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 Bitcoin History and Development

Bitcoin History

Have you heard of Bitcoin? Do you know the history of Bitcoin? Advances in technology make all aspects of life change, one of which concerns financial matters. The great thing that comes from the rapid development of technology is Bitcoin!

Ever heard of that word? If so, then it's time for you to get to know Bitcoin more!

Bitcoin is a digital currency, virtual currency or crypto asset. Simply put, Bitcoin is money that we cannot touch directly like Rupiah. Because Bitcoin works on a network that uses complex algorithms.

Then, Bitcoin is not real because it can not be touched?

Eits, calm down even though Bitcoin is not shaped like Rupiah, it is still real and exists. It's just that Bitcoin is commonly used for online transactions on the internet, like Paypal or Payoneer. Its form in the real world is invisible but Bitcoin has a very high price in the real world.

Wow, how much is the price of Bitcoin if it is converted into Dollars?

It turns out that Bitcoin has touched the price of $ 20,000, if it is converted it is more than 2 billion! In the future Bitcoin is also predicted to have a higher value.

Well, Bitcoin or abbreviated BTC can also be a transaction tool on the internet that makes it easy for people to send or receive money via the internet, even to someone we don't know or don't trust.

Did you understand here? If so, let's go ahead and understand the history of Bitcoin further.

Even though Bitcoin is virtual, it can still be converted into traditional currencies such as dollars, rupiah, and others. So when we get a Bitcoin shipment, we can exchange it into rupiah by withdrawing.

The point is Bitcoin can be used in everyday life if we convert it into a common currency like Dollars.

When was Bitcoin Invented?

The history of Bitcoin begins with Bitcoin's first public appearance in January 2009, when a person or group of people using the name Satoshi Nakamoto launched the open source code for the Bitcoin software.

The first block of the Bitcoin blockchain being launched can be interpreted as a statement, a hint, or simply as a date marker: 'The Times 03/Jan/2009 Chancellor on brink of second bailout for banks'. This sentence was one of the main headlines in The Times on the same date.

It could be that Nakamoto just picked the first headline they saw in the nearest newspaper. However, loyal followers of cryptocurrencies agree that this is a statement that has special meaning.

At that time, the 2008 financial crisis was still ongoing and most likely Bitcoin was a form of anger and disappointment reaction to the state of our financial system at that time.

The Bitcoin code may have been created in 2007, and the first indication of its appearance was in August 2008, when the domain name 'bitcoin.org' was registered.

A few months later, members of the cryptography mailing list received a report entitled 'Bitcoin: A Peer-to-Peer Electronic Cash System' with 'Satoshi Nakamoto' as the author.

The First Transaction in Bitcoin History

Hal Finney, a cypherpunk (advocate for the use of cryptography and privacy-enhancing technologies) who is heavily involved in the cryptographic community, is the one who received the initial Bitcoin transaction. Finney recalled his experience in a post on a forum in March 2013:

‘I really love the crypto world, and the mysteries and paradoxes it presents. When Satoshi announced Bitcoin via our cryptography mailing list, the response he received was skeptical… while mine tended to be more positive. I have been interested in cryptographic payment schemes for a long time… I even tried to create my own proof-of-work based currency…

Having said that, I found Bitcoin very interesting… When Satoshi announced the first release of the software, I immediately picked it up. I seem to be the first person besides Satoshi to run bitcoin. I mined the 70s block, and I was the recipient of the first bitcoin transaction when Satoshi sent me ten coins as a trial.

I chatted with Satoshi via email over the next few days… Now, Satoshi's true identity has become a mystery. But at that time, I thought I was communicating with a young man of Japanese descent who was very intelligent and sincere. I have had the fortune to know many brilliant people in my life, therefore I know that he is one of them.’

Hal Finney passed away in 2014, but his legacy of building a better financial system, charity work, 

The History of Bitcoin, The Retreat of Satoshi Nakamoto

In late 2010, Nakamoto handed the baton over to a software developer named Gavin Andresen, and thus officially decentralized the Bitcoin network.

Previously, control over the Bitcoin code was relatively centralized as only Nakamoto could make changes to the code.

Nakamoto made his last forum post on December 12, and has been responding to some sporadic emails for some time. While keeping in touch with Andresen until around the end of April.

And then disappeared for good. According to reports, Nakamoto asked Andresen to ignore his anonymity when discussing Bitcoin in public.and cryptographic activities continues.

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 Bitcoin is an innovative payment network and a new kind of money.