What is Bitcoin and how does it work | Cryptocurrency

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What is Bitcoin and how does it work – Bitcoin is the most marketed cryptocurrency worldwide. However, it was first created in 2008 by an anonymous person or team, Satoshi Nakamoto. The word was first introduced to the world in a white paper published on October 31, 2008 titled Bitcoin: A Peer-to-Peer Electronic Cash System authored by Satoshi Nakamoto.

What is Bitcoin and how does it work?

  • A Bitcoin is a unit of Bitcoin currency represented by BTC and XBT.
  • In 2009, the first Bitcoin mined block was 50 Bitcoins for $0.00.
  • Also, in 2009, the first Bitcoin transaction took place between Hal Finney and Satoshi Nakamoto. Hal Finney received 10 Bitcoins to download the Bitcoin software on January 12, 2009.
  • The first advertisement Bitcoin The transaction took place in 2010 when a programmer ordered two pizzas using 10,000 BTS.
  • Gavin Andresen became the main developer of Bitcoin in 2010 when Nakamoto disappeared after handling network key alert and code repository control at Andersen.
  • In 2011, Bitcoins were used in black markets like Silk Road.
  • In 2011, the value of Bitcoin started at $0.30 and rose to $31.50 but then dropped.
  • In 2012, the Bitcoin the price started at $5.27.
  • In 2012, the Bitcoin foundation was created.
  • In 2014, the Bitcoin the price was $770 at first but dropped to $314.
  • In 2015, prices rose to $434.
  • the Bitcoin prices were $998 at the start of 2017.
  • On December 17, 2017, the Bitcoin the price was recorded at the high of $19,783.06.
  • In 2018, the price of Bitcoin fell after China banned the use of this Cryptocurrency.
  • As of January 1, 2019, the Bitcoin the price was recorded at $3,747.
  • However, in June, the price rose to $13,000.
  • With investment from MicroStrategy and PayPal enabling its US users to trade Bitcoin, the value of digital money hit an all-time high of $19,860.
  • In 2020, the canton of Zug in Switzerland announced that it would accept Bitcoins as tax payments from 2021.
  • In 2021, El Salvador legalized Bitcoin in the countryside.
  • In 2021, ProShares Bitcoin Strategy ETF was approved by the SEC in the United States.

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What is Bitcoin and how does it work

Legality of Bitcoin

El Salvador is the first country to accept Bitcoin as legal tender alongside the US dollar.

Bitcoin is legal in most developed countries, but can be marketed within the regulatory framework.

However, some countries have imposed an absolute ban Bitcoins.

The following countries have put an absolute ban on Cryptocurrencies:

  • Algeria
  • Bolivia
  • Egypt
  • Iraq
  • Morocco
  • Nepal
  • Pakistan
  • Vietnam
  • United Arab Emirates

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What is Bitcoin and how does it work

The following countries have implicitly prohibited the use of Digital currency:

  • Bahrain
  • Bangladesh
  • China
  • Colombia
  • The Dominican Republic
  • Indonesia
  • Kuwait
  • Lesotho
  • Lithuania
  • Macau
  • Oman
  • Qatar
  • Saudi Arabia
  • Taiwan

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