Bitcoin, the digital currency that is one of the most interesting topics of recent times, has started to be launched on global markets as an alternative to the Euro and Dollar.

The Bitcoin virtual currency was first tested by Satoshi Nakamoto in 2008.

The American Central Bank's transition to monetary expansion in order to find a solution to the mortgage crisis that broke out in 2008 revealed a new need. After this need, a digital currency also appeared on the market.

Money printing machines have been activated to revive the stagnant economy, which has caused the dollar to lose its value and at the same time reduced confidence in this currency.

When the confidence in sound currencies such as the dollar and the euro, which are trusted under the control of central banks and are known as sound as a store of value, decreased, people started looking for a new currency.

There have been attempts to use the digital currency before, but a very big problem has been encountered: the problem of double spending, called “Double Spending”.

Virtual money is just "data" and there was a risk that the same data would be duplicated and used twice. Just like the same token has been duplicated and used many times.

The solution of the problem from experts was not delayed: it was necessary to check whether the “data“ was really used. In other words, security had to be provided at some point. But the same problem would be encountered again: security could be disrupted due to a glitch at a single point.

In the Bitcoin system, a computer network called the “Blockchain” eliminated the problem of Double Spending. As it is without the need of any center.

Japanese mathematician and cryptographer Satoshi Nakamoto transferred the flag to its current developer Gavin Andresen after developing his last program for Bitcoin in 2010.

In October 2009, 1 Dollar was set at exactly 1.30903 BTC (Bitcoin).

When was the first purchase made with Bitcoin

A Florida programmer Laszlo Hanyecz ordered two pizzas in May 2010, spending 10,000 BTC.

How is the value of Bitcoin determined

Apart from some exceptional products on the market, such as water and gold, the value of Bitcoin is also determined within the supply and demand conditions, taking into account the need and quantity ratio.#BTC #bitcoin #satoshinakamoto #Binance #crypto2023