The history of Bitcoin, the most popular and most purchased cryptocurrency of all time

The history of Bitcoin is also the story of how cryptocurrency came to everyone’s lips. When we talk about these tools in general, they are often called Bitcoin, even if they are in fact There are several thousand digital currencies In the world.

We have already talked about the history of cryptocurrency in general, and today we will be more specific and talk about it Bitcoin. So let’s spend a few words on its history. Rest assured: we will talk about this topic in the simplest way possible!

Who is Satoshi Nakamoto, the inventor of Bitcoin?

Let’s start with the first question people ask themselves once they cross the threshold of the cryptocurrency world: What is bitcoin?

We are in 2009 when an anonymous developer was using the nickname of Satoshi Nakamoto Create Bitcoin.

Today again Real identity unknown Nakamoto, even if behind that name is a group of computer scientists or a single individual. A real puzzle.

In 2008, Nakamoto published a groundbreaking document on the Internet: After he created a file payment system It does not need banks that are able to cross any geographical and political boundaries and are resistant to inflation and rely on IT protocol.

The Bitcoin software was first published in early 2009, via email. Only those registered in Cryptographic mailing list on metzdowd.com.

But in 2011, when the technology began to appear around the world, Emails stopped Nakamoto disappeared.

He also did not appear again in 2016, when his name entered the list of candidates for Nobel prize in the economy.

Since then, much of the open source Bitcoin code has been rewritten by a group of programmers whose identities are known.

The software Nakamoto is a collection of ideas developed over decades and considered a major breakthrough in computer science. It can reshape the concept of money as we understand it. Banks In fact, he is investing all over the world to experience the adoption of Nakamoto’s technology.

Blockchain has been linked to the history of Bitcoin since its inception

Bitcoin is based on a system Blockchain. This system is based onblock chainwhich are positioned to form a linear chain that forms a chain.

Each of these blocks records transaction data: time, date, amount, and who made and received the exchange. The blocks are sequenced in chronological order and have a specific identification number.

Once the block storage is out of space, the block is closed and new block chained to the previous.

January 3, 2009 and Genesis Block: Bitcoin’s History Begins

It all starts from The first block of the Bitcoin blockchain. In general, the first block of a new blockchain is called configuration block.

Bitcoin was born Jan 3, 2009 at 6:18 pmwith the first bitcoin transaction held in the first block of the chain.

With a touch of focus, Nakamoto wanted to define this defining moment in the history of Bitcoin and cryptocurrency in general, by inserting a message into this transaction:

Bitcoin History

The Times 03 / Jan / 2009 The chancellor is on the cusp of a second bank bailout“.

This is a reference to the title of an economics article published in The Times that day, which in Italian looks somewhat like this: “The advisor predicts a second rescue plan for banks“.

We were in the midst of a financial crisis, and this letter probably wanted to leave an imprint on our motivations Birth of Bitcoin.

What is the value of bitcoins and how many are there?

Bitcoin value It has not been decided at the moment of its creation. It is also not linked to a particular country’s inflation, government choices, or central bank decisions.

Its value depends only on the number of people who buy and use it. Organizer of supply and demandlike no good.

to make it”good poor“In order not to depreciate immediately, Nakamoto set a maximum 21 million bitcoins. Currently created 18 million bitcoinsIts price reached tens of thousands of dollars.

Today Bitcoin is a file safe havenAn asset that is believed to not lose its value even in the face of global turmoil. The perfect safe haven asset is gold, and in this Young Platform Academy chart, we see how Bitcoin overtook the value of gold in 2017:

Bitcoin History

Conclusion

Bitcoin history shows how In about ten years There has been a major change in everyone’s perspective and perception of the economy. In a few years, we’ve gone from putting banknotes under the hood to owning an online cryptocurrency wallet. In between there was Current accounts and online transfers. We’ll see what Bitcoin holds for the future of the economy, while we’ll take an overview of the major cryptocurrencies in the market and their differences. See you in the next episode!

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