The Journey Of Bitcoin
For the first time in August 2008, a domain name known as bitcoin.org got registered. In today’s time, the domain name is changed to “WhoisGuardProtected” this indicates that the real identity of the creator who registered the domain is private. In the same year, in Oct 2008, an individual or a group of individually named Satoshi Nakamoto announced the creation of digital currencies. He described a digital currency named Bitcoin that describes “Bitcoin: A peer-to-peer electronic payment system.” Satoshi published the white paper describing the bitcoin network and released the bitcoin network in 2009.
In Jan 2009, bitcoin’s first block was mined, which was given the name Block 0. The block was also referred to as genesis blocks and mainly contained the text that is information or data. The text depicts the information that is proof that the first bitcoin was mined on a specific date. In a similar month, the version of bitcoin software got announced on Mailing List. The process of bitcoin mining started on Jan 3, 2009.
Here in this article, we will explore some facts and learn about the most popular digital currency’s wonderful ongoing journey: bitcoin.
The invention of the Bitcoin Network
The real identity of an individual or group of individuals is still unknown to people who invented bitcoin. The only name linked to the release of the white paper of bitcoin and the entire network is Satoshi Nakamoto. In 2009, the original bitcoin software was released, and because the real identity of the creator of bitcoin is unknown, many people claimed to be the creator of the bitcoin software.
Before Satoshi
After the came associated with bitcoin network came out that is Satoshi Nakamoto, the media and people are searching for this solitary genius who created this popular digital currency, bitcoin. People consider him a quixotic genius because before 2009, no such innovations happened, and people want to meet the one who created this digital currency out of thin air. The invention of bitcoin has encouraged a large number of developers to create digital currencies that change the whole payment system. There are many other cryptocurrencies as well that you can trade through the various platform if you want to invest in cryptocurrency.
Why is the real identity of Satoshi anonymous?
People are still unaware and are curious to know why the real identity of Satoshi is anonymous. There are quite a few reasons, or we can say motivations, that forced the bitcoin creator to hide his real identity. The main motivation was privacy because a currency made of thin air and will become so popular across the world will provide a lot of attention to Satoshi from governments and media.
The other reason behind hiding the real identity can be the major disrupting that can be caused to the government’s monetary and banking systems. Satoshi wants bitcoin to be popular, but he can only expect it. If the bitcoin network gained adoption from the masses, it would be an alternative to fiat currencies, but what if it could affect existing currencies. The threat that existing currencies can get can force the government to take legal action or imprisonment the creator of bitcoin.
The third main reason can be safety. Considering the value of bitcoin in 2009, which was very less and the blocks were mined at that rate. Over time, the value of bitcoin increased with increasing popularity, its mining rate, and difficulty increased. The increase in bitcoin’s value could lead it to use among criminals for the illegal trade of drugs, weapons, money laundering, and more. Because the bitcoins are required to be protected more than cash, it is crucial to secure private keys to prevent unauthorized access to fraudsters or hackers.
Bitcoin as a medium of exchange
Bitcoin is widely accepted as a medium of exchange to buy products and services in today’s time. Many businesses and agencies have started accepting bitcoin payments but just putting a sign depicting “Bitcoin Accepted Here.” Through this, businesses have gained huge popularity not only in individuals but also in the media. Media is covering the early adopters of bitcoin. But before carrying out the transactions, users must learn to carefully protect their private keys to protect their bitcoins.
Read Dive is a leading technology blog focusing on different domains like Blockchain, AI, Chatbot, Fintech, Health Tech, Software Development and Testing. For guest blogging, please feel free to contact at readdive@gmail.com.