History Of The Bitcoin Virtual Money System

Bitcoin Bitwala Virtual Money System

Some kind of money is used by all the modern societies as a way to exchange the goods and services. In past times, the money went through various modifications from large wheels of limestone rock to the credit cards. Money is featured as a physical object in all the cases, buy in the virtual money, it is not physical. The first virtual money was used to buy two pizzas for the sum of the 10,000 Bitcoin, which now become a worth of million dollars.

In 2008, the first workable digital money, now known as Bitcoin was created by the Satoshi Nakamoto who is still unknown to the world. It is an entry in the electronic ledger and don’t have a physical appearance.

The copy of this ledger is available to everybody, which is updated after every 10 minutes. The Bitcoin’s value ranges from US$ 0.03 to more than US$ 1,200 nowadays.

Payment of Pizza through Bitcoin

The first real Bitcoin transaction was carried out by a Florida programmer Laszlo Hanyecz who turns his 10,000 Bitcoins into a single pizza. At that time, there was no one who accepts Bitcoins. So, he posted a request on forum of Bitcoin on 18 May, 2010, in which he writes if there is anybody who can accept 10,000 Bitcoins for two large pizzas costing US$ 25 at that time.

He was contacted by a 18 year old guy named Jeremy Sturdivant, living in the United States and they reached for a deal. Laszlo sent 10,000 Bitcoins to the Jeremy, who in return orders two pizzas for him. He posted on 22 May, 2010 about the successful transaction of 10,000 bitcoins. For that reason, it is now called as Bitcoin Pizza Day.

Volatile Value

The cost of the Bitcoin is twice as volatile as gold and three to four times as the major currencies as the volatile.

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