Bitcoin’s Journey: Unravelling the Digital Gold Rush

Bitcoin is a cryptocurrency which was designed to act as money and a form of payment outside any person, group, or entities control. This removes the need for third party involvement (such as banks/mints) in transactions and rewards the blockchain miners who verify these transactions.

Bitcoin was introduced to the public in 2009 by an anonymous developer or group of developers using the name Satoshi Nakamoto.

It has since become the most well-known cryptocurrency in the world. Its popularity has inspired the development of many other cryptocurrencies.

History and Rewards

In October 2008, an anonymous developer or group known as Satoshi Nakamoto announced to the cryptography mailing list at “I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party.” The now-famous white paper published on, entitled “Bitcoin: A Peer-to-Peer Electronic Cash System,” would become the Magna Carta for how Bitcoin operates today.

On January 3rd 2009 the first Bitcoin block was mined. This block was named Block 0 or the Genesis Block. The rewards for mining blocks are halved approximately every four years, with the most recent halving occurring in April 2024. Currently, one Bitcoin is divisible to eight decimal places (100 millionths of one Bitcoin), with the smallest unit called a Satoshi.

What is a Blockchain?

Bitcoin operates on a blockchain, a distributed ledger system that ensures transparency and security. “Distributed” means that it is stored on many computers/nodes rather than on a centralized server, as is typical of data storage. Each block in the blockchain contains transaction data and is linked to the previous block through cryptographic techniques. This creates a chain of encrypted blocks that contains information from all those blocks, going back to the first block of the blockchain.

Bitcoin uses the SHA-256 hashing algorithm to encrypt the data stored in the blocks on the blockchain. The SHA-256 hashing algorithm encrypts the data stored in blocks, creating a secure chain of transactions.

Mining Bitcoin

Mining Bitcoin involves using specialized hardware and software to solve complex mathematical problems. Whilst it was once possible to mine Bitcoin using a personal computer, the increasing popularity of the network has made it more challenging. Miners can join mining pools to increase their chances of earning rewards or invest in ASIC (Application Specific Integrated Circuits) miners for more efficient mining.

How much Bitcoin is left?

As of February 24, 2024 approximately 1.36 million Bitcoins are left to be mined out of the total 21 million.

How to Buy Bitcoin

Individuals interested in acquiring Bitcoin can do so through cryptocurrency exchanges like AFRIDAX, where they can purchase full Bitcoins or fractions of a Bitcoin using fiat currency.


Bitcoin continues to be a leading cryptocurrency, driving innovation in the financial industry and inspiring the development of other digital currencies. Whether through mining or purchasing, Bitcoin offers individuals new opportunities to participate in the digital economy.