Did you know that the first item someone bought using bitcoin was pizza? Yes, you read that correctly: in 2010, Laszlo Hanyecz spent 10,000 BTC to purchase two pizzas in Jacksonville, Florida.
Now, if you’re familiar with all things bitcoin, the rise and popularity of this digital currency can’t come as a surprise. But if you don’t really know all that much about BTC, you probably have a lot of questions about it, including what it is, how and where does one get bitcoin, and how in the world did someone manage to buy a pizza using it.
Well, it all began back in 2009, when a person (or a group of people) using the alias Satoshi Nakamoto wrote a white paper introducing the concept of a “new electronic cash system” which would function on a decentralized, peer-to-peer technology (today called blockchain). The main goal here was for people to be able to make transactions without involving banks, governments, and other institutions, i.e. intermediaries.
The biggest advantage of the bitcoin network lies in the fact that it works on the basis of consensus and, that way, keeps all your transactions as secure as possible. What does this mean? If you decide to purchase, say, pizza, all the members of the network need to verify your purchase first and only if/when it’s verified, can it go through. Done like this, the system can successfully avoid fraud and misuse—it stops a user from using the same amount of money more than once (double-spending).
Once you decide to dive into the world of bitcoin, the first thing you might want to do is explore which digital currency exchange platforms exist, how they differ from one another, and which one would suit your needs the best. When you pick one, you’ll be able to easily buy and sell your bitcoin (exchange it for “real” money), and store it in your digital wallet until you decide to purchase something.
The infographic below will tell you all about the process of verification, provide you with some useful stats, and let you know what types of crypto wallets exist. In no time at all, we’re sure you’ll be able to buy your very own pizza!
Now, if you’re familiar with all things bitcoin, the rise and popularity of this digital currency can’t come as a surprise. But if you don’t really know all that much about BTC, you probably have a lot of questions about it, including what it is, how and where does one get bitcoin, and how in the world did someone manage to buy a pizza using it.
Well, it all began back in 2009, when a person (or a group of people) using the alias Satoshi Nakamoto wrote a white paper introducing the concept of a “new electronic cash system” which would function on a decentralized, peer-to-peer technology (today called blockchain). The main goal here was for people to be able to make transactions without involving banks, governments, and other institutions, i.e. intermediaries.
The biggest advantage of the bitcoin network lies in the fact that it works on the basis of consensus and, that way, keeps all your transactions as secure as possible. What does this mean? If you decide to purchase, say, pizza, all the members of the network need to verify your purchase first and only if/when it’s verified, can it go through. Done like this, the system can successfully avoid fraud and misuse—it stops a user from using the same amount of money more than once (double-spending).
Once you decide to dive into the world of bitcoin, the first thing you might want to do is explore which digital currency exchange platforms exist, how they differ from one another, and which one would suit your needs the best. When you pick one, you’ll be able to easily buy and sell your bitcoin (exchange it for “real” money), and store it in your digital wallet until you decide to purchase something.
The infographic below will tell you all about the process of verification, provide you with some useful stats, and let you know what types of crypto wallets exist. In no time at all, we’re sure you’ll be able to buy your very own pizza!