History of Bitcoin

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Bitcoin: A Short History

Bitcoin, also known as a Peer to Peer electronic cash system, was released by Satoshi Nakamoto whose true identity is still unknown. His white paper about this new technology was released in 2008. It is a combination of several aspects. It is both a payment system, a collection of algorithms and a cryptocurrency. Apart from traditional currency Bitcoins and Altcoins exist in a virtual space. To transact with this currency you need to have an e-wallet and don't have to go to an ATM to withdraw real money.

The first transaction with Bitcoins was reported on 22 May, 2010, when a programmer successfully traded 10,000 bitcoins for a pizza. It spread out and Bitcoin is now being released into the world. Transactions can be done almost anywhere in the world depending on who accepts Bitcoins.

Bitcoins have low fees for transactions and people started getting more involved in the technology. The first blockchain that was built is Bitcoin. The blockchain is a data storage ledger which holds millions of transactions. These transactions are transparent. Apart from that, it is tamper-free and no one owns the network and everyone has access to the data. The data can't be deleted and stays there forever.

The Bitcoin network, consisting of thousands of machines, operates on software. The one function of the software is to relay transaction information and the second to verify the transactions. This action is to prevent coins from being spent twice.

The whole picture of trading has been changed by Satoshi Nakamoto who founded the first cryptocurrency.