The History Of Bitcoin

As has happened over many years, the financial industry has changed and evolved, and will continue to do so into the future.

23:39 06 December 2020

The most recent change happened slightly over ten years ago with the introduction of cryptocurrencies, more particularly Bitcoin. Although experts are unsure as to who exactly created Bitcoin, this accolade is usually attributed to an unknown individual who goes under the pseudonym of ‘Satoshi Nakamoto’. However, he or she seems to have completely disappeared from the face of the Earth.

 

How Bitcoin Came To Be

 

All the way back in August 2008 was when the domain name www.bitcoin.org was registered. Later on that year, on the 31st of October, the white paper report ‘Bitcoin: A Peer-to-Peer Electronic Cash System’ published by Satoshi Nakamoto was sent out to a cryptography mailing list. Within the report, an outline for the fundamentals of how Bitcoin would work were set out. It was the following year on the 8th of January 2009 that Bitcoin was first announced to the world and the process of mining for Bitcoins began.

 

Since its inception, Bitcoin has risen to fame and has now become part of the mainstream of the global financial markets.

 

What Can Bitcoins Be Used To Buy?

 

Having become highly popular, Bitcoin is now being accepted by a number of large retailers. One of the first of these was the large US computer tech company, Dell. Upon first accepting the cryptocurrency as a form of payment, Dell became one of the biggest companies in the world to do so on an international basis. Despite this fact, to this day Bitcoin actually makes up just a small fraction of the income that the company receives.

 

Other companies that have been forthcoming in their acceptance of Bitcoins as a valid form of payment include the Latvian airline company, airBaltic. Their service provides flights to more than sixty different locations across Europe, Russia, the Middle East, plus several other parts of the world.

 

The main reason why these and other such companies have been keen to accept the cryptocurrency as a form of payment is a strategic one, in the hope that doing so will further solidify their position with a more tech minded customer. However, there are also a number of other reasons why accepting Bitcoin as a form of payment is beneficial to businesses. These include the elimination of chargebacks, the fact that it is protected against inflation, much lower transaction fees, faster payments, and the fact that it is completely independent of governments.

 

In more recent years the likes of Microsoft, Cheapair, and Expedia have begun to start accepting the cryptocurrency as a valid form of payment for their products and services also.

 

If you want to begin using Bitcoin as a form of payment for products and services in Australia then there are a number of outlets that this can be done through - one of which is Swyftx. With this company you can buy bitcoin australia at the best possible rate.