Hey, what's going on everybody? My name is Ray, they call me the Ray of light and it's because I shed light on this amazing future that we have in front of us. Um Today, today I want to talk about what is Bitcoin? Right? It's the most popular. Cryptocurrency out there. I'm sure you heard of it if you're looking into this space. But Bitcoin was created in 2009 by Satoshi Nakamoto to be a peer to peer electronic cash system. Right? Um Really no one knows who Satoshi Nakamoto is or even if it's a group. Right? So that the actual origins of Bitcoin still a mystery. So that's kind of very cool about the Bitcoin Blockchain right today many people use Bitcoin as a store value. Kind of like what what people did with gold or silver or something like that. But you know, how does Bitcoin work? Right. Bitcoin is built on a Blockchain and therefore is decentralized, immutable and open.
It's also hard capped, there will only ever be 21 million Bitcoins ever created. There's, you can't, you can't make any more, you can't counterfeit it. There's a like I said, amazing technology within the Blockchain itself is that you can't double spend it. There's like I said there's a lot of cool things, a lot of cool features that you can't get in the fiat world a single purpose. It has a single purpose Many holders just want it to be a token that stores value. Right? Why wouldn't you want something where you could go put whatever fiat anything and it always holds its value. It's value. Not only holds it, it increases. So another one. It's it's pretty cool about how kind of Bitcoin was built. Very Be focused, right? But people can obviously split off and do different things with Bitcoin, but the main focus is a store value. Right? So Bitcoin is arguably the most secure and decentralized of all cryptocurrencies.
However, it can only support 3-7 transactions per second. This is good enough for its primary use case of storing value. But projects like stacks and lightning are working to let Bitcoin uh do more things. You can read more about Bitcoin. Uh It might be a good store value for you. This isn't financial advice but uh you know like like all like we say all the time is do your own research, you can look all over the internet for information about Bitcoin but it's up to you to kind of make your own decision if that's what you want to make. Bitcoin is a store of value for yourself. Right? So the history of Bitcoin a little back story in 2008, we talked about it, Satoshi Nakamoto. It's a pseudonym. Like I said, no one knows who that is. He published a white paper that outlined a plan for a new electronic cash system that's fully peer to peer with no trusted third party That's the real beauty of that, of of of what Bitcoin is 2009.
The first Bitcoin was mine. Alright 2010 a programmer named Laszlo Hendrix and if I mess up his last name, apologies but Laszlo Hendricks makes the first Bitcoin transaction buying to papa john's pizzas for 10 1000 Bitcoin and at today's value, that's around maybe a little over $300 million for two pizzas. Right? We talked about in our group. Imagine if there was an N. F. T. For that transaction. Pretty cool. 2013 Bitcoin experiences several controversies including the collapse of MT Gox exchange and the seizure of 26,000 Bitcoins from Silk Road, a black market exchange for for for Bitcoin. Uh a little quick point. I do want to mention about Mt Gox how they say Bitcoin was hacked, the Blockchain was not hacked a centralized exchange that had everybody's passwords and seed phrases.
That's what was hacked, right? That's just like you getting on my computer. The Blockchain for Bitcoin was not hacked right? Just a little caveat there 2017 Bitcoin cash is created as a fork of Bitcoin with larger block size to enable faster peer to peer transactions. That's why you see a couple of different Bitcoins out there. 2021 big shout out to El Salvador. El Salvador cab becomes the first country to uh to adopt Bitcoin as legal tender. Right? Very cool. Like you're starting to see mass adoption is happening and um you know it's only going to continue to happen because this old fiat system, it's not going to sustain things are gonna start moving into this digital type currency. And um you know, I think we'll see a hybrid of it. But let's cover next, we're gonna go over the second most popular Cryptocurrency and it's called ethereum. Right, ethereum real quick is also something where everybody builds on its the digital real estate of this, of this new system that you're starting to see being built.
So next one, we're gonna talk about ethereum. Thank you for watching. Check us out. Um like subscribe and share this video. Take care. Bye.