Bitcoin is the most popular virtual currency today, encrypted to ensure security and validity. It carries authentic value that can be exchanged online for any physical currency including USD or GBP. Aside from being the most popular, Bitcoin tops the world of digital currency as the largest, in terms of total market value.
The cryptocurrency was originally invented by an anonymous programmer under the pseudonym Satoshi Nakamoto, whose actual identity remains unknown. Some speculate it is not even a single person, but rather a group of programmers. First introduced in October 2008, the payment system made its debut as an open-source software in 2009.
Unlike the traditional concept of money and currency, which the bank controls, and fluctuates in line with the capricious global market, Bitcoin is nothing like you’ve previously understood about money. In fact, it is not even controlled by a single entity – rather, the currency operates in a decentralized, transparent system, validated and created through the nodes of a peer-to-peer network and defined by the Bitcoin generation algorithm. Malicious users who try to generate inauthentic bitcoins without following the rules will be immediately rejected by the network, with the currency deemed worthless.
Yes, You Can
You can buy real things with bitcoins, and there is no lack of merchants who will accept this virtual currency in exchange for cold, hard products, including Microsoft, Dell, Newegg, Overstock and more. You could even donate your bitcoins to charity.
Bitcoin Pizza Day
On May 22, the world celebrates the most expensive pizzas of all time. Bitcoin Pizza Day marks the day Laszlo Hanyecz paid 10,000 bitcoins for two Papa John’s pizzas in 2010 for the rough equivalent of $25. Indeed, if only Hanyecz caught a glimpse of the future – today, those bitcoins are worth a staggering $12 million.