{"id":4781,"date":"2022-10-15T16:04:52","date_gmt":"2022-10-15T16:04:52","guid":{"rendered":"https:\/\/realacademy.io\/?p=4781"},"modified":"2023-04-05T03:08:35","modified_gmt":"2023-04-05T03:08:35","slug":"bitcoin-the-first-and-last-of-it-kind","status":"publish","type":"post","link":"https:\/\/realacademy.io\/index.php\/2022\/10\/15\/bitcoin-the-first-and-last-of-it-kind\/","title":{"rendered":"BITCOIN &#8211; THE FIRST AND LAST OF ITS KIND"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"4781\" class=\"elementor elementor-4781\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c3d00c6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c3d00c6\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1e54b62\" data-id=\"1e54b62\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-45a9f9a elementor-widget elementor-widget-text-editor\" data-id=\"45a9f9a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.19.0 - 07-02-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5d4188e elementor-widget elementor-widget-image\" data-id=\"5d4188e\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.19.0 - 07-02-2024 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1020\" height=\"574\" src=\"https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-1-1024x576.png\" class=\"attachment-large size-large wp-image-4855\" alt=\"\" srcset=\"https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-1-1024x576.png 1024w, https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-1-300x169.png 300w, https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-1-768x432.png 768w, https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-1-1536x864.png 1536w, https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-1-510x287.png 510w, https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-1.png 1920w\" sizes=\"(max-width: 1020px) 100vw, 1020px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dcb4d79 elementor-widget elementor-widget-text-editor\" data-id=\"dcb4d79\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Bitcoin Price Stats<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e484674 elementor-widget elementor-widget-text-editor\" data-id=\"e484674\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li><span style=\"font-weight: 400;\">Circulating Supply: 19,154,200<\/span><\/li><li><span style=\"font-weight: 400;\">Supply Cap: 21,000,000 <\/span><\/li><li><p><span style=\"font-weight: 400;\">All Time High: $69,044.77 (-71.3%) <\/span><span style=\"font-weight: 400;\">Nov 10, 2021<\/span><\/p><\/li><li><p><span style=\"font-weight: 400;\">All Time Low: $67.81 (29,138.1%) <\/span><span style=\"font-weight: 400;\">Jul 06, 2013\u00a0<\/span><\/p><\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-83137bb elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"83137bb\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e807824\" data-id=\"e807824\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-68a5e49 elementor-widget elementor-widget-text-editor\" data-id=\"68a5e49\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>What is Bitcoin<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8b99ac7 elementor-widget elementor-widget-text-editor\" data-id=\"8b99ac7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Bitcoin is a peer-to-peer digital currency that operates free of any central control or the oversight of banks or governments. Instead, it relies on software and cryptography that functions on a Proof of Work (POW) network. It has a circulating supply of 19 Million BTC coins and a total supply of 21 Million.\u00a0<\/p>\n<p>Bitcoin is the top-rated cryptocurrency on CoinMarketCap and Coingecko. Bitcoin can be purchased on centralized and decentralized exchanges as well as Bitcoin ATMs.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c6b230f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c6b230f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-806beee\" data-id=\"806beee\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-93edd38 elementor-widget elementor-widget-text-editor\" data-id=\"93edd38\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Some Bitcoin History<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8ae701e elementor-widget elementor-widget-image\" data-id=\"8ae701e\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1020\" height=\"574\" src=\"https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-1024x576.png\" class=\"attachment-large size-large wp-image-4854\" alt=\"\" srcset=\"https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-1024x576.png 1024w, https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-300x169.png 300w, https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-768x432.png 768w, https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-1536x864.png 1536w, https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-510x287.png 510w, https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh.png 1920w\" sizes=\"(max-width: 1020px) 100vw, 1020px\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">Satoshi Nakamoto ~ The Man, the Myth and the Legend.<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c854984 elementor-widget elementor-widget-text-editor\" data-id=\"c854984\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Bitcoin\u2019s original inventor is known under the pseudonym, Satoshi Nakamoto. As of today, the true identity of the person or organization behind the alias remains unknown.<\/p>\n<p>On October 31, 2008, Nakamoto published Bitcoin\u2019s whitepaper, which described in detail how a peer-to-peer, online currency could be implemented. They proposed to use a decentralized ledger of transactions packaged in batches (called \u201cblocks\u201d) and secured by cryptographic algorithms \u2014 the whole system would later be dubbed \u201cblockchain.\u201d<\/p>\n<p>Two months later, on January 3, 2009, Nakamoto mined the first block on the Bitcoin network, known as the genesis block, thus launching the world\u2019s first cryptocurrency. These words were also stamped in the genesis block: \u201cChancellor on Brink of Second Bailout for Banks.\u201d Many claim it was the start of the peaceful revolution that has changed millions of lives, and soon will change billions of lives.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8cde7bd elementor-widget elementor-widget-image\" data-id=\"8cde7bd\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1020\" height=\"689\" src=\"https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/genesis-1024x692.png\" class=\"attachment-large size-large wp-image-4866\" alt=\"\" srcset=\"https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/genesis-1024x692.png 1024w, https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/genesis-300x203.png 300w, https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/genesis-768x519.png 768w, https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/genesis-1536x1037.png 1536w, https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/genesis-510x344.png 510w, https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/genesis.png 1599w\" sizes=\"(max-width: 1020px) 100vw, 1020px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c997a29 elementor-widget elementor-widget-text-editor\" data-id=\"c997a29\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>When that revolution started, the bitcoin price was zero and most bitcoins were obtained via mining. At that time, mining only required moderately powerful devices such as personal computers and mining software. The first known Bitcoin commercial transaction occurred on May 22, 2010, when programmer Laszlo Hanyecz traded 10,000 Bitcoins for two pizzas. This event is now known as \u201cBitcoin Pizza Day.\u201d In July 2010, Bitcoin first started trading, with the Bitcoin price ranging from $0.0008 to $0.08 at that time.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ba29d2d elementor-widget elementor-widget-image\" data-id=\"ba29d2d\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"614\" height=\"466\" src=\"https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/bitcoin-pizza-day.jpg\" class=\"attachment-large size-large wp-image-4856\" alt=\"\" srcset=\"https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/bitcoin-pizza-day.jpg 614w, https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/bitcoin-pizza-day-300x228.jpg 300w, https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/bitcoin-pizza-day-510x387.jpg 510w\" sizes=\"(max-width: 614px) 100vw, 614px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9432657 elementor-widget elementor-widget-text-editor\" data-id=\"9432657\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>It was also in 2010 that Nakamoto handed over control of the repository containing the Bitcoin source code to Gavin Andresen, a software developer. Then, on April 23, 2011, Satoshi Nakamoto sent their last email: \u201cI&#8217;ve moved on to other things. It&#8217;s in good hands with Gavin and everyone.\u201d<\/p><p><span style=\"font-weight: 400;\">Over the past decade, many people have contributed to improving the cryptocurrency\u2019s software by patching vulnerabilities and adding new features.<\/span><\/p><p><span style=\"font-weight: 400;\">Bitcoin\u2019s source code repository on GitHub lists more than 750 contributors, with some of the key ones being Wladimir J. van der Laan, Marco Falke, Pieter Wuille, Gavin Andresen, Jonas Schnelli and others.<\/span><\/p><p><span style=\"font-weight: 400;\">Currently, the Bitcoin Core maintainer team is led by Wladimir van der Laan. Its other members are Pieter Wuille, Marco Falke, Michael Ford, Jonas Schnelli and Samuel Dobson.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-db9a01d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"db9a01d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-395e961\" data-id=\"395e961\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-43cc0e1 elementor-widget elementor-widget-text-editor\" data-id=\"43cc0e1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Advantages Of Bitcoin:<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b13c491 elementor-widget elementor-widget-text-editor\" data-id=\"b13c491\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li><p><span style=\"font-weight: 400;\">Potential for high returns<\/span><\/p><\/li><li><p><span style=\"font-weight: 400;\">Immediate settlement and international transactions. No limits on transaction amounts<\/span><\/p><\/li><li><p><span style=\"font-weight: 400;\">Protection from payment fraud and censorship-resistant<\/span><\/p><\/li><li><p><span style=\"font-weight: 400;\">Revolutionizing the monetization of energy through (POW) mining<\/span><\/p><\/li><li><p><span style=\"font-weight: 400;\">Permissionless, no counterparty risk because of self-custody<\/span><\/p><\/li><li><p><span style=\"font-weight: 400;\">Its blockchain ledger is immutable\u00a0<\/span><\/p><\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c4f7c9e elementor-widget elementor-widget-image\" data-id=\"c4f7c9e\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1020\" height=\"574\" src=\"https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-2-1024x576.png\" class=\"attachment-large size-large wp-image-4857\" alt=\"\" srcset=\"https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-2-1024x576.png 1024w, https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-2-300x169.png 300w, https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-2-768x432.png 768w, https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-2-1536x864.png 1536w, https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-2-510x287.png 510w, https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-2.png 1920w\" sizes=\"(max-width: 1020px) 100vw, 1020px\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">Bitcoin gives you the self-custody of your wealth<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-66136b4 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"66136b4\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2ff9933\" data-id=\"2ff9933\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2604647 elementor-widget elementor-widget-text-editor\" data-id=\"2604647\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Concerns with Bitcoin:<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f29522d elementor-widget elementor-widget-text-editor\" data-id=\"f29522d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li><p><span style=\"font-weight: 400;\">High energy consumption due to its Proof of Work protocol<\/span><\/p><\/li><li><p><span style=\"font-weight: 400;\">High volatility and potential for large losses<\/span><\/p><\/li><li><p><span style=\"font-weight: 400;\">No Refund<\/span><\/p><\/li><li><p><span style=\"font-weight: 400;\">Needs electricity to function<\/span><\/p><\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-49005ea elementor-widget elementor-widget-image\" data-id=\"49005ea\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1020\" height=\"574\" src=\"https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-3-1024x576.png\" class=\"attachment-large size-large wp-image-4858\" alt=\"\" srcset=\"https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-3-1024x576.png 1024w, https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-3-300x169.png 300w, https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-3-768x432.png 768w, https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-3-1536x864.png 1536w, https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-3-510x287.png 510w, https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-3.png 1920w\" sizes=\"(max-width: 1020px) 100vw, 1020px\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">Computational power required for Bitcoin mining cosumes huge amounts of electricity.<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-952e9b0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"952e9b0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6d12b06\" data-id=\"6d12b06\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b0ae023 elementor-widget elementor-widget-text-editor\" data-id=\"b0ae023\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Use Cases:<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dabea1d elementor-widget elementor-widget-text-editor\" data-id=\"dabea1d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul>\n<li><span style=\"font-weight: 400;\">Legal tender in El Salvador and the Central African Republic.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Accepted for tax payment in El Salvador, Central African Republic, States of Colorado, Florida, Ohio (USA)<\/span><\/li>\n<li>\n<p><span style=\"font-weight: 400;\">Store of Value\u00a0<\/span><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: 400;\">Banking the Unbanked<\/span><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: 400;\">Digital Cash<\/span><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: 400;\">Programmable Money<\/span><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: 400;\">Online Payments<\/span><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: 400;\">Peer-to-Peer Transactions<\/span><\/p>\n<\/li>\n<\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-45b3c04 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"45b3c04\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ecdad34\" data-id=\"ecdad34\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c493909 elementor-widget elementor-widget-text-editor\" data-id=\"c493909\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Why I&#8217;m Bullish on Bitcoin?\u00a0<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7a4c113 elementor-widget elementor-widget-text-editor\" data-id=\"7a4c113\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">The King of Crypto, Bitcoin, is here to stay. After 13 years and 5 bear markets, bitcoin adoption continues to be strong. Wallet addresses with one bitcoin are at an all-time high. Countries like El Salvador and the Central African Republic have made bitcoin legal tender and several US States like Colorado, Florida, and Ohio accept bitcoin for tax payments. Thousands of corporations across the world also accept bitcoin as payment. Bitcoin\u2019s staying power and track record speaks for itself and are attributed to the fact that it is safe and secure.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bitcoin has proven to be extremely secure as it is very difficult and costly to attempt a 51% attack (hack) on the system. Its transparency is second to none. Any person with an old computer can run a node to keep an eye on all transactions recorded on its immutable blockchain. Miners play a huge role in keeping bitcoin\u2019s network safe. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bitcoin mining is a business where individuals, corporations, and nations have to invest money for miners, real estate, energy, and labor. If a business fails due to inefficiencies there are no government bailouts. As a result of these economic realities, miners seek the cheapest sources of energy. Bitcoin miners will go to the most remote locations of the world to set up their mining operations if there is cheap and abundant energy. This makes bitcoin mining fascinating as it is revolutionizing how energy is being monetized.\u00a0<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-91284d7 elementor-widget elementor-widget-image\" data-id=\"91284d7\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1020\" height=\"574\" src=\"https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-5-1024x576.png\" class=\"attachment-large size-large wp-image-4885\" alt=\"\" srcset=\"https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-5-1024x576.png 1024w, https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-5-300x169.png 300w, https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-5-768x432.png 768w, https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-5-1536x864.png 1536w, https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-5-510x287.png 510w, https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-5.png 1920w\" sizes=\"(max-width: 1020px) 100vw, 1020px\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">A map of Bitcoin nodes around the world. (source:bitnodes.io)<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-26aaef0 elementor-widget elementor-widget-text-editor\" data-id=\"26aaef0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">With bitcoin mining, there is no need to incur heavy costs to transport energy, whether it is by ship, train, truck, or power lines to secure the network. Bitcoin mining can be done with various forms of energy from renewables to fossil fuels. Many bitcoin detractors argue that mining wastes too much energy, which is detrimental to the environment. However, if one were to take a deeper look at bitcoin mining, one would soon realize that it helps to solve the issue of energy overproduction. For instance, in the oil refinery process, more gas is produced than is necessary. Oil companies use flaring and venting as a means to eliminate excess gas by burning it, which releases damaging hydro-carbons in the atmosphere. <\/span><\/p><p><span style=\"font-weight: 400;\">Bitcoin helps to solve this issue. Miners can set up next to refineries and can use the excess gas to turn it into electricity for bitcoin mining. This is something oil companies can do themselves and get compensated with bitcoin for securing the network instead of burning gas into the atmosphere. <\/span><\/p><p><span style=\"font-weight: 400;\">This practice can also be used with the excessive production of hydroelectricity that gets wasted. Another way to think about it is to view bitcoin mining as an energy regulator serving to balance energy production while creating jobs at the same time.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8b19208 elementor-widget elementor-widget-image\" data-id=\"8b19208\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1020\" height=\"574\" src=\"https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-7-1024x576.png\" class=\"attachment-large size-large wp-image-4887\" alt=\"\" srcset=\"https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-7-1024x576.png 1024w, https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-7-300x169.png 300w, https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-7-768x432.png 768w, https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-7-1536x864.png 1536w, https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-7-510x287.png 510w, https:\/\/realacademy.io\/wp-content\/uploads\/2022\/10\/satosh-7.png 1920w\" sizes=\"(max-width: 1020px) 100vw, 1020px\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">Using flared gas to mine digital assets has emerged as a popular trend among both the crypto mining and energy industries.The process helps energy companies reduce their flaring footprint, as a plan to reach net-zero emissions by 2050 laid out by the International Energy Agency (IEA)<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7118cb5 elementor-widget elementor-widget-text-editor\" data-id=\"7118cb5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Bitcoin is innovative because it is trustless. Meaning that there are no counterparty risks. An individual can purchase bitcoin and store it on a hard or hot wallet thus eliminating the need for banks or third parties to custody one\u2019s bitcoin. In essence, you can be your &#8216;own bank&#8217;. Since there is no central issuer, bitcoin is decentralized and censorship-proof. Many bitcoin proponents call it \u201cFreedom Money\u201d since it is neutral and no one is forced to use it.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Being able to build on top of bitcoin is another reason why bitcoin is popular and gives hope for a brighter future with sound money. The addition of the Lightning Network (LN) makes bitcoin scalable. The LN can process up to 1 million transactions per second making it the most efficient payment system in the world in terms of transaction throughput. People can make or receive payments from each other in seconds and these are less costly, which are subsequently settled on the bitcoin network. The Federal Reserve Bank of Cleveland\u2019s paper stated that the \u201cLightning Network is turning bitcoin into money.\u201d Time will tell if this is true. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">At this moment, bitcoin is worth looking into due to its staying power and its immaculate conception. There was no pre-mine, nor was it created and backed by investors looking for a profit in return. In 2015, the CFTC defined Bitcoin as a commodity under the US Commodity Exchange Act. <\/span>Bitcoin is the real deal amongst the almost 20,000 cryptocurrencies in existence and will continue to be the \u201cKing of Crypto\u201d for the foreseeable future.\u00a0\u00a0<\/p>\n<p>Sources:<\/p>\n<p>The Bitcoin Standard: <a href=\"http:\/\/bit.ly\/3Jbiedv\">http:\/\/bit.ly\/3Jbiedv<\/a><\/p>\n<p><a href=\"https:\/\/www.clevelandfed.org\/publications\/working-paper\/2022\/wp-2219-the-lightning-network-turning-bitcoin-into-money\">https:\/\/www.clevelandfed.org\/publications\/working-paper\/2022\/wp-2219-the-lightning-network-turning-bitcoin-into-money<\/a><\/p>\n<p><a href=\"https:\/\/www.cftc.gov\/sites\/default\/files\/2019-12\/oceo_bitcoinbasics0218.pdf\">https:\/\/www.cftc.gov\/sites\/default\/files\/2019-12\/oceo_bitcoinbasics0218.pdf<\/a><\/p>\n<p><a href=\"https:\/\/decrypt.co\/resources\/satoshi-nakamoto\">https:\/\/decrypt.co\/resources\/satoshi-nakamoto<\/a><\/p>\n<p><a href=\"https:\/\/tax.ohio.gov\/static\/documents\/Cryptocurrency.pdf\">https:\/\/tax.ohio.gov\/static\/documents\/Cryptocurrency.pdf<\/a><\/p>\n<p><a href=\"https:\/\/bitcoinist.com\/florida-will-allow-citizens-to-pay-taxes-in-bitcoin\/\">https:\/\/bitcoinist.com\/florida-will-allow-citizens-to-pay-taxes-in-bitcoin\/<\/a><\/p>\n<p><a href=\"https:\/\/www.youtube.com\/watch?v=epihxImrhbU&amp;t=89s\">https:\/\/www.youtube.com\/watch?v=epihxImrhbU&amp;t=89s<\/a><\/p>\n<p><a href=\"https:\/\/www.cnbc.com\/2022\/02\/12\/23-year-old-texans-made-4-million-mining-bitcoin-off-flared-natural-gas.html\">https:\/\/www.cnbc.com\/2022\/02\/12\/23-year-old-texans-made-4-million-mining-bitcoin-off-flared-natural-gas.htm<\/a><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Bitcoin, a digital currency introduced in 2009, operates on online marketplaces known as &#8220;crypto exchanges&#8221; where users can purchase or sell bitcoin using various currencies. Bitcoin was created by an individual using the pseudonym Satoshi Nakamoto, and is distinct in that it does not require intermediaries such as banks or third parties for transactions.  This makes it a unique form of currency in the modern financial landscape. <\/p>\n","protected":false},"author":1,"featured_media":4782,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BITCOIN - THE FIRST AND LAST OF ITS KIND - Real Crypto Academy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/realacademy.io\/index.php\/2022\/10\/15\/bitcoin-the-first-and-last-of-it-kind\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BITCOIN - THE FIRST AND LAST OF ITS KIND - Real Crypto Academy\" \/>\n<meta property=\"og:description\" content=\"Bitcoin, a digital currency introduced in 2009, operates on online marketplaces known as &quot;crypto exchanges&quot; where users can purchase or sell bitcoin using various currencies. 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