Back in 2008, when the world was busy gearing up for ‘Trick or Treats’, an anonymous person or a group of people named Satoshi Nakamoto introduced the Bitcoin Whitepaper for the first time to the world! Fast forwarding to the present day, October 31st, 2022, marks the 14th anniversary of the one detailed paper that paved the way for the crypto ecosystem as we know it today.
It took only 9 pages of information to change the world as we know it today!
It is widely believed that the Bitcoin whitepaper was created as the fallout of the 2007-2008 Wall St Crash. Just two months after the Lehman Crisis, on 1 November 2008, Satoshi Nakamoto wrote an email to a cryptography mailing list introducing the idea in a paper.
While Bitcoin was a whole new concept, its whitepaper also pointed out the gaps present in the economies of the world. Not only did it bring in an evolution of finance, but it also helped the world become more compatible with the digital world that we are so accustomed to.
What is Bitcoin?
Satoshi Nakamoto introduced the Bitcoin Whitepaper as a way of negating any third-party involvement in any transactions. So basically, Bitcoin is a peer-to-peer electronic cash, digital money that can be transferred between people or computers without any trusted middleman, like a bank or government. The issuance of this newly mentioned electronic cash is not under the control of any single party on which everyone has to blindly put their trust. Bitcoin tries to get rid of the requirement of trust by using cryptographic math to verify the facts and transactions.
However, transaction is not the only application of Bitcoin that are open for exploration today. Let us take a quick look into other various ways in which Bitcoin is being used worldwide.
Additional Read: How to buy Bitcoin in India
APPLICATIONS OF BITCOIN (BTC)
- As more shops around the world accept bitcoin payments, people are using bitcoins to purchase goods and services.
- Anonymous transactions are made with bitcoins.
- With the expectation that their value would rise dramatically in the future, investors can purchase bitcoins.
- On websites like SatoshiDice, RoyalBitcoin, Bitzino, Peerbet, and others, you can gamble with bitcoins.
- Due to their use of very powerful cryptographic algorithms, bitcoins offer a mechanism to transact securely online. Because there are no credit card fees, users and companies prefer bitcoin payments.
If you are new to Bitcoin, the next possible question on your mind will be how to explore this new asset space that the world is celebrating today! To your rescue, we have put together the steps one would require to start exploring investing in Bitcoin via the CoinDCX app.
- Sign Up for the CoinDCX account: Enter a valid email address and a user name on the sign-up page. Once the Email Id has been verified, set a strong password to secure your account.
- Verify the account: You need to complete your KYC, to buy BTC token on the CoinDCX platform. All you need to do is upload the documents and your account will be set up in 15 minutes.
- Buy BTC: After the account has been verified, you can deposit any amount of fiat currency you are comfortable with and start your crypto journey!
Read more about Bitcoin in our simplified Bitcoin Whitepaper summary.
While the token that led the way to more than 1400 crypto tokens to establish itself, the ideation of Bitcoin has been the driving force for the future.
Kochi Local chapter Event
Bitcoin white paper day going on @Web3_kerala @CoinDCX @CoinDCX_Cares @smtgpt #coindcx #bitcoin #bitcoinwhitepaperday #event #kochilocalchapter #w3k #web3kerala pic.twitter.com/VoCY3p38EZ
— Ashik Abdul Khader (@ashik_khader) October 30, 2022
Bitcoin white paper day meetup organised by @CoinDCX pic.twitter.com/J3YbR5lgwz
— Harsh 💜 | harshcrop.lens (@harshcrop) October 30, 2022
Additional Read: Bitcoin Price Forecast
As a way of celebrating the most important day in the Crypto space, CoinDCX hosted numerous Local Chapters; where crypto enthusiasts from all states came together to discuss, explore, and engage in different conversations regarding crypto and blockchain.
Click Here to see what CoinDCX CEO have to say about his experience with the Indore Local Chapter