While the value of Bitcoin fluctuates, there’s no getting around the fact that it is an exciting venture. You don’t even have to be an investor to buy it. Many people use cryptocurrency to have finances that are not tied down to the worth of the American dollar, for instance. If you’ve never looked into Bitcoin, you’re probably wondering how it all came about. Keep reading to learn all about the origin of Bitcoin.
What Are Bitcoins?
Has a friend or family member ever asked you, “Bitcoins…what are they?”
Bitcoins are a type of cryptocurrency, otherwise known as a digital currency. This means that they don’t exist outside of cyberspace and related technology. While you can’t hide your stash of Bitcoins under your mattress, you’ll be glad to know that Bitcoins are pretty secure.
A blockchain is what makes the currency so safe. Blockchains are digital ledgers that keep track of every Bitcoin transaction in the simplest terms. Blockchains prevent fraud and aren’t susceptible to tinkering by having no single location.
There’s no secrecy regarding the figures, which means anyone who deals with Bitcoins can see the relevant ledger. This transparency can allow people to crack down on shady business and cooked books. In fact, a lot of computing power is put into verifying every single Bitcoin transaction.
It should be emphasized that banks or governments don’t create Bitcoins. In that sense, they are not categorized as legal tender. However, this gives financial freedom that people can’t get with fiat currency, such as U.S. dollars.
That’s one reason why Bitcoin has become so popular across the globe.
Who Invented Them?
Simply put, the answer isn’t as straightforward as you might expect. This makes the story even more interesting than if we knew the precise inventor. One could say that Bitcoin was brought out in 2009 by Satoshi Nakamoto, but it’s not as easy as that.
The reason why is because there’s a lot of mystery surrounding Satoshi Nakamoto as a person. For instance, it’s been confirmed that Satoshi Nakamoto is an alias, so in reality, there is no inventor with that name. Some people even believe that Nakamoto is the alias for a group of people rather than a single person.
Not only did Nakamoto invent Bitcoin, but he, she, or they also invented the first blockchain database, providing decentralized security for the cryptocurrency.
What makes things even more mysterious is that Nakamoto stopped the development of Bitcoin after about a year, leaving the project in 2010. In some ways, Bitcoin has taken on a life of its own.
The Hunt for Nakamoto
The mystery behind the alias Satoshi Nakamoto hasn’t stopped people from trying to find out who he or she, or they are quite the opposite. Many people have tried to figure out who is behind it all. The obsessive nature of some people’s hunts has made Nakamoto our century’s Thomas Pynchon.
Like the reclusive American writer Pynchon, Nakamoto has never given a single interview. Unlike Pynchon, Nakamoto hasn’t written anything besides the codes that birthed Bitcoin and related technology.
Despite a lot of in-depth research made by various hunters, no one has been able to prove without a shadow of a doubt that the person they’ve found is the real Nakamoto.
A few years after Bitcoin was created, one person stepped forward and claimed to be the real Nakamoto. While he said he was a middle-aged man living in Japan, people weren’t buying his story. For example, his command of the English language made people suspect that he wasn’t genuinely Japanese.
It’s possible that someone from Japan could be proficient in English, of course, but there’s other evidence against the man’s claim. For instance, it’s known that the first-ever Bitcoins were mined from a location in England. Plus, people have looked at the timestamps on his social media posts, and they don’t align with any regular waking hours in Japan.
Plenty more people have stepped forward as the real Nakamoto, but none have been verified. Of course, Nakamoto could be a whole group of people across the globe who worked together on Bitcoin. Some theorists even believe that as many as a dozen people were involved in the project, working under the same alias.
A Possible Candidate
Out of all the wacky claims from people who want to be recognized as the true inventor of Bitcoin, one person is the likeliest possibility. His name is Craig Wright, and he’s an Australian entrepreneur.
He sent out a message thanking everyone who has supported Bitcoin since its inception, including people who have invested in it. After an expression of gratitude, the statement claims that Wright has been doing in-depth research in the years since launching Bitcoin.
What’s the proof that sets Wright apart from the pack? His message ended with various cryptographic keys. Some experts have confirmed that these keys are connected to Bitcoin’s inventor.
Despite the promising nature of this proof, plenty of other experts think Wright is a fraud. Overall, most people still believe that the real identity of Nakamoto is at large.
If you ever wanted to be famous, you could try claiming to be Nakamoto. Better yet, you could hunt them or them down for yourself.
The Legality of Bitcoin
As anyone ever asked you, “Is bitcoin legal in the U.S.?” A resounding yes would be the most straightforward answer. However, some rules and regulations could be in your state, depending on where you live.
In general, the U.S. has classified Bitcoin as a money services business (MSB). This means that it needs to adhere to the rules laid out in the Bank Secrecy Act. In short, the rules promote transparency and reporting that helps to fight against those who use Bitcoin to buy illegal products and services.
Like the United States, Canada has also taken a shining to Bitcoins. They’ve categorized it as a commodity, which means that all transactions are equivalent to the income of a business. They distinguish between people who buy Bitcoin as an investment and those who have a functioning business for tax purposes.
Canada also has laws that monitor illegal activity, such as money laundering. Countries like China and Russia, on the other hand, have taken stances against cryptocurrency, but that’s because their governments want to have complete control of the currency.
The Present and Future of Bitcoin
After you’ve looked into the laws that apply to your place of residence, the next question to ask yourself is, “Should I invest in Bitcoin 2023?”
Since Bitcoin launched, it went from something with practically zero worth to a powerful way to buy commercial products and trade in the virtual realm. People are now seeing Bitcoin as a kind of virtual gold. This is because Bitcoin can back up the value of fiat currency.
Nowadays, Bitcoin is becoming more and more normalized. For instance, even Paypal accepts it as a valid form of currency. As further options become available for people with Bitcoin in their digital wallets, it will only increase popularity.
Another sign of Bitcoin’s growth is that large companies like Microsoft, Overstock, and even Dish Network have hopped aboard the gravy train.
Where to Trade for Bitcoins
Are you wondering where you can get Bitcoin now that you’ve learned about its origin?
There are plenty of Bitcoin ATM locations where you can trade your physical currency for digital currency. Just be sure to have a government-issued ID, such as a passport or a driver’s license. You’ll also need a smartphone, so you can download a wallet app and connect it to the Bitcoin ATM.
Don’t forget to bring the exact amount of cash you’d like to exchange for Bitcoins. Once you have everything, you’re ready to join the future of currency that the enigmatic Satoshi Nakamoto started over a decade ago.
Now You Know the Origin of Bitcoin
Now that you’ve learned all about the origin of Bitcoin, you can start trading your cash for cryptocurrency and liberate your finances from the U.S. dollar. Who wants their money tied down by what the government says it’s worth anyway?
One of the easiest ways of getting Bitcoins for cash is by going to one of our many ATMs. We’ve got you covered from the east coast to the west coast.
If you’re not interested in Bitcoin, then don’t worry. We’re proud to be able to deal in a range of other fantastic cryptocurrencies, including Marscoin and Litecoin.
Do you have questions about our products or services? If so, please don’t hesitate to reach out to us. We’re here to help you get the financial liberation you need.