Creation of Bitcoin

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First thing that come to people’s mind when talking about cryptocurrency is Bitcoin. Nowadays Bitcoin is treated the most popular cryptocurrency in the market due to its high value. While everybody is familiar with Bitcoin, a few only know the history and reason behind its creation.

Earlier in 2008, a person or group using the Satoshi Nakamoto pseudonym released a white paper on bitcoin on the mailing list for cryptography, which explained how the cryptocurrency operated. What makes bitcoin unique is that it runs in a decentralized advanced program called blockchain. At the beginning of 2009, the first bitcoin was digitally mined and the process was called genesis block. The identity of Satoshi Nakamoto is still a mystery to this day. Many people claimed to be the enigmatic programmer or a group of programmers, as is often suspected; several attempts had been made to ascertain the person or group, but none were sufficiently convincing to be seen as conclusive.

Who is Satoshi Nakamoto?

Sometime in May 2010, the first time that Bitcoin was used in a purchase is when a programmer offered a pizza guy 10,000 worth of bitcoins in exchange for a box of pizza. At that time, neither the two parties are not aware of what might future in Bitcoin will bring.

In October 2011, there was a record that more than 2500 bitcoins were sent to invalid bitcoin addresses. This error of transaction cause certain percentage of bitcoin to be stagnant and nowhere to be found.

Noting that Bitcoin is not unprecedented in human history given all of these issues and its early association with illegal activities. It is not yet issued by any country as a monetary unit or holds any inherent or tangible value. But its price is not only growing but is constantly used by individuals and traders worldwide as a means of exchange. Today Bitcoin can purchase an amazing number of products and services from some of the largest companies in the world: money, real estate, weapons (legally) and wars.

About the author

Jeremiah Gan is a Filipino Entrepreneur and currently the Business Development Officer of Bitshares Labs, Inc., a blockchain and web technologies company providing solutions to various businesses in the Philippines.

Comments

  1. YES finally we are very near mass adoption on a global scale. The un-bankable will be able to trade, exchange, buy and pay bills at the click of a mouse. The world will become an even smaller place….

  2. Did Satoshi Nakamoto have any idea what Bitcoin would be like now days ? I like to say yes . He wanted to take money power off the bankers and governments hands and give to the people
    Now for the world to accept it

  3. Just like we remember popular places, popular people, we remember and use anything, only after it becomes popular. There are any number of cryptocurrencies that are floating in the market, but the demand for Bitcoin makes it most sought after. We can buy any cryptocurrency, but to see it is very difficult, because of no demand. In case of Bitcoin, we can buy or sell it in seconds, because it has market. Even Satoshi Nakamoto would have never imagined that Bitcoin will become so much sought after.

  4. Well, Bitcoin has a come a long way since that first ” very costly” pizza back in 2010. Since no one could have known the future and all that BTC would become, it was probably just cool to be able to purchase something without cash, check, or credit card. I guess the Bible was right when it says, ” Do not despise the day of small things”. Zechariah 4:10.

  5. I look at the price of technology in great amusement. The first VCR players were sold for approximately $1500.00. Now, you can’t even play these tapes because you can’t find a player. (I thought I got a great deal when I bought my first one for about $300.00!) The last one I bought was for under $100.00. Most technology starts high then drops in price until it drops off the market when another technology replaces it.

    Now, look at your cell phone. It keeps rising in price with every new model. Nancy Phelps, was that pizza really “very costly”? In relative terms, it let’s us understand precisely what Bitcoin represents. The first value of Bitcoin was under A PENNY! As adoption presents itself, the value increases. This value will increase as Bitcoin has a numerical limiting factor (scarcity). The rest will be HISTORY!

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