Bitcoin is undoubtedly a cryptocurrency that has brought opportunities for a technological breakthrough. In today’s article, we will focus only on her, presenting the most exciting threads in her history. We will try to recreate evolution and highlight the invaluable contribution of the community that Bitcoin has created. There will also be mention of blockchain technology, without which Bitcoin could not exist.
The history of Bitcoin and Blockchain technology
We have already written about the history of blockchain and cryptocurrency in Antyweb in the article “The future of blockchain technology in banking applications, “which is why today we will remind you of the most critical facts.
The most crucial element that allows you to enter the world of blockchain and cryptocurrency technology is bitcoin union App
Bitcoin: A Peer-to-Peer Electronic Cash System. This document was published on October 31, 2008, by a person or group of people signing as Satoshi Nakamoto. Before publication, in August of the same year, the domain bitcoin.org was registered. The network itself was launched at the beginning of January 2009.
Referring to our brief introduction in an earlier article, let’s recall the history of solutions that were created earlier. The first and most important of them is the achievements of over 60 recent years of cryptography, of which the hash functions and public-key cryptography are of the highest importance.
Solutions that are more closely related to technology and cryptocurrencies are obviously “hash cash” solutions written by Adam Back. This is the first Proof-of-Work algorithm that was used to limit the sending of spam in email messages.
Two more solutions that should be marked on our “timeline” is the proposal created by Wei Dai titled “b-money” describing the assumptions of dispersed digital currency, and “bit gold,” designed in 1998 by Nick Szabo. It is worth mentioning that ultimately the “bit gold” solution has not been implemented, but it is sometimes referred to as the direct precursor of Bitcoin.
The first transaction that was recorded between Bitcoin users took place on January 12, 2009. It was then that Satoshi Nakamoto sent ten bitcoins to Hal Finney. Hal Finney was one of the first programmers to start developing this cryptocurrency.
Over time, the community centered around Bitcoin began to ask itself more and more often one burning question: what value does Bitcoin have? Of course, here we mean value concerning fiat currencies (called FIAT currencies). Readers who follow the development of cryptocurrencies from the beginning certainly associate the legendary pizza purchase transaction. Two users of the known forum – one of them identifying as “Laszlo” – agreed that one would transfer 10,000 BTC (on the stock market worth about $ 41), and the other will order a pizza to the address indicated.
Early Bitcoin mining
Processors were used to extracting Bitcoin because there was no suitable software on the GPU yet. Satoshi Nakamoto probably operated the first six months of cryptocurrency existence alone. Then the speed of digging Bitcoin oscillated around 3-5Mh / s (mega hashes per second). How do you cryptocurrency copies? Digging equipment and software
While it can be safely said that blockchain is the result of putting together many technologies and solutions that were created a little earlier, the solution built by Satoshi Nakamoto most popularized the technique. Who is the creator’s character?
This question cannot be answered. The creator of Bitcoin wants to remain anonymous, even though technology and cryptocurrencies have already gained a lot of publicity. The community recognizes that Satoshi is the nickname of an unknown person or group of people. Do you think Satoshi is one person or a group of people? Some indicate that Satoshi is Hal Finney, Nick Szabo, or another person who worked on the project’s initial phase. The author’s anonymity raises further questions. How was the bitcoin.org domain registered when there was no cryptocurrency payment yet?
Of course, there are websites that provide their users with anonymity – mainly for journalists and activists.
Probably less popular among readers interested in Bitcoin is the second creator of the solution: Martti Malmi, known as Sirius. He was the second person cooperating on the project and also had domain permissions.