Bitcoin transactions are irreversible

On 18 August 2008, the domain name bitcoin.org was registered. In November that year, a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System was posted to a cryptography mailing list. Nakamoto implemented the bitcoin software as open source code and released it in January 2009. The identity of Nakamoto remains unknown, though many have claimed to know it.

One of the first supporters, adopters, and contributors to bitcoin was the receiver of the first bitcoin transaction, programmer Hal Finney. Finney downloaded the bitcoin software the day it was released, and received 10 bitcoins from Nakamoto in the world's first bitcoin transaction. Other early supporters were Wei Dai, creator of bitcoin predecessor b-money, and Nick Szabo, creator of bitcoin predecessor bit gold.

Bitcointalk

The value of the first bitcoin transactions were negotiated by individuals on the bitcointalk forums with one notable transaction of 10,000 BTC used to indirectly purchase two pizzas delivered by Papa John's.

On 1 August 2017 bitcoin split into two derivative digital currencies, the classic bitcoin (BTC) and a hard fork, Bitcoin Cash (BCH).

The money in your pockets has three basic traits – it’s tangible, centrally regulated and easy to counterfeit. Bitcoin is the exact reversal of it. Bitcoin is a cryptocurrency that operates independently without banking institutions and the government meddling into its affairs. There’s nothing physical about it – it’s all virtual!

Bitcon non-tangible

It’s non-tangible, but renders gains for real. It flows freely, without anyone/anything controlling and tracking its footprints. And everyday monetary influences, be it either inflation or deflation, don’t regulate it, as its value is totally determined by market demand.

More importantly, Bitcoin transactions are irreversible. Once initiated, there’s no way to retract. Bitcoin transactions bear no costs, and can be done with absolute anonymity. Gradually, it’s becoming as regular as other monetary values in the market. However, with no government backing, Bitcoin holds relevance as long as online merchants accept it.

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