News, Culture & Society

The Story of Bitcoin

– The History Of Bitcoin

Most of the world is somewhat aware of Bitcoin and what the cryptocurrency has to offer. But many remain unaware of the actual history of Bitcoin. So let’s take a closer look in hopes of clarifying the facts around its ambiguous history. After reading this article, you’ll know enough about the cryptocurrency coin to be able to join in on a conversation and add your two cents worth of opinion.

– Who started Bitcoin?

Bitcoin has always been a mysterious creation, with many unanswered questions like “who created it” going as far back as its birth. The creator’s true identity has been a big question within the world of cryptocurrency because we only know the creator by the pseudonym Satoshi Nakamoto. Back in the year 2008, Nakamoto published a white paper in which he/she detailed the concept that lay the very groundwork for Bitcoin. This was, in fact, the first recorded appearance of the name Satoshi Nakamoto on the internet. Nakamoto has since stated that he/she had “moved on to other things”, which then saw the creator vanishing into thin air. All of Nakamoto’s accounts has since been inactive. And it appears that all of the Bitcoin in his/her wallet remains unused.

Common speculation that appears to resurface time after time is that the Nakamoto is made up of a group of people. A group consisting of Vladimir Oksman, Charles Bry, and Neal King.

Oksman, Bry, and King are likely the brains behind the operation. This is because they had filed a patent relating to secure-communication two months before the Bitcoin.org domain name being registered. Here’s an overview of the facts surrounding the rumor, perhaps you can decide for yourself.

  • In 2008, someone using the name “Satoshi Nakamoto” posted a white paper to a cryptography mailing list, entitled “Bitcoin: A Peer-to-Peer Electronic Cash System”. Hal Finney (a console game developer) was a subscriber to this mailing list. Finney later shared that he was captivated by the idea of having a decentralized digital currency.
  • Two months later, someone registered the Bitcoin.org domain name.
  • Another year passes by, and the very first version of Bitcoin was rolled out, following the commencement of Bitcoin mining.

But regardless of who or what you end up believing about the invention of Bitcoin, or whether or not Nakamoto was one person, the fact remains that Bitcoin has forever revolutionized the global perception of decentralized cryptocurrency.

– The Purpose of Bitcoin

Many articles describe what Bitcoin is used for. So how about we look at how the use of Bitcoin relates to the history behind it. It is worth noting that before Bitcoin, payment methods were never really as advanced as it is today. Bitcoin has radically changed the game in that it now allows for low-fee transactions, faster payments, and offers independence from governments. Furthermore, Bitcoin enables individuals actually to own their coins outright, unlike fiat money. Bitcoin has undoubtedly changed how the world of money works.

Many Bitcoin skeptics and naysayers hope for it to fail, but the Bitcoin trading industry shows continuous growth year-on-year. This compounded growth is a testament to the fact Bitcoin continues to capture the attention of the masses. Products like the bitcoin optimizer software promises its members profitable returns with no more than a few clicks a day.

 


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