What is Bitcoin?

Bitcoin’s widespread coin design

In Nova Miningverse, we want to make easier the entry of new users to Blockchain technologies, for that reason we will start to publish a really basic series of articles about the idea of Bitcoin and DeFi, aiming to make it easier to newcomers to understand why this currency is the base of The Miningverse.

Bitcoin is the world’s first decentralized digital currency, created in 2009 by an individual or group of individuals using the pseudonym Satoshi Nakamoto. The idea behind Bitcoin was to create a decentralized, peer-to-peer electronic cash system that allows for online payments without the need for a central authority or intermediary.

Bitcoin’s creation was announced in a whitepaper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” which was published by Satoshi Nakamoto in 2008. The whitepaper described a new electronic cash system that uses a peer-to-peer network to prevent double-spending, a problem that had plagued previous digital currency attempts. The first Bitcoin software was released in early 2009, and the first bitcoins were mined soon after.

In the beginning, Bitcoin was mostly used by tech enthusiasts and libertarians who saw it as a way to bypass traditional financial systems. However, in 2010, the first real-world transaction using Bitcoin took place when a programmer named Laszlo Hanyecz bought two pizzas for 10,000 bitcoins. This event is now considered a historical moment for Bitcoin, and it is celebrated every year on May 22nd as “Bitcoin Pizza Day.”

As more and more people became interested in Bitcoin, its value began to rise. In 2011, the value of a single Bitcoin reached $1 for the first time. This sparked a wave of interest in cryptocurrency and led to the creation of many new altcoins, or alternative cryptocurrencies.

In 2012, the first Bitcoin ATM was installed in Vancouver, Canada, making it easier for people to buy and sell Bitcoins. The following year, the first halving (we will explain more about this topic and how affects Nova’s plans) of the block reward occurred, reducing the reward from 50 BTC to 25 BTC. This event is significant because it is built into the Bitcoin protocol to control the rate of inflation of the currency.

In 2013, the value of a single Bitcoin reached $1,000 for the first time. This sparked a wave of mainstream interest in cryptocurrency and led to the creation of many new businesses and services related to Bitcoin. The same year, the first Bitcoin conference was held in San Jose, California.

The next few years were marked by both growth and volatility for Bitcoin. The value of a single Bitcoin reached an all-time high of nearly $20,000 in December 2017, but then it experienced a significant drop. This volatility led to the creation of many new businesses and services related to Bitcoin.

Despite the volatility, Bitcoin has continued to be widely adopted by individuals and businesses and even countries (El Salvador) around the world, and it has become a popular form of investment. Today, there are more than 18 million bitcoins in circulation and the market capitalization of Bitcoin is over a billion dollars.

In conclusion, Bitcoin is a decentralized digital currency that was created in 2009 by an unknown individual or group of individuals using the pseudonym Satoshi Nakamoto. It has undergone several significant changes since its creation, such as the halvings that control the rate of inflation, and has been widely adopted by individuals and businesses around the world, becoming a popular form of investment. Although the value of Bitcoin is highly volatile, it has proven to be a resilient and innovative technology that has changed the way we think about money and finance, and the foundations where Nova Miningverse is developed.

And not only that, during 2020, at the beginning of the world’s most serious epidemy has ever confronted, Bitcoin started to raise its value to the highest, at almost $65.000. With worldwide economies in a context characterised by uncertainty, Bitcoin provided individuals with a store of value where their savings would be safe from every governmental decision, being this a reality with third world economies since years ago.

With recurrent declarations on the part of governments against stablecoins and other paths to soften the entry to new users (stability is one of the main factors that prevents traditional economy believers to invest in Bitcoin), we believe that the only option we could adopt right now is using the first cryptocurrency as the catalyst for our ecosystem.

And we could not be more proud!

Keen to learn more?

Read the Nova Miningverse Whitepaper

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