History of Bitcoin

Satoshi Nakamoto released a whitepaper (a document issued with new blockchain projects): Bitcoin: A Peer to Peer Electronic Cash System in 2008. Nakamoto’s true identity is still unknown but he described a purely peer-peer version of electronic cash, known as Bitcoin.

Peer-to-Peer, also known as P2P is computers acting like a network. The Blockchain technology runs Bitcoin are two different things. Bitcoin developed over the last decade into one of the biggest technologies and have the potential to impact every industry like finance, Real Estate, and even the banking sector.

In 2009, shortly after Nakamoto's whitepaper was published, it was offered to the open source community. Open source refers to a computer program in which the source code is available to the public for use of the modification and designing of the program, in this case, the Blockchain and Bitcoin. The programmers can improve upon the source code and share it with each other. In Bitcoin's case the program source code was made available for use by interested parties for modification. It also is freely available to users.

Open source in cryptocurrency is essential for building trust and safety into blockchain networks, and it is transparent.

Bitcoins are generated by a process of mining as a reward by the network. Miners are individuals which enter the Bitcoin economy. Mining creates Bitcoins through a competitive and decentralized process. These individuals are then rewarded by Bitcoins which they then can exchange for other currencies, products, and services.

Bitcoin is a big electronic system which is on the blockchain. Transactions are recorded and verified. The Bitcoin system is considered the first blockchain. People believe it will revolutionize money, government and beyond. Anyone can join Bitcoin - this is for the public.

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Pieter Lategan


 

05 Comments
Emilly Blunt

December 4, 2017 at 3:12 pm

Never say goodbye till the end comes!

Emilly Blunt

December 4, 2017 at 3:12 pm

Never say goodbye till the end comes!

Emilly Blunt

December 4, 2017 at 3:12 pm

Never say goodbye till the end comes!

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