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January 11, 2022

What is Bitcoin?

Bitcoin. The first and today most valuable cryptocurrency, launched in 2009.

Right after the economic recession it was initially created by an anonymous figure or group called Satoshi Nakamoto in 2008 but no one knows their real identity. The initial idea was to create a cash alternative to pay each other with digital money without the need for a bank. From day one the supply was set to be a finite number of 21 million bitcoins. Because of that scarcity it is often compared to gold. Bitcoin attracted the crypto-curious investor as a store of value and because its digital nature it can only be stored digitally. Bitcoin is volatile and the idea to use it as cash failed. Similar to gold, people buy Bitcoin not because they expect to be able to go to the store and spend it, but because they expect it to hold its value.

Tomorrow we learn how bitcoins are created.

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