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Today almost everyone knows what bitcoin is, as the crypto asset has gained a lot of attention and notoriety over the last ten years. During the last decade, the network effect has gathered steam and bitcoin can be swapped for nearly every fiat currency in the world. Back in the early days, this wasn’t the case, even when a few popular exchanges like Mt Gox and New Liberty Standard operated. The first known fiat transaction was attributed to Martti Malmi (Sirius) when he sold 5,050 BTC for $5.02 using Paypal.