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2.3 Bitcoin System vs. Current System Figure 3: Bitcoin System Vs. Current System. Bitcoin system is different from the current system. From the figure 3, we can see how Bitcoin is different from the regular banking system. The current system uses the banking system which is a centralized system. It accepts currency (USD, ASD, NPR, INR, etc.) as a payment method. However, the bitcoin protocol uses the decentralized system and accepts virtual currency (Bitcoin) as a payment method. The protocol that lies behind Bitcoin and other cryptocurrencies is the blockchain [3]. 2.4 History of Bitcoin: Early 2009: Nakamoto mined the first-ever Bitcoin. The first block that is mined is termed as the "Genesis block." [4] October 2009: New Liberty Standard publishes a Bitcoin exchange rate that establishes the value of a Bitcoin at US$1 = 1,309.03 BTC, using an equation that includes the cost of electricity to run a computer that generated Bitcoins. [4] May 22, 2010: Laszlo Hanyecz bought pizza in exchange for 10,000 Bitcoins. Today it’s worth is $39,304,700 USD. [5] February 2011: 1 BTC worth USD 1 [4] March 2013: the value of all Bitcoins in circulation hit $1 billion. February 2015: The Bitcoin price reached $262. Sets at all-time high. 6PDF Image | Analysis of Bitcoin Cryptocurrency and Its Mining Techniques
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