Who created Bitcoin and its development since 2009

Bitcoin, the most controversial currency of all time for its legitimacy. Looking back at Bitcoin from its inception to the present, it has had a turbulent history. This article will provide informations, such as: Who created Bitcoin? Analyze its growth from 2009 to 2020.

Who created Bitcoin?

There have been a lot of rumors about the character’s true identity, but it is mostly baseless news. The creator used the pseudonym Satoshi Nakamoto, and no one knows anything about the real identity. Satoshi can be a person or group of developers anywhere in the world. This name is native to Japan, but Satoshi’s proficiency in English has led many to believe that he/she/they are from an English-speaking country.

In late 2008, a white paper introducing a decentralized, peer-to-peer electronic cash system – named Bitcoin – was posted on a cryptography mailing list by a person or organization nicknamed is Satoshi Nakamoto.

Based on the proof of work algorithm Hashcash, but instead of using a hardware-based computational function like RPoW, the anti-spending twice in Bitcoin is provided by a peer-to-peer protocol for monitoring and authentication. transactions. In short, miners “mine” Bitcoin for rewards using a proof-of-work mechanism and then verify with decentralized nodes in the network.

On January 3, 2009, it was born when Satoshi Nakamoto mined the first block, giving it a reward of 50 bitcoins. The first recipient was Hal Finney, who received 10 from Satoshi Nakamoto in the world’s first bitcoin transaction on January 12, 2009.

However, this mysterious creator disappeared in 2010.

Read more: Weekly technical analysis in August 2020

Bitcoin evolution from 2009 to present

January 3, 2009: Nakamoto – digs the first “block” (block) of Bitcoin on the blockchain. A few days later, Nakamoto proceeded to send Bitcoin in the first transaction of the virtual currency.

January 12, 2009: The first “handover” takes place between Nakamoto and developer Hal Finney. This transaction is recorded in block 170.

October 12, 2009: Martti Malmi, a software developer from Finland, sends 5,050 Bitcoins to NewLibertyStandard – in exchange for $ 5.02. This transaction is done using the PayPal payment network. That bitcoins were used to build a new Bitcoin exchange called New Liberty Standard.

October 2009: New Liberty Standard exchange sets price at 1,309.03 Bitcoin for 1 USD.

February 2010: The world’s first market was established by dwdollar.

May 22, 2010: Software developer Laszlo Hanecz buys two pizzas with virtual money 10,000 Bitcoin. This transaction marks the first time it has been used for the intended purpose of buying goods.

July 07, 2010: Bitcoin’s new software was launched by the community of developers, and just 5 days later, the price increased 10 times, from 0.008 USD to 0.08 USD.

July 17, 2010: Virtual currency exchange Mt. Gox went into operation, later becoming the largest exchange in the world before going bankrupt in 2014.

November 28, 2013: With increasing media attention, the price surpasses $ 1,000 for the first time. However, the price fell off the $ 1,000 mark just 3 days later, and it took three years to return to this level.

Febuarary 25, 2014: Mt. Gox, a virtual currency exchange based in Tokyo, filed for bankruptcy protection after hackers stole about 850,000 Bitcoins, worth about half a billion USD, and 28 million USD in cash. It is considered the biggest Bitcoin theft ever, showing security gaps in crypto exchanges and the risks that investors face in the virtual currency sector lacking regulatory authority. function.

August 1, 2017: Bitcoin’s software code is split, to create another virtual currency, BitcoinCash, in parallel with Bitcoin. The split was spurred on by cryptocurrency miners in China who were dissatisfied with the Bitcoin-backed technology’s upgrade schedule in order to increase the cryptocurrency’s transaction-processing capabilities.

December 10, 2017: The two top US commodity exchanges, CBOE and CME, put it futures contracts together, allowing mainstream professional investors to bet on the ups and downs of it’s price.

December 10, 2017: The price hits a record 19,666 USD on the Bitstamp exchange, marking the peak after a year when the virtual currency has risen by more than 1,300% and individual investors flocked to buy.

June 29, 2018: The price slips below $ 6,000, or 70 percent lower than record levels, as many countries around the world tighten their controls on cryptocurrencies and the level of interest. Individual investors fell.

October 19, 2018: The Global Anti-Money Laundering Authority announces next year that it will establish rules for governments to regulate virtual currency exchanges. The purpose of these rules is to stop criminals using cryptocurrencies and other digital currencies.

So far, after many ups and downs, its value is currently at $11,807.16 / BTC. Bitcoin is expected to continue to maintain the No.1 coin position in the digital money market.