Crypto
Who invented Bitcoin?
In 2008, as a response to a failing centralized banking system, an unknown person using the alias Satoshi Nakamoto published a white paper describing a new decentralized digital currency called Bitcoin.
In 2009 Nakamoto released the first bitcoin software that launched the network and the first units of the bitcoin cryptocurrency.
What is Bitcoin?
Bitcoin is a digital form of money, a new system designed to be a cheaper, faster and safer to send and receive money instantly anywhere in the world.
Bitcoin technology combine cryptography and decentralized payment network by using blockchain to verify and secure transactions.
To store receive and send Bitcoins, only a simple, software, called Bitcoin wallet, is requiered. This free wallet can be installed in a computer or mobile phone.
Bitcoin can be defined as both a mean of exchange crypto games and a store of value:
- A mean of exchange: It is used worlwide as a global currency and accepted as payement by major companies such as Stripe, Shopify, Microsoft, Overstock, Rakuten, Expedia, Subway.
- A store of value: The supply is limited to 21 million Bitcoins, as more people use Bitcoin the increased demand, combined with the fixed supply, will push the price to go up.
What determines Bitcoin’s price?
Bitcoin’s price is measured against fiat currency, such as American Dollars (BTCUSD), Chinese Yuan (BTCCNY) or Euro (BTCEUR).
Bitcoin’s price is determined by the laws of supply and demand, its supply is limited to 21 million Bitcoins, 94% of wich will be created by 2024.
The increased demand have pushed the price up from 100$ in 2013 to 1900$ in 2017. A prediction based on Moore’s law estimate the future value per Bitcoin up to 560 000$ by 2024.
The demand is related to market adoption, the more people hear and use bitcoin the higher the demand will be.
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