Milestone of Bitcoin is recognized every year on January 3 and is recognized as Bitcoin Pizza Day. Bitcoin is a decentralised, peer-to-peer cryptocurrency, an open-source digital payment system that was invented in 2008 by Satoshi Nakamoto. Bitcoin serves as digital public money that can be transferred instantly and securely between any two people in the world. Bitcoin has no single administrator or central bank that runs it, just like our traditional fiat currency today.
Anonymous Nature of Bitcoin
Bitcoins are stored in anonymous “electronic wallets”, which are actually software programs where users type their passwords to log themselves into accounts. There are about 12 million Bitcoins currently in circulation with an estimated value of more than $950 million US dollars. Bitcoin account owners have started using Bitcoin to buy real products and services online, including Bitcoin T-shirts, Bitcoin tools, Bitcoin games, and Bitcoin web services. Bitcoin users are starting to trade Bitcoins for traditional currencies in Bitcoin exchanges. If you are also looking for a suitable and profitable cryptocurrency that is legitimate and offers a lot of profitable trades then you can click here and explore this site.
What is Bitcoin Pizza Day?
Bitcoin Pizza Day is a Bitcoin tradition that commemorates the moment on May 22 of 2010 when Laszlo Hanyecz made the first documented purchase of goods with Bitcoin by buying two pizzas with 10 000 BTC (which was worth $25 at that time). This event marked the first time converting Bitcoin to any other currency; thus making it the very first legal transaction using Bitcoin ever made. Later on May 22 of 2013, this event was marked as Bitcoin Pizza Day every year.
This year marks another milestone for Bitcoin since January 3 is recognized as Bitcoin Pizza Day. Bitcoin is worth more than $1000 today and it is believed that Bitcoin will continue to grow in the future.
With Bitcoin celebrating its tenth anniversary this week, there is no argument that it has come a long way since the days of pizza.
From an investment standpoint, Bitcoin’s sound money property presents unique benefits to investors.
As Bitcoin approaches yet another milestone — with the price per Bitcoin having reached over $5,000 for the first time in history — investors are weighing their options between Bitcoin and major altcoins like Ethereum (ETH-USD).
So while many may be looking at Bitcoin as a store of value or digital gold, investors should not forget the characteristics that make Bitcoin a great medium for exchange.
In fact, many have come to realise that Bitcoin itself performs two functions quite nicely: both store of value and medium of exchange.
Bitcoin as a store of value provides individuals with censorship-resistant, sound money that cannot be confiscated by any one party such as the government or financial institution. Bitcoin’s scarcity is guaranteed by mathematics, demonstrating why it is referred to as digital gold.
Bitcoin also serves its original intended purpose well: Bitcoin makes for an efficient medium of exchange compared to traditional fiat systems. It can be transferred anywhere in the world at minimal transaction costs, especially when facilitating remittances. At Bitcoin’s current price level, 1 BTC could net up to 500 USD worth of remittance payments.
Bitcoin has seen significant growth over the past few years because more people are starting to accept it as sound money, especially in regions where government-issued fiat is falling apart at the seams.
Bitcoin’s blockchain technology has improved the lives of millions around the world by making payments more efficient and inexpensive, thus enabling economic growth.
Bitcoin is not just a store of value but also facilitates sound money properties through its efficiency as a medium of exchange.
Bitcoin will continue to be one of, if not the most reliable store of value over time. There is currently 17+ million Bitcoin in existence with an estimated 4 million lost coins. At $5,000 per BTC, this adds up to over $70 billion worth of Bitcoin, indicating that there will never be more than 21 million coins created. As long as demand continues to rise Bitcoin is expected to appreciate in value. Bitcoin is still extremely cheap for what it does, even Bitcoin’s most ardent critics have come around realising Bitcoin’s true potential, Bitcoin is Bitcoin — Bitcoin never changes.