The first Bitcoin came into existence on the 3rd of January in the year 2009. The decentralized currency, which was designed to circumvent the traditional payment system consisting of financial institution and governments, quickly started gaining users and fan due to its futuristic concept and design.
These fans used Bitcoins to conduct transactions for things big and small. These fans called in their friends to join in on the Bitcoin fun, as they emailed companies left and right to incorporate payment support for Bitcoin. Overall, they functioned as a single team, which was called Team Bitcoin.
But, as the years went by and Bitcoin started gaining in value as well as attracted more people, it started gaining the attention of the mainstream. Journalists, governments and technology bigwigs started noticing the currency and even started to use it.
This led to Bitcoin reaching its operational capacity, and the team realized that if nothing were to be done soon, payments over the superfast network would become slow and would take a long time to be processed. The effect would be higher prices, which ran contrary to the basic principles of Bitcoin, which was superfast and low cost payments for all.
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