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As you might have noticed, the last decade has seen a great deal of technological advancements, which moved us towards the future we previously only ever saw in the movies. Touchscreen devices, the rise of AI, self-driving cars, social networks, and augmented reality are just some of the trends we had to learn to accept and adjust to. And in the midst of all that, hiding in plain sight, was one breakthrough that might change the financial world as we know it: bitcoin.

The concept of bitcoin first appeared in the white paper written by Satoshi Nakamoto (an alias for a person or a group of people) in 2008, in which he talked about a new electronic cash system which would be completely decentralized, meaning that there would be no need for banks or intermediaries in transactions between two parties.

In 2009, the bitcoin network was released as an open source project and Nakamoto mined the very first block of bitcoin, effectively earning himself 50 BTC. In 2010, the first real-world transaction was made using bitcoin as currency: Laszlo Hanyecz bought two pizzas in Jacksonville, Florida!

Since then, a number of merchants have started accepting bitcoin on their websites, and today you can purchase anything from airplane tickets to food using your virtual coins. All you need to do is register on digital currency exchange of your choice, connect your bank account, and you’ll be ready to go. If you’re looking for a safe and simple way to buy or sell your cryptos, you may want to register for open beta of Kriptomat – they are completely aligned with EU regulations and offers a free crypto wallet.

Our infographic will tell you all about how transactions in the world of bitcoin work, what types of wallets are out there, and just how secure the entire system is. Once you’re done reading, you should have the basics down when it comes to the bitcoin network, blockchain, and cryptocurrencies. Happy reading!

Nithya

Written By Nithya

Nithya is a MARCOMM consultant at Codelattice. She is busy conquering the Kingdom of Content and blogs for Codelattice. Her interest areas include Social Media, Lifestyle and Commerce. Connect with her through nithya@codelattice.com

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