The Phenomenal History of Bitcoin

The History of the Phenomenal Bitcoin Cryptocurrency.

This is the phenomenal history of Bitcoin crypto and must be known by cryptocurrency enthusiasts around the world. What is the history of the crypto coin and how many Bitcoins are there in total?. To find out, please read this article to the end.

Coinbitlink - Launching from many sources on the internet, Bitcoin is a type of crypto currency that first appeared. Many crypto currency experts say that Bitcoin is the mother of all crypto coins or Altcoins that came after it.

After Bitcoin managed to penetrate the global financial market. then getting a lot of interest, then various other Altcoins such as Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Dogecoin, and other crypto coins appear.

Of the many crypto coins that have emerged, all have their own vision, mission, advantages and fans.

Next, how did Bitcoin begin?. To find out more about this cryptocurrency, below we have compiled an article quoted from a trusted source.

What is Bitcoin (BTC) Crypto Coin?.

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias, "Satoshi Nakamoto". This BTC was launched soon after, which was in January 2009.

Bitcoin is a peer-to-peer online currency, meaning that all transactions occur directly between equal independent network participants, without the need for any intermediary to allow or facilitate them.

Bitcoin was created, in Nakamoto's own words, to allow "online payments to be sent directly from one party to another without going through a financial institution."

Some concepts for a similar type of decentralized electronic currency predate BTC, but Bitcoin has the distinction of being the first cryptocurrency to come into actual use.

Also Read: The Easiest Way To Generate Bitcoin

Who is The Real Founder of Bitcoin?.

The original inventor of Bitcoin is known by a pseudonym, Satoshi Nakamoto. in 2021, the true identity of the person — or organization — behind the alias remains unknown.

On October 31, 2008, Nakamoto published the Bitcoin whitepaper, which detailed how a peer-to-peer online currency could be implemented.

They proposed using a decentralized transaction ledger that was packaged in batches (called “blocks”) and secured by cryptographic algorithms – the entire system would later be dubbed “blockchain.”

And two months later, on January 3, 2009, Nakamoto mined the first block on the Bitcoin network, known as the genesis block, thus launching the world's first cryptocurrency. The price of bitcoin was $0 when it was first introduced, and most Bitcoins are earned throughmining, which only requires a sufficiently powerful device (e.g. PC) and mining software.

The first known commercial Bitcoin transaction occurred on May 22, 2010, when programmer Laszlo Hanyecz traded 10,000 Bitcoins for two pizzas. This event is now known as “Bitcoin Pizza Day.” In July 2010, Bitcoin first started trading, with Bitcoin prices ranging from $0.0008 to $0.08 at that time.

However, while Nakamoto was the original inventor of Bitcoin, as well as the author of the first implementation, he handed over the network alert keys and control of the code repository to Gavin Andresen, who later became lead developer at the Bitcoin Foundation.

Over the years a large number of people have contributed to improving cryptocurrency software by patching vulnerabilities and adding new features.

The bitcoin source code repository on GitHub lists more than 750 contributors, with some of them being Wladimir J. van der Laan, Marco Falke, Pieter Wuille, Gavin Andresen, Jonas Schnelli, and others.

Also Read: How To Create Faucetpay Account To Earn Bitcoin?

What Really Makes Bitcoin Unique?.

Bitcoin's most unique advantage comes from the fact that it was the first cryptocurrency to appear on the market.

It has succeeded in creating a global community and spawned a whole new industry of millions of enthusiasts who create, invest, trade and use Bitcoin and other cryptocurrencies in their daily lives. The emergence of the first cryptocurrencies has created a conceptual and technological base that has subsequently inspired the development of thousands of competing projects.

The entire cryptocurrency market — now worth over $2 trillion — is based on the idea that Bitcoin embodied: Money that anyone, anywhere in the world can send and receive without relying on trusted intermediaries, such as banks and financial services companies.

Thanks to its pioneering nature, BTC remains at the top of this energetic market after more than a decade of existence. even after Bitcoin lost its undeniable dominance, it remains the largest cryptocurrency, with a market cap that surpassed the $1 trillion mark last year 2021.

After Bitcoin price hit an all-time high of $64,863.10 on April 14, 2021. This is largely due to the growing institutional interest in Bitcoin, and the availability of platforms that provide use cases for BTC: wallets, exchanges, payment services, online games and more.

How Much Bitcoin Cryptocurrency in Circulation?.

The total Bitcoin supply is limited by the software and will never exceed 21,000,000 coins. New coins are created during a process known as “mining”: as transactions are passed across the network, they are picked up by miners and packaged into blocks, which in turn are protected by complex cryptographic calculations.

As compensation for spending their computing resources, miners receive a reward for every block they manage to add to the blockchain.

When Bitcoin is launched, the reward is 50 bitcoins per block: this number will be halved with every 210,000 new blocks mined - which takes the network about four years. As of 2020, the block reward has been tripled and consists of 6.25 bitcoins.

Bitcoin is not premium yet, meaning no coins are mined and/or distributed among the founders before they are publicly available.

However, during the first few years of BTC's existence, competition between miners was relatively low, allowing the network's earliest participants to accumulate large amounts of coins through regular mining: Satoshi Nakamoto himself is believed to have over a million Bitcoins.

Bitcoin mining can be very profitable for miners, depending on the current hash rate and Bitcoin price. While the Bitcoin mining process is complex, we covered how long it takes to mine one Bitcoin at CoinMarketCap Alexandria — as we wrote above, mining Bitcoin is best understood as how long it takes to mine a block,compared to one Bitcoin. In mid-September 2021, Bitcoin mining rewards were capped at 6.25 BTC after the 2020 halving, which is around $299,200 in price at the time.

Also Read: 15 Most Popular Selected Cryptocurrencies In 2022

How is the Bitcoin Network System Secured?.

Bitcoins are secured with the SHA-256 algorithm, which belongs to the SHA-2 family of hashing algorithms, which is also used by the Bitcoin Cash (BCH) fork, as well as several other cryptocurrencies.

Bitcoin Crypto Coin Energy Consumption.

Over the last few decades, consumers have become more curious about their energy consumption and personal effects on climate change. When news started swirling about the possible negative effects of Bitcoin's energy consumption, many became concerned about Bitcoin and criticized ituse of this energy.

A report found that each Bitcoin transaction requires 1,173 KW hours of electricity, which can “power a typical American home for six weeks.” Another report calculates that the energy required by Bitcoin annually is more than the annual hourly energy use of Finland, a country with a population of 5.5 million.

The news has generated commentary from tech entrepreneurs to environmentalists to political leaders. In May 2021, Tesla CEO Elon Musk even stated that Tesla would no longer accept cryptocurrency as payment, due to concerns about its environmental footprint.

Although many of these individuals have condemned the issue and moved on, some have pushed for a solution: How do we make Bitcoin more energy efficient?. Others simply take a defensive position, suggesting that Bitcoin's energy issues may be exaggerated.

Currently, miners rely heavily on renewable energy sources, with estimates suggesting that Bitcoin's use of renewable energy could range from 40-75%. However, up to this point, critics claim that Bitcoin's increased use of renewable energy will eliminate the solar power sources that power other sectors and industries such as hospitals, factories or homes.

The Bitcoin mining community is also proving that mining expansion can help lead to the construction of new solar and wind farms in the future.

Furthermore, some who defend Bitcoin argue that the gold and banking sectors — individually — consume twice the amount of energy than Bitcoin, making criticism of Bitcoin's energy consumption a nonstarter.

Moreover, Bitcoin energy consumption can be easily tracked and tracked, which cannot be said to be the same as the other two sectors. Those who defend Bitcoin also note that the complex validation process creates a more secure transaction system, which justifies the use of energy.

Another point that Bitcoin proponents make is that the energy use required by Bitcoin is comprehensive and includes the process of creating, securing, using, and transporting Bitcoins.

Meanwhile, with other financial sectors, this is not the case. For example, when calculating the carbon footprint of payment processing systems such as Visa, they fail to calculate the energy required to print money or power ATMs, or smartphones, bank branches, security vehicles, among other components in payment processing and supply chainsbanking.

What exactly are governments and nonprofits doing to reduce Bitcoin's energy consumption earlier this year in the US, congressional hearings were held on the topic where politicians and technology figures discussed the future of crypto mining in the US, specifically highlighting their concernsregarding the consumption of fossil fuels.

Leaders also discussed the current debate around the coal-to-crypto trend, particularly regarding the number of coal-fired power plants in New York and Pennsylvania that are in the process of being repurposed into mining fields.

In addition to congressional hearings, there are private sector crypto initiatives dedicated to solving environmental problems such as the Crypto Climate Accord and the Bitcoin Mining Council. In fact, the Crypto Climate Accord proposes a plan to eliminate all greenhouse gas emissions by 2040. And, because of Bitcoin's innovative potential, it is reasonable to believe that such grand plans are achievable.

That's a little article about the "History of the Bitcoin cryptocurrency".

Source Link: https://coinmarketcap.com/currencies/bitcoin/