No one knows who the creator of Bitcoin is. It is only known that the individual or group uses the name Satoshi Nakamoto. Some even speculated that this is a pseudonym instead of the person’s name. In this article, we will discuss the history of Bitcoin itself; when did Bitcoin start? What do you need to know going into Bitcoin? How to better store your Bitcoin? How to transfer your Bitcoin without a hitch?
While your quest for knowledge about when did Bitcoin start led you to this article, and since it talks about the world’s first cryptocurrency, we must look into what cryptocurrencies are. As well as quickly browse through general knowledge before answering the question of when Bitcoin started. This will make the rest of the article easy to absorb.
WHAT IS CRYPTOCURRENCY?
Cryptocurrency is a digital currency that uses cryptography to secure and verify transactions and control the creation of new units. Cryptography is the practice of obtaining communication and data from unauthorized access. It involves encoding information so that someone with the correct key can access it.
Cryptocurrencies are decentralized, meaning it is free of any central authority like banks and the government, so it usually goes unchecked, and it would be vulnerable to hacking, theft, and other types of virtual attacks; luckily, the cryptography used in cryptocurrency transactions is so strong it is virtually impossible to hack. That being said, it is the transactions that can’t be hacked.
Still, cryptocurrency payment platforms can be attacked, and your cryptocurrencies can be stolen. However, some highly rated cryptocurrency payment platforms use cold storage where users’ funds are stored offline and insured as well, and this counters any risk of a cyberattack. If you want to know how cold storage works, check out our blog article. But for now, we must move on and answer this article’s central question: When did Bitcoin start?
WHEN DID BITCOIN START?
The most well-known and most invested cryptocurrency is the pioneer itself, Bitcoin. Since its creation, the world has witnessed a revolution with the acceptance of cryptocurrency and the emergence of different cryptocurrencies. Even with over a thousand cryptocurrencies, it has come a long way and is still above others. Are you curious? When did Bitcoin start exactly?
Before Bitcoin officially started, the creator released a paper outlining the basic principles of Bitcoin titled Bitcoin: A peer-to-peer Electronic Cash System released on the 31st of October, 2008. In the whitepaper were the explanations for peer-to-peer networking, which is the basis of Bitcoin itself, and its use of cryptography to secure transactions stating that it was a decentralized currency free from third-party authorities, allowing individuals to transact with each other freely.
On the 3rd of January, 2009, Satoshi Nakamoto mined the genesis block of Bitcoin, that is, the very first cryptocurrency to be mined. To answer another related question, when did Bitcoin start mining publicly? Not long after the genesis block of Bitcoin, the first open-source Bitcoin client was released on the 9th of January of the same year. The open-source Bitcoin client allows everyone to mine Bitcoin but at the cost of high energy usage.
Now that you know when Bitcoin started, who first mined Bitcoin, and when did Bitcoin start mining publicly, we must discuss equally essential contents to the article about when Bitcoin started, such as wallets.
STORING YOUR BITCOIN
After mining your Bitcoin, you need to have it stored in a wallet to use it. In cryptocurrency, a wallet can either be software or hardware. It is a digital application (software) or device (hardware) that allows you to store, send, and receive digital assets (cryptocurrencies). Choosing a wallet that fits your needs and security requirements is essential, and this is because the security of your cryptocurrency storage is a top priority.
Software wallets are applications that can be downloaded into your computer or mobile devices, providing easy access to your cryptocurrencies. However, it still poses a security risk since it can be hacked if not properly secured. That aside, your computer can be infected with viruses or malware, which may compromise a lot of information, including your private key.
Also, this software is generally provided by third-party, and of course, they, too, have access to your private key; then, there is the issue of bugs and glitches in the system. Accessibility apart, software wallets, as mentioned online, are digital and online; as such, you can always count on the developers to update their website, which might mean many benefits in security and ease of transactions.
Maintenance of software wallets is also inexpensive; more like you don’t have to pay at all, except for the charges when it comes to transfers. Most hardware wallets also support different currencies; you can sort, manage, and transfer cryptocurrencies using the same software wallet. In short, while it has advantages in that you can easily access your cryptocurrencies, there are many risks to consider.
Cold storage is a method of storing Bitcoin and other cryptocurrencies in an offline environment, and a hardware wallet is a type of cryptocurrency wallet that holds cryptocurrencies offline. They are physical objects; as such, they are not connected to the Internet, nor do they need to be connected to the Internet to work. This implies that hardware wallets are free from cyberattacks, hacking, viruses, and malware infections. In other words, their design, by default, helps to add an extra layer of security to your cryptocurrencies.
It should also be stated that most hardware wallets are multi-currency-supportive. You can store, manage and spend several different cryptocurrencies in a single hardware wallet. As previously mentioned, hardware wallets are physical objects; they can come in various forms and must be used alongside a computer. Hardware wallets are said to be the most secure wallet type. Although it may be better because, unlike software wallets, hardware wallets need to be physical, and there is a risk of losing or being destroyed. You can’t access your wallet as easily as a software wallet user can.
With many reasons to choose a hardware wallet, we must also inform you of its disadvantages. The most prominent one is the chance of it getting lost or damaged. Hardware wallets are physical, so they can be misplaced or damaged by being careless. There is also a lack of accessibility, as they can only be used with a computer; it is not suitable for users who move their cryptocurrencies around a lot, unlike the software wallets that can be accessed anywhere as long as you have the Internet.
Although you can back up and restore your hardware wallet in the case of theft or getting spoilt, this method is generally best for those with a substantial amount of cryptocurrency in their possession and who wish for optimal security. Also, these people mostly don’t plan on moving their cryptocurrency around frequently. Then again, it is up to users to choose accessibility or security.
Now you have learned how to store your Bitcoin safely. Nothing else matters except securing your hard-earned currency; now, how do you use this hard-earned currency?
HOW TO TRANSFER BITCOIN WITHOUT A HITCH
Transactions with Bitcoin are made using transfers whereby two parties will be involved. The sender will require the recipient’s wallet address, specify the amount of Bitcoin to be sent, choose the transaction fee, and send Bitcoin. On average, a Bitcoin transfer can take some time to complete, ranging from minutes to a few hours, and in some cases, it might take several hours. Then you have to beware of the high fees that some wallets charge.
Let’s not start with a software glitch that may happen if there was traffic at the time of the transfer; you could lose your Bitcoin, and the transaction still won’t process. So, always stick with the wallet that you trust. Transfers are guaranteed to be completed on the same day for most wallets. In the case of exceptions, you can easily track your transactions. That being said, if you are into transacting with Bitcoin, it is necessary to be updated with the different cryptocurrency prices. One of the most notable features of cryptocurrencies like Bitcoin is that it is highly volatile, and the price fluctuates so much that they can go through multiple changes daily.
Staying current with the latest prices keeps you from making losses whenever you transfer, preventing you from overpaying and underselling. For users who mainly trade with Bitcoin, you can build your trading strategies around the price change and make many gains quickly. While for investors and risk takers, being up to date with the coin prices can allow you to decide whether to hold/or trade your coin as soon as possible to prevent yourself from running into any loss. Checking for the prices online on a trusted website is a viable option, but we recommend you try our prices and charts to get up-to-date prices on different cryptocurrencies.
PlasBit wallet is a convenient way to store cryptocurrencies. Storing your Bitcoin with PlasBit is also very safe as we make risk assessments in the cryptocurrency world and promptly adjust our security system. PlasBit wallet can hold multiple cryptocurrencies, and while it is not a hardware wallet, users’ funds are stored offline for maximum security. Users can still access it using their private keys and biometric authentication. Even better if you are using the PlasBit card for your crypto transaction.
With our platform, you can lock and unlock your cards instantly, which can help you control your spending. As an added accountability and security measure, you get your transaction history and notifications whenever you transact with your PlasBit crypto debit card. Talk about ease of finance. You only need to use your card as usual, as you go through a conversion process once you load the card. Converting your crypto into usable fiat sets you off to start paying using your PlasBit card.
Coming to the end of this article answering when Bitcoin started, Some things need to be repeated. There are advantages and disadvantages of using a software wallet and a hardware wallet. Since the start of this article, we have emphasized the importance of securing your Bitcoin. The security of your Bitcoin should be your utmost priority, as there is more and more Bitcoin being mined, and we are gradually getting closer to the 21 million hard caps. Why not take steps toward securing your Bitcoin today? There has been the emergence of thousands of coins since the coming of Bitcoin. Likewise, countless developers have ventured into making your cryptocurrency transactions easier, each with its perks. You might be wondering when Bitcoin started for all these to have been put in place, but we tell you, 14 years is a very long time for many things to happen. So, we will take a neutral stand by telling you to choose a wallet that satisfies you. Remember to search around; there is no lack of online wallets, so don’t just choose the first one you see and explore a bit.