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Bitcoin is a digital currency that was created in 2009 by an unknown person using the pseudonym Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! Bitcoin can be used to book hotels on Expedia, shop for furniture on Overstock and buy Xbox games. But much of the hype is about getting rich by trading it. The price of bitcoin skyrocketed into the thousands in 2017.
Bitcoin is based on a decentralized ledger technology called the blockchain, which records all transactions and is managed by a network of computers on the internet rather than a central authority. Transactions are recorded on a public ledger, and users can remain anonymous.
The first bitcoin transaction took place on January 12, 2009, when Nakamoto sent a bitcoin to Hal Finney, a developer and cryptographic activist. In 2010, the first commercial transaction using bitcoin took place when programmer Laszlo Hanyecz bought two Papa John’s pizzas for 10,000 bitcoin.
Since its inception, bitcoin has faced controversy and regulatory challenges. Some governments have attempted to restrict or ban the use of bitcoin, while others have been more open to it. Despite these challenges, bitcoin has continued to grow in popularity and has been adopted by individuals and businesses around the world.