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–to–peer version of electronic cash.
Peer-to-Peer, also known as P2P is computers acting as a network. The Blockchain technology and Bitcoin are two different things. Blockchain 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 any parties for modification and also freely available to users.
Open source in cryptocurrency is essential for building trust and safety into blockchain networks,it is transparent and decentralized.
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.
In time of writing Bitcoin is now trading for $9 303,81 (17.06.2019)
About the Author
Pieter Lategan is the founder of Techno Magazine. He also blogs for the Free Online Magazine. He focuses on the business side of blockchain technology. He writes about businesses which will improve with blockchain, cryptocurrencies, and dApps.