Marc Wiese, Managing Director of Warwick Wealth On 31 October 2008, a pseudonymous individual or group, known only as Satoshi Nakamoto, published a white paper on Bitcoin. This paper was aimed at explaining a new online-based ledger system, known as Blockchain. Blockchain in essence is managed via a decentralised network of computers, which together, essentially form a digital ledger, which is disseminated across a wide network of computer systems. The goal being to make fraud and hacking more difficult. On the 3rd of January 2009, Bitcoin went live at $0.00, allowing the first transactions to be recorded on the Blockchain. During the next two years, Bitcoin traded barely above zero, with Laszlo Hanyecz having made the first recorded purchase of a physical good using Bitcoin to buy two pizzas in the US. Hanyecz, sold 10 000 Bitcoin to Jeremy Sturdivant, in return for $41 in order to purchase the two pizzas. Effectively pricing 1 Bitcoin at $0.0041 in value for the transaction. Translated, with Bitcoin at its peak, this would constitute paying the equivalent of $300 million for the two pizzas! Over the past decade, Bitcoin has significantly grown in value, while experiencing significant volatility, to reach a price of R396 375 […]
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