Bitcoin and the coming revolution

The online learning made possible by the Webinar Universe training platform is a great solution for people who want to expand their knowledge without having to leave their home. The course on blockchain allows you to learn about the history of Bitcoin and the revolution it has wrought. The cryptocurrency was created in 2009 by a group operating under the pseudonym Satoshi Nakamoto. It published a Bitcoin white paper containing the most important information about it. This innovative solution was described there as a peer-to-peer payment system based on cryptography and relying on blockchain technology which is a decentralised database where transactions are stored in blocks. In an online payment system, transactions would be carried out between entities, without intermediaries, so that it could not be subject to the control of banks or other financial institutions. In 2009, the first block was mined, the first transaction and the first listing of Bitcoin on the stock market took place. An extremely important date in its history is 22 May 2010, when the first payment with this cryptocurrency was made. Two pizzas were bought with 1 000 Bitcoins.


Technology - what's new about it?

To become a Bitcoin holder, it had to be mined using the computing power of a computer or purchased from a third party. As this was a lengthy process, the world's most popular cryptocurrency exchange at the time, Mt. Gox, was established in 2010. Because it had its own digital currencies, it allows for the rapid exchange of regular currencies for cryptocurrencies. Between 2013 and 2014, up to 70% of Bitcoin transactions were made through the aforementioned exchange. In 2014 Mr Gox collapsed, causing a temporary decline in interest in cryptocurrencies.

In the meantime, a new method of mining digital currencies was developed, which included the use of GPU graphics processes. This contributed to an increase in efficiency and profits for miners, leading to the significant popularisation of Bitcoin. In 2010, the price of the cryptocurrency surpassed the $1 level. A few months later, the cryptocurrency saw an increase of several thousand percent. The [Webinar Universe]Webinar Universe platform allows you to systematise your knowledge of blockchain technology.


Blockchain versus bitcoin

Bitcoin is a cryptocurrency, the foundation of which is blockchain and cryptography. The technology in question is a database in which all transactions carried out with the virtual currency are recorded. It takes the form of a chain of blocks. Each block contains information on the transactions made via Bitcoin, in a given unit of time. As the blocks have a limited storage capacity, once they are full, they are added to the chain. In the case of the Bitcoin network, this happens on average every 10 minutes. What we are dealing with here is a systematic lengthening of the chain. Importantly, not every cryptocurrency has its own blockchain network. This is because some were created on the basis of another or were created from scratch.

Bitcoin is a decentralised, open-source payment platform built on blockchain technology and using its own cryptocurrency of the same name. Those with an interest in online learning to explore this topic can take advantage of the offerings provided by training platform Webinar Universe.