Bitcoin ATMs Are on the Rise: What’s the Bitcoin Backstory?

Cryptocurrency and bitcoin are two words most people in the U.S.A. and Canada are familiar with. Today, bitcoin and cryptocurrency is so popular that Bitcoin ATM’s are springing up across America. But15 years ago, digital coins weren’t part of the vernacular. This may leave you wondering where bitcoin originated and how it came to be as popular as it is now. Here is more information on the origins of bitcoin.

The Early Origins

There’s not a lot of verifiable information about the earliest origins of bitcoin and cryptocurrency. While there are many stories about where these terms originated or how they got started, many of these are myths or simply not verifiable before 2008. In 2008, the year bitcoin was invented, a lot was going on in the world, including the global economic downturn and the huge real estate collapse. At this point, many people started to distrust financial institutions and were looking for better places to put their money. It was then that Satoshi Nakamoto developed bitcoin.

The Beginning

On Oct. 31, 2008, a white paper written by Satoshi Nakamoto was released. This white paper laid out the problems with money as we know it and the financial institutions that oversee the ways people have traditionally managed money. It called for security and self-governing, especially when it came to the way all our money was managed. The paper also urged a decentralized money system. This paper had a huge impact and is credited with helping to create cryptocurrency and bitcoin. In one of the most unusual twists of this story, no one knows exactly who or what Satoshi Nakamoto is. Some people think it was a fake name used by one person, while others believe it was a group of people going by this pseudonym.

Taking Off

In January 2009, the first blockchain began with the mining of Genesis Block. A week later, bitcoin transactions started. When bitcoin was first developed, only smart bitcoin miners who could validate the bitcoin blockchain could mine for and get bitcoin. However, in 2011, new cryptocurrencies emerged. The coding on these programs was significantly improved and it allowed everyday people the opportunity to get their hands on cryptocurrency, instead of only allowing the most tech-savvy people to have access. Over the next decade, cryptocurrency gained in popularity and has reached the stage we are at now.

Bitcoin is gaining in popularity, and as the money option grows, crypto traders are looking for options to cash out their profits. To that end, Bitcoin ATMs are also gaining in popularity. If you are looking for bitcoin machine locations or a Cryptobase ATM, users can visit this page to find the location of the ATMs nearest them. It’s also important to note that ATMs are being added daily, so if you don’t see a location near you, be sure to check back regularly to find out when one has been added.