5 Things You Need To Know About Bitcoin
It seems you can't move these days for someone talking about Bitcoin, so what is it and how did it come to be such a phenomenon? Find out here.
Bitcoin nearly never was
Bitcoin was initially created in 2008 by someone under the pseudonym, Satoshi Nakamoto, who left the project in 2010 and disappeared. Luckily other developers picked up the concept and made it into what we know today.
The very first pizza
The very first transaction using bitcoin was actually to buy a pizza. It happened on May 22, 2010 when programmer Laszlo Hanyecz traded 10,000 bitcoins for some pizza. Today, 10,000 bitcoins are worth roughly $99 million.
Bitcoin's road to success hasn't been entirely smooth - back in early 2014 Bitcoin was hacked by a Japanese exchange and about $430 million was lost making it the largest loss to date. This also impacted how Bitcoin was viewed by investors, worried about its security.
By the end of November, Bitcoin's value had skyrocketed to $10,000 per unit, making it's stock higher than that of Disney, McDonalds or even IBM.
As of early December 2017, Bitcoin are adding a whole new way to invest without having to actually possess the currency. According to Bitcoin, it will be able to buy and trade without having to actually purchase or invest. Economists have said that this should help stabilize the cryptocurrency's massive price fluctuations.