History of Bitcoin.

In this post I am going to try and explain the history behind Bitcoin;

Bitcoin is a cryptocurrency that was created by Satoshi Nakamoto in 2007 for the sole purpose of peer to peer transactions. The idea behind Bitcoin was to have a digital currency that was not controlled by any state body and was safe for everyone to use. In 2009 the bitcoin network became live with Satoshi Nakamoto mining the first Bitcoin block which was called the Genesis block. With the Bitcoin block system it allowed people to complete advance math equations to verify a transaction and upon completion they were rewarded bitcoin. By using this type of system no one person was ever in control of any private information.

In 2009 the first exchanged rate is established with a price of $0.005 equals 1.309 Bitcoin (BTC), you will find with the cryptocurrency world everything move extremely fast.  In May 22nd 2010,  10,000 BTC were spent on just two pizzas from Papa Johns which was the first purchase with Bitcoin in today's market value of Bitcoin which works out to be $4000 for 1 Bitcoin  the value of them pizzas would now be and astonishing $40 MILLION Dollars such the fast growth of Bitcoin. Since the start Bitcoin has hit the high of $1000 dropped down to $100 and recently reached $5000.

Bitcoin can be stored both on a computer or an exchange but this may be vulnerable to theft the best way to store them is on a paper wallet where you have all the control over keys and passwords, below is a sample picture of a paper wallet.

Paper wallet with private key(Never Share) and the deposit address 

Like most new technologies bitcoin has it fair share of people saying it will never last or we cant work without the aid of banks but I believe that bitcoin will be the future of our financial system as we as a society become less reliant on banks for our banking needs and we move from solid forms of money to the digital age.

As you may have noticed I have not covered the entire history of bitcoin as I believe I would be hear all year writing about it but I have covered the basic parts that will help you grasp the idea of bitcoin.