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The Who, What, Why and Where of Bitcoin

By August 7, 2020 No Comments

WHO

It is hard to believe how much time has passed since the futuristic currency phenomenon was born, but it has been 12 years! It was back in 2008 that the entity Satoshi Nakamoto first created Bitcoin. Entity, due to the fact that the identity of Bitcoin’s real creator remains a mystery to this day. There have been several speculations, including Hal Finney( the first person to make a bitcoin transaction) and Craig Wright ( a computer scientist who claimed to be the founder). Both have been generally denied by crypto communities and press.

WHAT

Bitcoin is a digital currency, and unlike traditional currency, there are no physical notes correlated with each bitcoin, but a massive amount of data and balances provided publicly for maximum transparency. Bitcoin is a collection of computers that essentially run all the code and stores it in a blockchain. Financial freedom and security are the names of the game, and Bitcoin enables users to transfer amounts of money without monitorization. While probably created for good, Bitcoin quickly caught the attention of the Darker side of commerce, namely the Dark web. It was here that Bitcoin quickly gained a somewhat negative reputation for enabling people to buy guns, drugs, and other illegal activities without being traced. In the last few years though, bitcoin is cleaning up its act. Bitcoin is now accepted in the travel, eCommerce and real estate industry offering numerous advantages. The online gaming world has seen a huge spike in bitcoin use, with bitcoin poker players leading the way.

WHY

Following the 2008 financial crisis, traditional currency suffered. Almost overnight, trillions of dollars were lost, economies tanked and people lost their life savings because they trusted banks. Cryptocurrency aimed to place more power in the hands of the people. There would be more transparency and less of the banks pulling the wool over people’s eyes so the rich could get ahead. Bitcoin wanted to give freedom and security to anyone who wanted it.

WHERE

Much like the identity of the creator the original location of where Bitcoin was created is also a mystery. Very fitting for the nature of the currency. However, I can tell you that there are cities all over the world using bitcoin more and more. Unsurprisingly tech capital San Francisco widely accepts the use of Bitcoin in shops, cafes and restaurants. The Californian city is also home to some of the biggest crypto trading platforms in the world- Kraken and Coinbase. Across the pond, you will find that your digital shekels are widely accepted in Amsterdam, also a crypto industry capitol. In fact, you will find most tech-savvy cities to be in the know with Bitcoin.

The bottom Line

Shrouded in mystery, Bitcoin has made vast inroads into being accepted as a currency in modern society. It has overcome many obstacles in the last 12 years, and with the growth of the crypto industry as well as other cryptocurrencies, it is safe to say that Bitcoin is here to stay.