Subscribe for information from Coin Forecast.io:

05 March 2018, 10:36

Bitcoin History – Where It All Started

Being the first one is, probably, the most difficult thing. Bitcoin was something totally new and people were shocked seeing the money out of nowhere. Currently this is one of the most influential crypto currencies in the world with an immense potential to change the financial system of all the countries where it is accepted. The newcomers to the world of blockchain are welcomed to read the article and gather the first pieces of information regarding the fascinating business of blockchain.

The First Steps

The very idea of creating the Bitcoin belongs the Japanese person – Satoshi Nakamoto. This is a very mysterious character as there are no photos in the internet and nobody knows for sure if this is a single person a group of people. The smallest piece of Bitcoin that is used for exchange bears the name of the creator.

Back in 2009 the creator has issued the first online post with the description of the currency and the manner in which it does the work. The author also added the means of gaining profit from cryptocurrency operations. That was a breakthrough moment since when a lot of people decided to gain money on blockchain operations and on using the full potential of the machines.

It was, perhaps, the most successful mail sending company as it resulted in billiards of USD value. It is also worthy to remind that the 1998 was the first year of crypto currency mentioning and the credit belongs to another Japanese person Wei Dai who calculated the full development of the currencies but didn’t know where such money can be applied.

The year has passed after the creation of BTC and the creator mysteriously disappeared stating that now the system can develop on its own. And it was the real truth as the system manages to work on its own by following the inertion.   

Uncontrolled Money

The basic code of the Bitcoin was not isolated and any person who deals with mining can use the software for personal needs and even modify it according to personal needs. Each user is the owner of the personal system of mining and can do whatever he wants.

Such freedom is the object of anger of those organizations which control the power of finances in the world. Understanding the future potential of Bitcoin, bank organizations and giant industrial conglomerates wish to grasp control over it. The same thing can be told by several state governments – they want to monopolize and set regulations over the currency.

Fortunately, such a scenario is totally impossible. The Bitcoin is a digital currency that receives its value from the operation. If one company manages to acquire all the existing Bitcoin in a single wallet, the price of the crypto currency will drop to zero. With such a value the Bitcoin will definitely become worthless. The currency that is actively used by people is slowly gaining the popularity and increasing in price. A lot of other crypto currencies can be titled the children of the Bitcoin as they were based on the same principle with somewhat changed algorithms.

You can also find more information about the Bitcoin forecast on our website.

Comments

Comments powered by DISQUS