On Wednesday May 12th, Elon Musk announced on Twitter that Tesla no longer accepts Bitcoin as a means of payment. Find out who started Bitcoin and why Tesla is no longer using it.
Tesla’s CEO shook the internet and financial markets with his latest tweet about Bitcoin.
Elon cited environmental concerns as the reason for the company’s decision. The CEO stated, “We are concerned about the rapidly increasing use of fossil fuels for bitcoin mining and transactions.”
After Elon’s tweet, many inexperienced internet users want to know what Bitcoin is and who founded it.
Who founded Bitcoin?
Bitcoin is currently one of the most popular cryptocurrencies out there. It was invented back in 2008.
Even after 13 years of existence, Bitcoin remains a mystery to many. For starters, we don’t know if it was founded by a person or a group of people.
The founders / founders of Bitcoin use the name Satoshi Nakamoto. However, it is unclear whether it is an alias or the real name of the founder. It has also been suggested that Satoshi Nakamoto is a pseudonym.
In the years after Bitcoin was invented, many people have claimed to be the founder of Satoshi.
What is Bitcoin and how does it even work?
According to bitcoin.org, cryptocurrency is actually a decentralized digital currency. It operates without a central bank and does not have a single administrator at the top.
Therefore, it can be sent from user to user on the peer-to-peer bitcoin network without the help of intermediaries.
However, this does not mean that Bitcoin transactions are not verified. They are monitored by network nodes using cryptography.
Cryptography is a technique of secure communication that takes place in the presence of a third party.
In addition, Bitcoin transactions are also recorded in a so-called blockchain.
A blockchain is an ever-growing list of records. They are called blocks and are linked together using cryptography.
Each of these blocks contains a cryptographic hash from the previous block, a time stamp and transaction data of the cryptocurrency.
Photo by Sean Gallup / Getty Images
Elon Musk’s Tesla no longer accepts Bitcoin
Elon’s tweet was quite a shock to many as the billionaire business tycoon has shown loud support for cryptocurrencies in the past.
Elon’s tweet also read, “Crytpcurrency is a good idea on many levels and we believe it has a bright future, but it cannot come at a high cost to the environment.”
He went on to explain that if mining moves to a more sustainable source of energy, Tesla will use bitcoins again for transactions.
There was previously a support page for Bitcoin on the Tesla website. But lately its CEO has shown loud support for another cryptocurrency, the Dogecoin.