Hello Steem For Pakistan, I believe we all are doing good. It's a pleasure being a partaker in this community and a contest I find interesting and Educative, it's titled ➡️ Bitcoin: My View, Myself Wk47 organized and published by @saintkelvin17.
Bitcoin is the biggest and most recognized crypto coin, it rapid growth in value worth getting to know more about it and how it originate.
Bitcoin Known as a decentralized digital currency that operates without a central authority Example bank and government authority. From my research I learned that it was created by anonymous group known as Satoshi Nakamoto in 2009 precisely.
Bitcoin is using a blockchain tech that records all transactions across a network of computers which ensures transparency and security. It depends on a process called *"mining" to validate transactions and add them to the blockchain with the use of complex mathematical problems to secure the network e.g (recaptcha) and reward miners with newly minted bitcoins.
one may ask how do Bitcoin operates?, here is the answer. Bitcoin operates on a peer to peer often abbreviated as (P2P) network which means users can send and receive Bitcoin directly without Central obstacle. For the past years, Bitcoin has changed from a niche digital curiosity into a widely recognized asset.
From the story I read, it happened In 2010 that a programmer named "Laszlo Hanyecz" made history by paying 10,000 Bitcoin for two pizzas in what is now famously known as the "Bitcoin Pizza Day", most people who are familiar with crypto can relate. During then bitcoin was an unknown cryptocurrency with little value (dust).
The story points that Laszlo was a miner that accumulated thousands of bitcoins not realizing that in just a few years to come that bitcoins would soar in value. Comparing the current Bitcoin value as of now 2024 10,000 Bitcoin would've made him a billionaire.
The lost and story of laszolo remain as a reminder of how early adopters of Bitcoin often did not not know the future value of what they were holding. When bitcoin was first introduced only few predicted that it would become one of the most recognized and valued asset.
Laszlos pizza purchase is still celebrated as a symbol of Bitcoin beginnings and the irony of that early transaction highlights the volatile and unpredictable nature of the cryptocurrency market at large, wow!!!!!!.
If I were rewarded with 0.5 Bitcoin today, I would first consider diversifying my assets. knowing that crypto price volatility, holding on to the Bitcoin for long term growth might be tempting and risky but converting a portion of it into more stable investments.
I might even use a part of it to experiment with other blockchain technologies and explore decentralized finance opportunities.
I suggest a suitable alternative name for Bitcoin to be BitVault. This name would emphasize the security and store of value nature of Bitcoin. Just like a vault is a secured place to store precious and valuable property, "BitVault" would reflect Bitcoin role as a secure digital repository of wealth.
The term "Bit" keeps the connection to digital technology, while "Vault" conveys the idea of safety and value retention which are core attributes of Bitcoin in the eyes of many investors and users.
In conclusion, Bitcoin is now the the biggest crypto currency coin with a soar rise in value. The story of laszlos may foster the spirit of hold our crypto coin looking forward to it value compounding rapidly, though it's a good idea but its important to consider the fact that crypto price are always volatile and unpredictable. It may turn being opposite our expectations.
I'll love to invite @fortwise09, @benton3 and @xkool24 to participate in this contest.
Thank you all the your time, I really appreciate you all.
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