world in a white paper published on 31 October 2008 titled Bitcoin: A Peer-to-Peer Electronic Cash System authored by Satoshi Nakamoto.what is a bitcoin and how does it work

What is a Bitcoin and How does it Work ?

  • A Bitcoin is a unit of Bitcoin currency represented by BTC and XBT.
  • In 2009, the first Bitcoin mined block was of 50 Bitcoins for $0.00.
  • Also, in 2009 the first Bitcoin transaction took place between Hal Finney and Satoshi Nakamoto. Hal Finney received 10 Bitcoins for downloading the Bitcoin software on 12th January 2009.
  • The first commercial Bitcoin transaction took place in 2010 when a programmer ordered two pizzas using 10,000 BTS.
  • Gavin Andresen became the lead developer of Bitcoin in 2010 when Nakamoto disappeared after handling the network key alert and control of the code repository to Andersen.
  • In 2011, Bitcoins were used in black markets like Silk Road.
  • In 2011, the value of Bitcoin started at $0.30 and went up to $31.50 but later fell.
  • In 2012, the Bitcoin price started at $5.27.
  • In 2012, the Bitcoin foundation was established.
  • In 2014, the Bitcoin price was $770 in the beginning but fell to $314.
  • In 2015, the prices went up to $434.
  • The Bitcoin prices were $998 by the start of 2017.
  • On 17 December, 2017, the Bitcoin price was recorded at the highest of $19,783.06.
  • In 2018, the price of Bitcoin fell after China banned the use of this Cryptocurrency.
  • On 1st January 2019, the Bitcoin price was recorded at $3,747.
  • However, by June, the price went up to $13,000.
  • With investment from MicroStrategy and PayPal allowing its US users to trade in Bitcoin, the value of digital money went up to an all-time high of $19,860.
  • In 2020, Canton of Zug in Switzerland announced that they will accept Bitcoins as tax payments from 2021 onwards.
  • In 2021, El Salvador legalised Bitcoin in the country.
  • In 2021, ProShares Bitcoin Strategy ETF was approved by SEC in the US.

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What is a Bitcoin and How does it Work

Legality of Bitcoin

El Salvador is the first country to accept Bitcoin as a legal tender alongside US Dollar.

Bitcoin is legal in most of the developed nations but can be traded within the regulatory framework.

However, some countries have put an absolute ban on Bitcoins. 

The following countries have put an absolute ban on Cryptocurrencies:

  • Algeria
  • Bolivia
  • Egypt
  • Iraq
  • Morocco
  • Nepal
  • Pakistan
  • Vietnam
  • United Arab Emirates

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What is a Bitcoin and How does it Work

The following countries have put an implicit ban on the use of Digital Money:

  • Bahrain
  • Bangladesh
  • China
  • Colombia
  • The Dominican Republic
  • Indonesia
  • Kuwait
  • Lesotho
  • Lithuania
  • Macau
  • Oman
  • Qatar
  • Saudi Arabia
  • Taiwan

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