Bitcoin is so famous that it has almost become synonymous with cryptocurrency in general. While it is just one of the thousands of digital currencies in the market, there is no denying that it is the most important one. From its creation in 2007 until it peaked in 2017, Bitcoin has had a wild ride of rising and fall. Whether you know all about cryptocurrencies or barely scratching the surface, you will know about Bitcoin and how valuable a commodity it is in today’s market. The value and reach of Bitcoin are regulated by its users without being governed by a particular body.
Who created Bitcoin?
Although Bitcoin has become extremely popular even amidst serious investors, the creator of Bitcoin is still profoundly shrouded in mystery. It is said to be created by a person who goes under the pseudonym, Satoshi Nakamoto. This person had published a white paper in 2008 on bitcoin.org that explained the blockchain technology that runs bitcoin in great detail. The paper describes how a peer to peer electronic cash system can work and how it will perform various functions. This system is entirely decentralised and is a financial system based without the involvement of a central institution. This made Bitcoin attractive for many users who wanted to find a system that would offer them autonomy over their money, wild it is a transparent system. Hal Finney has been known as one of the famous adopters of the system who helped Satoshi Nakamoto understand the full potential of the idea. Hal was the first person to receive 50 BTC, marking the first Bitcoin transaction.
The History of Bitcoin Transactions
All the Bitcoin was created in 2008, the first commercial transaction using Bitcoin to place not before 2010 on a popular Bitcoin forum. This transaction took place between Lazlo Hanyecz, who wanted to trade 10000 Bitcoins he owned for two Papa John’s Pizza with Jeremy Sturdivant. This transaction took place on May 22, 2010, which is celebrated as Bitcoin Pizza Day and is marked as the first successful commercial transaction using Bitcoin. At the same time, the creator of Bitcoin had soon disappeared after this network became famous and had gained several users. The last message that he posted was back in December 2010. The popularity of Bitcoin and the traction it has gained meet people interested to know more about the creator. Since then, several reporters all around the globe have been trying to find Satoshi Nakamoto.
Understanding Satoshi Nakamoto
While the real identity of Satoshi Nakamoto remains hidden from the public eye, he is considered as the creator of Bitcoin. Not only did he release the white paper that discussed the technology which would run Bitcoin, but he also developed the subsequent software in 2009. While many people have claimed that they were Satoshi Nakamoto or have pointed fingers at others, and his real identity is still on the rocks. Many journalists have tried to put a creative spin To The Identity of Nakamoto as a creative genius who created one of the biggest cryptocurrencies in the world from a vacuum; this is not true. Previous research has to be credited for Nakamoto to have invented this cryptocurrency.
For example, Hashcash, which was invented by Adam Back back in 1997, or even bit gold which was created by Nick Szabo, have to be kept in mind. In fact, the white paper published by Nakamoto has itself cited the previously mentioned currencies and various other such currencies that were invented previously. It is also rumoured that these creators might have had a connection in the creation of Bitcoin.
While Satoshi Nakamoto is widely celebrated as the creator of Bitcoin, it can be understood why the creator wants to keep his identity safe. Having garnered much popularity, Nakamoto might want to stay under the public radar and a secret from the government. If bitcoin is adopted in the future, it can definitely pass over traditional currencies, threatening governments worldwide.
While the origin story of Bitcoin is somewhat mysterious, it is one of the most transparent and celebrated cryptocurrency all around the globe. If you want to know more about Bitcoin, get to know how to accept bitcoin as payment now!