If you have ever wondered about Bitcoin, considered downloading the Bitcoin Revolution app, heard of the word and want to know more, or whether you know a lot about it and want to touch up on your skills, this article is for you! Bitcoin is essentially a form of digital currency that is not officially governed by a financial institution such as a bank or a government entity meaning that no single person or institution can control it. Bitcoins have a limited number which can be made, and it is fairly limited.
So, you’re obviously here reading this article to gain a bit more of an understanding of Bitcoin and all of the things directly related. We will touch on the creator of Bitcoin, who controls is, how it actually works, what you can buy with it, how to get it, and of course, the pros and cons. So, without further ado, let’s get to it!
Who was the creator of Bitcoin?
In 2009, Bitcoin was first introduced as an open-source software by an anonymous programmer. However, there is also talk that it could have been a group of anonymous programmers. Nonetheless, the name Satoshi Nakamoto was used to launch it.
People have swirled many rumours around as to who this faceless identity is, however, all of the people named have publicly denied it and any clues have been confirmed as inconclusive. There was word from Satoshi Nakamoto that he/she was a 37-year-old male that resided in Japan; however, this was severely clouded by reasonable doubt. Due to Satoshi Nakamoto having perfect English skills the fact that none of the programming was in Japanese, people suspect this to be a lie.
In 2010, Satoshi Nakamoto left the Bitcoin world to move onto some new and exciting things and left it in the capable hands of a handful of prominent members of the BTC community. Gavin Andresen was named as a lead developer by Satoshi Nakamoto.
What can I buy with it?
When Bitcoin was first introduced, back in 2009, there was no real law, rule, or reason as to where and how you could spend Bitcoins. However, now it has expanded drastically, and you can buy pretty much anything. Huge companies such as Dell and Microsoft actually allow you to purchase a variety of products and digital content.
You can even gain access to fly with a number of airlines, buy theatre tickets, get some beer, and more. To be fair, there aren’t a whole lot of things you can’t buy. Here are some more things you can purchase/pay for with Bitcoins.
- Buying property
- Hotel stays
- Gift cards
- Bills in some bars/restaurants
- Joining dating sites
- Placing bets online with casinos
- Donating to causes
- Trading for illegal substances
- High-end luxury items
While it is a newer form of payment, the spending options are still fairly limited, however, it is becoming more and more popular as a form of payment and will likely be implemented into payments systems even more as time goes by.