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Bitcoin Firsts

Since its creation more than a decade ago, Bitcoin has gained notoriety as a pioneer in the world of blockchain technology in more ways than just being the first cryptocurrency. Hilarious stories have been told about Bitcoin in what’s known as itcoin firsts’. From the first ever transaction to the first Bitcoin in space, you cannot just have enough of these tales. There’s a summary of Bitcoin firsts listed on en.bitcoin.it (https://en.bitcoin.it/wiki/Bitcoin_Firsts#cite_note-1). The following are some of the Bitcoin firsts worth noting:

1. The First Ever Bitcoin Transactions

Did you know that the first Bitcoin transaction was for the purchase a couple pizzas for 10,000 Bitcoins? According to techly.com (https://www.techly.com.au/2017/12/05/first-ever-bitcoin-transaction-used-buy-two-pizzas-today-worth-150-million/), Laszlo Hanyecz spend that whopping amount of money on a morsel of food. Back in May 2010, Bitcoin was exchanging for a measly $0.08. If you convert the total value of the transaction from Bitcoin to USD, it translates to just $800. The day when all that happened has since been christened Bitcoin Pizza Day and is marked on 22 May. On May 21, 2017, the value of the Bitcoin Pizza was reported to be worth $20,509,958. How times have changed.

2. First Bitcoin/Fiat Currency Exchange

One of the most amazing Bitcoin firsts has to do with the cryptocurrency being exchanged for fiat currencies. The first time that took place was on 12 October 2009 when Sirius is reported (https://www.blockchain.com/btc/tx/7dff938918f07619abd38e4510890396b1cef4fbeca154fb7aafba8843295ea2) to have sold 5,050 Bitcoins to New Liberty Standard for a paltry $5.02 via PayPal. In terms of Bitcoin value, that’s nothing compared to the peak of the cryptocurrency. Zero fees were charged for a transaction whose blockchain size was 8617 bytes. Since then, quite a number of Bitcoin exchanges have sprung up all over the world.

3. First Physical Bitcoins

While Bitcoin is majorly electronic-based, it has since morphed into a physical card known as a Bitbill. This is one of the Bitcoin firsts that was bound to happen, given the popularity of plastic cards when it comes to making all forms of payments. As such, a Bitbill is nothing but a plastic card in which a cryptographic key is stored in the form of a QR code built inside the card. According to en.bitcoin.it, (https://en.bitcoin.it/wiki/Bitbills) the card is supposed to conceal the QR code and only be used at face value when presented to a merchant. Bitbills were first released in May 2011 in denominations of 1 Bitcoin, 5 Bitcoins, 10 Bitcoins, and 20 Bitcoins.

4. First Time Bitcoins Accepted As University Tuition

Which is the first university ever to accept fees payment in terms of Bitcoins? According to geekwire.com (https://www.geekwire.com/2013/cyprusbased-school-university-accept-bitcoin-tuition/), the honor goes to The University of Nicosia, in Cyprus, which accepted Bitcoin payments in 2014. This is one of the Bitcoin firsts that has since been adopted by other universities in Europe. To make it possible for Bitcoin payments, the university has installed BitPay gateway. That’s a form of Bitcoin wallet.

5. First Bitcoin in Space

Don’t take this literally, given that no Bitcoins have actually been carried into space. Rather, space travel company Virgin Galactic began accepting Bitcoins as a method of payment in November 2013. That was long before Bitcoin mining grew in popularity. According to blog.cex.io (https://blog.cex.io/cryptonews/top-5-bitcoin-firsts-8851), some of the first people to buy into their idea of space exploration made payment using this cryptocurrency. They chose to be part of one of the major Bitcoin firsts, even though the company is yet to make good its promise to take passengers to space.

Conclusion

As you can see, the short time that this cryptocurrency has been in existence has been defined by a number of Bitcoin firsts but things can only get better as blockchain technology continues to be accepted into the mainstream financial systems.

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