Short Codes Test

Bitcoin is the first peer-to-peer decentralized digital currency where all transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.

Bitcoin can be sent from user to user on the peer-to-peer bitcoin blockchain without the need for intermediaries. All transactions happen directly between equal, independent network participants. Nakamoto’s vision for Bitcoin was to allow “online payments to be sent directly from one party to another without going through a financial institution.”

The first known Bitcoin commercial transaction occurred on May 22, 2010, when programmer Laszlo Hanyecz traded 10,000 Bitcoins for two pizzas. At Bitcoin price today, those pizzas would be worth an astonishing $620 million. This event is now known as “Bitcoin Pizza Day.” In July 2010, Bitcoin first started trading, with the Bitcoin price ranging from $0.0008 to $0.08 at that time.

Bitcoin’s total supply is limited by its software and will never exceed 21,000,000 coins. New coins are created during the process known as “mining”: as transactions are relayed across the network, they get picked up by miners and packaged into blocks, which are in turn protected by complex cryptographic calculations. As compensation for spending their computational resources, the miners receive rewards for every block that they successfully add to the blockchain.