A Comprehensive Guide On Bitcoin
Blockchain is the tech. Bitcoin is merely the first mainstream manifestation of its potential.
Marc Kenigsberg, founder of Bitcoin Chaser
Once upon a time, there was an anonymous person or a group of persons named Satoshi Nakamoto, who, in 2008, published a paper on the cryptography discussing the bitcoin digital currency. The paper was titled ‘Bitcoin: A Peer-to-Peer Electronic Cash System’. His objective was to produce a means of exchange, which is free of any central authority and could be transferred digitally in a secure, provable and unchangeable.
Satoshi released the first bitcoin software in January 2009 with the launch of the first units of the bitcoin cryptocurrency, called bitcoins. It is an open-source project. Soon, people started to take an interest in it and how it can help them make a fortune with minimal investment.
And one day, the person or group of persons disappeared into the thin air. It has been a crazy 11 years since the release of Bitcoin and the mystery of Satoshi Nakamoto remains unsolved. Today, he is regarded as a philosophical godfather of all other cryptocurrencies other than Bitcoin.
Bitcoin in detail
A decentralized form of digital cash, Bitcoin eliminates the need for mediators like banks and governments to make transactions. Besides, Bitcoin is powered through a combination of peer-to-peer (P2P) technology. The system is simple and organized.
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As stated by Peter Diamandis (Founder and chairman of the X prize foundation), “At its core, bitcoin is a smart currency, designed by very forward-thinking engineers. It eliminates the need for banks, gets rid of credit card fees, currency exchange fees, money transfer fees, and reduces the need for lawyers in transition 1… all good things.”