Bitcoin: History and Adoption

Bitcoin: History and Adoption

Ever since its creation in 2009, Bitcoin has been a much-discussed topic.

As Wikipedia summarises it:

Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The system was designed to work as a peer-to-peer network, a network in which transactions take place between users directly, without an intermediary. These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009.

The documentation for the cryptocurrency had been written in and released in 2008 but the first block of bitcoins was mined in 2009. By 2015, major industry leaders such as WordPress, Microsoft, Dell, and Newegg had started accepting it. 771 Bitcoin ATMs had popped up across the globe by 2016. By 2018 Japan, Norway, and Russia had started accepting the cryptocurrency as a legal currency.

Contributions towards Bitcoin by Countries

Many countries contributed in different ways to help the cryptocurrency grow.

The first to recognize the cryptocurrency as a full tender was Japan. While the first Bitcoin ATM was installed in the D Casino in Las Vegas, it was Japan which popularised the concept of Bitcoin ATMs. As of now, people in Japan use the cryptocurrency for just about everything.

Malta had been quick to adopt the cryptocurrency as well and are now expressing their intention of becoming the “Bitcoin Island.” The country has even welcomed Binance with arms wide open.

Slovenia has the strongest civil support of the cryptocurrency. It has the legal status for the cryptocurrency.

Cyprus has been using the cryptocurrency as an alternative to the local currency ever since the debt crisis of 2013.

The Whole Deal

While the aforementioned talked about the cryptocurrency in brief, the infographic below might give you a better insight into the cryptocurrency!

Bitcoin Infographic

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Syed Ali Mudassar
It was when he was pursuing his graduation in Computer Science that he found his flair for writing about new and existing technologies. He likes researching about technologies and how they could help people. Currently, he works as the Content Manager at CoinFrenzy, a leading blockchain news, and media publication website.