Bitcoin and blockchain technology are being increasingly used for purposes other than peer-to-peer transactions for which it was originally created. The potential uses of blockchain technology being currently assessed and developed include trade settlement and ownership solutions, file storage, transparent voting system, Digital identity management, rights management, public records, banking, real estate and governance.
Bitcoin as a currency is no less. Bitcoin is an open source distributed cryptocurrency created by Satoshi Nakamoto in 2008. The digital currency has been operational since 2009. The bitcoin community was involved in mining the cryptocurrency for almost one and a half year before the first real-world bitcoin transaction for goods happened. The very first time someone used bitcoin was to buy a pizza. Laszlo Hanyecz, a Florida-based computer programmer was the person who ended up paying 10000 BTCs to get a Papa John’s pizza worth $25 in the month of May 2010. In today’s value, it is worth over 4 million dollars. The costliest pizza ever bought. However, in those days, the bitcoin was close to worthless. People used to equate it to game currency.
As the demand for bitcoin, initially from the deep web increased, its value also started to rise.