Bitcoins! Yes! The business world was shaken and the term Bitcoin was everywhere, even topping Google’s search the greater part of last year. Most people didn’t understand how cryptocurrency works and hurriedly tried to learn the nitty gritty and how they could make money off it. The price of one coin surged from $1,000 on January 1, 2017, to a whopping $18,000 by mid-December the same year! Astonishing!
Bitcoin’s origin traces back to 2008 when its creator, Satoshi Nakamoto (a pseudonym) published a Bitcoin proof of concept which later on was published in 2009 to a cryptocurrency mailing list. In 2010, Nakamoto vanished, leaving the project at bay after which other developers picked up and steered the work. January 3 marks Bitcoin’s birthday as it is when Nakamoto mined 50 units of the currency!
The first ever transaction involving the Bitcoin was reported on May 2010, when Laszlo Hanyecz, a programmer claimed he successfully traded Pizza for 10,000 Bitcoins. Shocking, as of November 28, 2017, the 10,000 Bitcoins were worth a whopping $99 million!
With people still continuing to use bitcoins to buy several items some of the largest renowned businesses to accept cryptocurrency are Newegg, Expedia, Overstock.com, and Dish.
With the bitcoin creation process called mining, it’s an energy rigorous process, with several miners using detailed machinery for the process. However, the computing power associated with bitcoin mining has added burdened energy systems worldwide and in countries such as China, those systems are coal-powered. Power consumption for markets associated with cryptocurrencies is set to even use a whole lot more electricity in 2018!