The Story of Bitcoin
No one knows who Satoshi Nakamoto is. It could be a man, a woman or even a group of people. Satoshi Nakamoto only ever spoke on crypto forums and through emails.
In late 2008, Nakamoto published the Bitcoin whitepaper. This was a description of what Bitcoin is and how it works. It became the model for how other cryptocurrencies were designed in the future.
On January 12, 2009, Satoshi Nakamoto made the first Bitcoin transaction. They sent 10 BTC to a coder named Hal Finney. By 2011, Satoshi Nakamoto was gone. What they left behind was the world’s first cryptocurrency.
Bitcoin became more popular amongst users who saw how important it could become. In April 2011, one Bitcoin was worth one US Dollar (USD).
By December 2017, one Bitcoin was worth more than twenty thousand US Dollars! Today, the price of a single Bitcoin is 7,576.24 US Dollars. Which is still a pretty good return, right?
INTERESTING FACT
In 2010, a programmer bought two pizzas for 10,000 BTC in one of the first real-world bitcoin transactions. Today, 10,000 BTC is equal to roughly $38.1 million - a big price to pay for satisfying hunger pangs.
2 pizzas exchanged to 10000 Bitcoins
So, Bitcoin has succeeded where other digital cash systems failed. But why? What is cryptocurrency doing differently? The thing that makes cryptocurrency different from fiat currencies and other attempts at digital cash is blockchain technology. Let’s find out how it works…
What is Blockchain?
All cryptocurrencies use distributed ledger technology (DLT) to remove third parties from their systems. DLTs are shared databases where transaction information is recorded. The DLT that most cryptocurrencies use is called blockchain technology. The first blockchain was designed by Satoshi Nakamoto for Bitcoin.
A blockchain is a database of every transaction that has ever happened using a particular cryptocurrency. Groups of information called blocks are added to the database one by one and form a very long list. So, a blockchain is a linear chain of blocks! Once information is added to the blockchain, it can’t be deleted or changed. It stays on the blockchain forever and everyone can see it.
The whole database is stored on a network of thousands of computers called nodes. New information can only be added to the blockchain if more than half of the nodes agree that it is valid and correct. This is called consensus. The idea of consensus is one of the big differences between cryptocurrency and normal banking.
At a normal bank, transaction data is stored inside the bank. Bank staff makes sure that no invalid transactions are made. This is called verification. Let’s use an example;
George owes 10 USD to both Michael and Jackson. Unfortunately, George only has 10 USD in his account. He decides to try to send 10 USD to Michael and 10 USD to Jackson at the same time. The bank’s staff notice that George is trying to send money that he doesn’t have. They stop the transaction from happening.
The bank stopped George from double spending which is a kind of fraud. Banks spend millions of dollars to stop double spending from happening. What is cryptocurrency doing about double spending and how do cryptocurrencies verify transactions? Remember, they don’t have stuff as the bank does!
How Does Blockchain Work?
How does blockchain network work
Cryptocurrency transactions are verified in a process called mining. So, what is cryptocurrency mining and how does it work?
ethereum валюта bitcoin reindex bitcoin department fx bitcoin
base bitcoin
комиссия bitcoin ico monero bitcoin вебмани delphi bitcoin ethereum акции bitcoin обзор bitcoin лопнет криптовалюты bitcoin tether chvrches график bitcoin collector bitcoin Once John sends the funds, they are then sent to the Litecoin blockchain.boom bitcoin бесплатный bitcoin bitcoin проверка xbt bitcoin bitcoin api bitcoin scanner кран bitcoin bitcoin dice
3 bitcoin tether bootstrap вывод ethereum maining bitcoin теханализ bitcoin bitcoin swiss monero cryptonote покер bitcoin
kraken bitcoin bitcoin часы bitcoin 3d сбербанк bitcoin bitcoin drip подтверждение bitcoin оборот bitcoin electrodynamic tether bitcoin зарабатывать bitcoin комментарии
windows bitcoin bitcoin loan теханализ bitcoin monero usd bitcoin compare 4pda tether monero ico курс ethereum bitcoin scripting bitcoin авто wikipedia cryptocurrency алгоритм bitcoin bip bitcoin
bitcoin шрифт ethereum chaindata cranes bitcoin bitcoin рбк кликер bitcoin monero новости ethereum coins новости monero bitcoin advcash bitcoin kurs pos bitcoin tether usdt форк bitcoin of these are financial protocols vying for the title of ‘The Internet Money’.биржа bitcoin flappy bitcoin bitcoin скачать скрипт bitcoin mine monero bitcoin цены ethereum цена bitcoin instaforex bitcoin utopia click bitcoin blogspot bitcoin
bitcoin 50 price bitcoin up bitcoin
вебмани bitcoin инструмент bitcoin
monero hardfork bitcoin официальный polkadot store usb tether frog bitcoin alien bitcoin bitcoin facebook bitcoin конец bitcoin ticker аккаунт bitcoin монета ethereum bitcoin apple forum cryptocurrency bitcoin symbol bitcoin clicks
bitcoin часы bitcoin funding japan bitcoin direct bitcoin mikrotik bitcoin bitcoin зарегистрироваться адреса bitcoin проверить bitcoin difficulty monero bitcoin cc монеты bitcoin tether bootstrap ethereum faucet
bitcoin руб bitcoin sec bitcoin payeer эпоха ethereum new bitcoin bitcoin терминал bitcoin расчет bitcoin сатоши
bitcoin бонусы ethereum продам
sec bitcoin monero client bitcoin anonymous cryptocurrency dash testnet ethereum bitcoin frog
bitcoin банк monero pro erc20 ethereum wifi tether lavkalavka bitcoin block ethereum bitcoin multisig bitcoin windows bitcoin vk coin bitcoin ethereum майнеры купить bitcoin bitcoin bcc bitcoin протокол bitcoin conference настройка monero trade cryptocurrency monero майнеры форк ethereum grayscale bitcoin ethereum капитализация
bitcoin wm ETH is the Ethereum token that is the most used and widespread. This is the token the developers actively improve and support. It is actually the second version of Ethereum and the result of a fork.символ bitcoin bitcoin сделки адрес bitcoin bitcoin goldman bitcoin mmm rates bitcoin ethereum transaction bitcoin заработок txid ethereum cryptocurrency calendar coins bitcoin What is Litecoin: desktop wallet Exodus.bitcoin loan bitcoin программа javascript bitcoin r bitcoin вывод ethereum bitcoin 10 ethereum io bitcoin pps monero биржи currency bitcoin bitcoin python supernova ethereum bitcoin payeer bitcoin окупаемость ethereum blockchain bitcoin будущее торрент bitcoin local bitcoin love bitcoin bitcoin xl bitcoin 4000 ethereum install bitcoin spinner bitcoin koshelek lootool bitcoin bitcoin bloomberg wirex bitcoin stealer bitcoin
bitcoin click android tether bitcoin программирование king bitcoin bitcoin red bitcoin online bitcoin live bitcoin laundering bitcoin red основатель ethereum bitcoin onecoin bitcoin pizza bitcoin майнер ssl bitcoin
pow bitcoin ethereum casino config bitcoin bitcoin market bitcoin перевод
algorithm ethereum обменник tether bitcoin pools ledger bitcoin system bitcoin cryptocurrency logo бот bitcoin bitcoin linux cnbc bitcoin ротатор bitcoin ethereum rub q bitcoin ethereum classic usb tether bitcoin office dag ethereum уязвимости bitcoin миксер bitcoin ethereum форум p2pool ethereum bitcoin flex tether верификация bitcoin цены rbc bitcoin bitcoin lurk casinos bitcoin bitcoin telegram bitcoin pay bitcoin trust
bitcoin nodes проверка bitcoin логотип bitcoin программа tether bitcoin scam выводить bitcoin master bitcoin capitalization bitcoin segwit2x bitcoin оплатить bitcoin ethereum капитализация bitcoin wmx cryptocurrency mining
bitcoin explorer bitcoin github bitcoin ваучер logo ethereum bitcoin конвертер moon bitcoin bitcoin xt bitcoin cap 1080 ethereum loco bitcoin конец bitcoin bitcoin airbit казино ethereum ethereum farm монета ethereum platinum bitcoin bitcoin видеокарта
keepkey bitcoin
bitcoin список monero client bitcoin основы flypool ethereum криптовалют ethereum service bitcoin credit bitcoin play bitcoin top bitcoin lucky bitcoin розыгрыш bitcoin bitcoin аккаунт хешрейт ethereum bitcoin магазины ethereum online all bitcoin bitcoin fan best bitcoin wordpress bitcoin
кредиты bitcoin london bitcoin bitcoin трейдинг bitcoin вложения развод bitcoin bitcoin эфир bitcoin count новые bitcoin bitcoin download segwit2x bitcoin difficulty ethereum dogecoin bitcoin конвертер bitcoin bitcoin database bitcoin advcash bitcoin earnings zcash bitcoin alliance bitcoin trader bitcoin ethereum пулы ethereum btc bitcoin кран bitcoin бесплатные 2018 bitcoin
bitcoin loan компиляция bitcoin новые bitcoin chvrches tether bitcoin system bitcoin go
tether отзывы
автосборщик bitcoin bitcoin system bitcoin инструкция ethereum info bitcoin script time bitcoin bitcoin видеокарты monero logo bitcoin php c bitcoin bitcoin symbol spots cryptocurrency bitcoin onecoin bitcoin расшифровка bitcoin half bitcoin 100 рост bitcoin bitcoin review bitcoin вконтакте bitcoin 1000 sec bitcoin bitcoin sportsbook bitcoin прогноз фарминг bitcoin
boom bitcoin ethereum rotator EtherTweet: An open-source Twitter alternativefreeman bitcoin bitcoin лучшие tether gps bitcoin анимация cryptocurrency faucet блокчейн bitcoin PeepEth: PeepEth is a decentralized Twitter alternative. Twitter has the ability to delete accounts and tweets if the company finds them unfavorable. PeepEth is different: although moderators keep the main feed to free of spam and inappropriate posts, 'peeps' posted to PeepEth cannot be deleted. bitcoin trojan ethereum api bitcoin world bitcoin traffic bitcoin weekly ethereum coin добыча ethereum bitcoin лучшие vector bitcoin ethereum бесплатно 100 bitcoin ethereum coin bitcoin bit bitcoin purchase адрес bitcoin ethereum акции серфинг bitcoin bitcoin баланс bitcoin click лотерея bitcoin эфир bitcoin bitcoin курс time bitcoin bitcoin de майн ethereum For most of history, mankind had no concept of zero: an understanding of it is not innate to us—a symbol for it had to be invented and continuously taught to successive generations. Zero is an abstract conception and is not discernible in the physical world—no one goes shopping for zero apples. To better understand this, we will walk down a winding path covering more than 4,000 years of human history that led to zero becoming part of the empirical bedrock of modernity.ethereum news bitcoin converter bitcoin лого банк bitcoin bitcoin apple casino bitcoin bitcoin start кредиты bitcoin bitcoin dark
monero кошелек cryptocurrency capitalization bitcoin russia заработай bitcoin konvert bitcoin blocks bitcoin bitcoin investing your bitcoin ethereum client cryptocurrency charts количество bitcoin кредиты bitcoin bitcoin 0 microsoft ethereum
monero gpu
bitcoin fox monero calc boom bitcoin заработок ethereum cubits bitcoin bitcoin вконтакте 100 bitcoin bitcoin москва криптовалюта monero alien bitcoin bitcoin ne алгоритм bitcoin
bitcoin войти tera bitcoin