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| Bitcoin is a decentralized cryptocurrency created in 2008 by the pseudonymous Satoshi Nakamoto.This account resumes the whole history of Bitcoin since 2008 to 2017 and 2018.
On 18 August 2008, the domain name bitcoin.org was registered.
Later that year on October 31st, a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System was posted to a cryptography mailing list. On the 9th of November, the Bitcoin project was registered at the open-source-projects community resource, SourceForge.net.
How much was bitcoin worth in 2009? The value of the first bitcoin transactions were negotiated by individuals on the bitcoin forum with one notable transaction of 10,000 BTC used to indirectly purchase two pizzas delivered by Papa John's. This was the only major security flaw found and exploited in bitcoin's history. Based on bitcoin's open source code, other cryptocurrencies started to emerge.
On June 13th, 2011 the first bitcoin theft occured. User allinvain reported 25 thousand coins (375 thousands USD) were stolen.
Through the time, number of businesses accepting bitcoin continues to increase. In January 2017, NHK reported the number of online stores accepting bitcoin in Japan had increased 4.6 times over the past year. BitPay CEO Stephen Pair declared the company's transaction rate grew 3× from January 2016 to February 2017, and explained usage of bitcoin is growing in B2B supply chain payments. In 2017 Bitcoin gains more legitimacy among lawmakers and legacy financial companies. For example, Japan passed a law to accept bitcoin as a legal payment method, and Russia has announced that it will legalize the use of cryptocurrencies such as bitcoin. And Norway’s largest online bank, Skandiabanken, integrates bitcoin accounts.
To see Bitcoin price since 2009 to 2017 and 2018, Bitcoin price charts click read more.
|Blockchain - the technology of the future|
| Blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. It acts as a distributed public ledger. Each block typically contains a hash pointer which links it to a previous block, a timestamp, and transaction data. By design, blockchains are inherently resistant to modification of the data. They are typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all previous blocks, which requires collusion of the network majority (51%).
Blockchains are secure by design, and are an example of a distributed computing system with high Byzantine fault tolerance. Blockchains have achieved decentralized consensus. This makes them potentially suitable for the recording of events, medical records, identity management, transaction processing, documenting provenance, food traceability, and kinds of other record management.
The first blockchain was conceptualised in 2008 by an anonymous person or group known as Satoshi Nakamoto, and implemented in 2009 as the public ledger for all bitcoin transactions. The inclusion of blockchain in the Bitcoin system made it the first digital currency to solve the double spending problem without resorting to a trusted authority or central server. Blockchain is the main innovation of Bitcoin.
|Mining or how to earn coins|
| Mining is the process of adding transaction records to Bitcoin's public ledger, that is, its blockchain. A "mining rig" is (a colloquial metaphor for) a single computer system that performs the necessary computations for mining. Bitcoin nodes refer to the blockchain to distinguish legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere.
Mining is intentionally designed to be resource-intensive and difficult so that the number of blocks found each day by miners remains steady. Individual blocks must contain proof of work to be considered valid. This proof-of-work is verified by other Bitcoin nodes each time they receive a block. Bitcoin uses the hashcash proof-of-work function.
Bitcoins are the best crytpocurrency for ensuring anonymity during transactions. After mining coins, they can be used only after getting 100 network confirmations.
The issuing of bitcoins is called mining because, like the mining of gold or other naturally limited resources, it slowly and painstakingly makes new currency available until it runs out.
|Initial Coin Offering (ICO)|
| ICO (Initial Coin Offering) ICOs Initial coin offerings – also called token sales or crowdsales – are an unergulated, fast, high-risk, and commonly Ethereum-based crowdfunding mechanism for early-stage digital asset ventures. In ICOs, funds are raised by offering investors cryptocurrency tokens which act as a kind of voucher that may be traded for some resource or special feature of the venture in the future (e.g. storage space, datasets, etc.), in exchange for legal tender or other cryptocurrencies. ICOs might also sell investors royalties or a right of ownership to the project instead of cryptocurrency.
ICOs are commonly compared to IPOs. However, there is a crucial distinction: in ICOs, investors purchase a piece of the ecosystem of a venture's future technology project or platform, whereas in IPOs, investors buy shares (i.e., they take a piece of equity) in the owership of an operating company, becoming owners of part of the company's cashflow and profits. Even so, some ICO campaigns do design their tokens to represent ownership in the company, effectivley turning their tokens into securities, which are subject to state regulations.
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