Bitcoin is a hot commodity in the ever-growing cryptocurrency space. How did Bitcoin start?
The grandfather of cryptocurrency started a movement that has exploded into something that can benefit all of us. Bitcoin and cryptocurrency as a whole are the future of wealth management.
Everyone loved a good origin story. How did bitcoin enter the world as an unknown and grow to become the investing titan that it is today?
We need to dive into bitcoin history to answer both of those questions.
Read on to learn more about a cryptocurrency pioneer.
How Did Bitcoin Start?
Who started Bitcoin? It’s been quite the mystery to solve for over a decade now since Bitcoin came to be in 2009.
We do have a name. Satoshi Nakamoto.
Nakamoto developed Bitcoin and wrote the Bitcoin white paper, Bitcoin: A Peer-to-Peer Electronic Cash System.
It all started in 2007 when Nakamoto began writing the code for the cryptocurrency in 2007 and registered the bitcoin.org domain a year later.
Nakamoto is permanently linked to Bitcoin and cryptocurrency from the beginning, and they were heavily involved in the bitcoin code modification process until 2010 or 2011.
Gavin Anderson and other domains took over the coding repository. Nakamoto stepped away from the project by the end of the year.
Argentine Researcher Sergio Demian Lerner estimated that Nakamoto collected about a million bitcoins upon his exit, which is worth $5 billion today.
According to Johns Hopkins University Cryptocurrency Professor Matt Green, Nakamoto can tank the currency if he chose to.
By 2140, Bitcoin can reach a finite supply of 21 million. Nakamoto’s one million bitcoins amount to five percent of the entire cryptocurrency.
What Is Bitcoin?
Now, let’s dive into some bitcoin explanation, shall we?
Bitcoin’s purpose was to create a decentralized currency that couldn’t be regulated by the government, banks, or third-party entities.
Therefore, Bitcoin’s creator had to remain anonymous.
Here are some types of cryptocurrency you may or may not have heard of before:
- Ethereum (ETH): Ethereum is a decentralized software platform. Within it, users don’t have to worry about downtime, fraud, control or third-party interference affecting their smart contracts and decentralized applications (dapps)
- Litecoin (LTC): Created by MIT graduate and former Google engineer Charlie Lee and launched in 2011, Litecoin is an open-source global payment network — It is not controlled by the government and uses “scrypt” as proof of work
- Cardano (ADA): Charles Hoskinson left Ethereum to help create Cardano after disagreeing with the direction Ethereum was heading. Cardano’s objective is to be the world’s financial operating system by establishing decentralized financial products and providing solutions for blockchain information exchange, voter fraud, and legal contract tracing, among other things
- Polkadot (DOT): Gavin Wood was another member of the cofounders of Ethereum who broke way. Polkadot is another proof-of-stake cryptocurrency on the market — It wants to help blockchains work together under one roof, so to speak. To do this, it connects permissioned, permission-less blockchains, and oracles
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