Since the Great Depression in the 1930s, another Global Financial Crisis transpired in October 2008.
During this period, Satoshi Nakamoto, whose exact identity is still a mystery, developed and published the Bitcoin whitepaper. And on January 9, 2009, just a few months later, Bitcoin introduces to the whole world.
After the public announcement, anyone can download the client and manage a copy of the distributed ledger. This was the first transaction on Bitcoin when Satoshi Nakamoto delivered 10 bitcoins to computer scientist Hal Finney.
Between 2009 and 2013, the adoption of Bitcoin continued to spread slowly. Laszlo Hanyecz became known for his famous Bitcoin purchase. In 2010, Hanyecz announced that he would pay $10,000 Bitcoins for two cartons of pizza.
At that time, 10,000 bitcoins were about $30, and the current value of 10,000 bitcoins would be approximately $103.3 million. The famous purchase in 2010 became known as Bitcoin Pizza Day in Bitcoin history.
Soon after that, Bitcoin started to carve its spot as a payment option on the dark web in 2013. Around the midyear of 2012, a payment processor develops that would allow sellers to accept Bitcoin as payment, called BitPay. 1,000 merchants joined the list of merchants that will apply for BitPay’s payment service.
Bitcoin has become a very popular payment option for web transactions
With its anonymity value proposition, Bitcoin has become a very popular payment option for web transactions. Developers of Bitcoin continue to strengthen their stand in presenting Bitcoin as a solution to financial problems experienced around the world. Despite the issuance of legal cases by critics, governments, and banks.
Bitcoin aims to use for transactions that are digital and can do peer-to-peer, but the coins are still impossible to scale at the moment. The system is still highly dependent on the proof-of-work method, which uses to verify whether a transaction happened.
But this strategy benefits Bitcoin users. Users do not need to know or trust one another. No reliance on third-party users requires as the central server’s authorities will complete transactions. The Bitcoin network can only process 7 transactions per second, and the centralized system verifies a block of transactions every 10 minutes.
A coffee shop that accepts Bitcoins will have to wait 10 minutes or longer for the payment to be validated. The consumer has finished their coffee. Thus, most users use Bitcoins to commit to future transactions, while only a few use them to temporarily hold value.
With each passing year, the number of people searching for Bitcoin on Google increases, indicating a growing interest in cryptocurrencies.
