The genesis of Bitcoin can be traced back to 2008. A paper was posted on a cryptography mailing list by a person (or group) named Satoshi Nakamoto. The paper was titled “Bitcoin: A Peer-to-Peer Electronic Cash System”.
How Bitcoin started?
When Satoshi Nakamoto created cryptocurrency in 2009, he/she/they were trying to solve the problem of double spending. Double-spending is the situation when someone buys a product with a cryptocurrency, but the exact same cryptocurrency gets used somewhere else. At that time, cryptocurrency was considered one of the most advanced inventions of humankind. In this case, the invention had many flaws. But the one that was spotted by Nakamoto was major, and the inventor of Bitcoin tried to overcome this issue. He/she/they managed to create a new way of transferring money and keep transaction records decentralized. As a result, cryptocurrency became the fastest and cheapest payment system in the world.
Watch the full episode of A Brief Story of Bitcoin: How It Started?
A Brief Story of Bitcoin: How It Started?
What is Bitcoin?
Bitcoin is a digital currency and payment system. It is the first decentralized peer-to-peer payment network that is completely decentralized without a central server or trusted parties. The concept of Bitcoin was first described in a research paper published in November 2008. The Bitcoin network came into existence on January 3, 2009, with the release of the first open-source Bitcoin client and the issuance of the first Bitcoins. Since then, the Bitcoin protocol has been continuously updated and the network has grown to a size of 7 transactions per second.