Bitcoin And Its Invention Story

Bitcoin and the concept-

Bitcoin was first founded in January of 2009. It is based on the concept presented in a document by Satoshi Nakamoto, an unknown and anonymous figure. The person or different people involved in this is yet unknown.

Bitcoin promises to reduce cost than conventional payment processors, and it is centrally controlled, with exception of government-issued commodities. It is run by a decentralized government.

Specific bitcoins aren’t significant as commodities because they are not produced or supported by any banks and other financial institutions. The website is a speed of development that makes it simple for consumers to exchange cryptocurrency.

Important points to note about bitcoins-

  • Bitcoin is the country’s leading cryptocurrency by share value, having been established in 2009.
  • With exception of traditional currencies, bitcoin is formed, circulated, exchanged, and preserved using a blockchain, which is a decentralized ledger network.
  • Bitcoin’s journey as a speculative investment has been bumpy; in 2017, the cryptocurrency soared to around $20,000 per coin, only to plummet just under a year afterwards, everything was selling for just a fraction of that price.
  • Bitcoin, being the first electronic money to achieve global acceptance and recognition, has spawned a slew of other cryptocurrencies in its aftermath.

Bitcoin’s Origins

18th of August, 2008 is a secured web address. This website is currently “Who is Guard Protected,” which means the identity of the person who acquired it is not publicly available.

31st of October 2008

“I have started embarking on a project immutable ledger that is indeed totally peer-to-peer, without any certificate authority”, a person or group using another pseudonym Satoshi Nakamoto writes on The Cryptography Mailing list.

Nobody knows for sure who founded bitcoin, at least not definitively. The moniker Satoshi Nakamoto is connected with both the person or entity that published the first Bitcoin white paper in 2008 and collaborated on the first crypto algorithms in 2009.

Several people have claimed to be or been suggested as the actual people while behind codename in the decades afterwards, but as of January 2021, the genuine personality behind Satoshi remained a mystery.

But it is still enticing to embrace the media’s narrative that Satoshi Nakamoto is a lone, solitary brilliance who invented Bitcoin out of nothing, such breakthroughs rarely occur in isolation. All amazing technological breakthroughs, regardless of how novel they appear, are based on prior knowledge.

Reasons behind the anonymity of bitcoin founder- 

There seem to be several plausible causes behind bitcoin’s creator’s decision to remain anonymous. 

Privacy could be one such reason. Since bitcoin has grown in prominence, being something of a worldwide issue, Satoshi Nakamoto would undoubtedly attract a lot of media and government scrutiny.

An additional explanation might be bitcoin’s ability to cause massive disruptions in existing finance and financial authorities. If people around the world keep accepting bitcoins then it will take very less time for bitcoins to capture the world. 

This potential danger to current currencies may prompt authorities to seek civil proceedings against bitcoin’s originator.

Another reason is that it is safer. In 2009, 32,489 blocks were mined, resulting in a total payout of 1,624,500 bitcoins at a reward rate of 50 bitcoins per transaction. It’s possible that just Satoshi and a few additional people were mining in 2009, and because they own the vast bulk of the bitcoin.


Moreover anyone with enough bitcoin may become a target for criminals, notably since bitcoins are more like cash than equities, in that the sensitive data required to enable spending can be photocopied out and hidden under a mattress. While the developer of bitcoin is expected to strive to make any extortion-related activities identifiable, being anonymous is a good idea.

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