Bitcoin: from the beginning

How did the Bitcoin virtual money system get started? Dr Karl takes a bite out of history.

Bitcoin

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How did the Bitcoin virtual money system get started? Dr Karl takes a bite out of history.

Today, all modern societies use some kind of ‘money’ as a convenient way of exchanging goods and services.

Down through the ages, money has been through various physical incarnations — promises scratched into soft clay which was then fired, large wheels of limestone rock, metal coins, paper notes, credit cards and so on.

In each case, ‘money’ involved some kind of physical object. But now ‘virtual money’ is on the scene — and it’s not physical.

And its first commercial use was to buy two pizzas — for the princely sum of 10,000 Bitcoins, which later turned out to be worth millions of dollars.

Back in 2008, many were getting disillusioned with ‘conventional’ finance, exemplified by the collapse of the investment bank, Lehman Brothers, the

Read more ... source: TheBitcoinNews

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