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When Was Cryptocurrency Invented?

Satoshi Nakamoto - Wikipedia

Satoshi Nakamoto - Wikipedia

Inventing bitcoin , implementing the first blockchain , deploying the first decentralized digital currency Digital currencies , computer science , cryptography Satoshi Nakamoto is the name used by the unknown person or people who designed Bitcoin and created its original reference implementation . [1] As part of the implementation, they also devised the first blockchain database. [2] In the process they were the first to solve the double-spending problem for digital currency . They were active in the development of Bitcoin up until December 2010. On a P2P Foundation profile, Nakamoto claimed to be a man living in Japan , born on 5 April 1975. [3] Speculation about the true identity of Nakamoto has mostly focused on a number of cryptography and computer science experts of non-Japanese descent, living in the United States and Europe. [4] In October 2008, Nakamoto published a paper [5] [6] on the cryptography mailing list at metzdowd.com [7] describing the Bitcoin digital currency. It was titled "Bitcoin: A Peer-to-Peer Electronic Cash System". In January 2009, Nakamoto released the first Bitcoin software that launched the network and the first units of the Bitcoin cryptocurrency , called Bitcoins. [8] [9] Satoshi Nakamoto released the Version 0.1 of Bitcoin software on Sourceforge on 9 January 2009. Nakamoto claimed that work on the writing of the code began in 2007. [10] The inventor of Bitcoin knew that due to its nature, the core design would have to be able to support a broad range of transaction types. The implemented solution enabled specialized codes and data fields from the start through the use of a predicative script . [11] Nakamoto created a website with the domain name Bitcoin.org and continued to collaborate with other developers on the Bitcoin software unti Continue reading >>

Cryptocurrency Crash: Why Ripple Is Falling More Than Most | Money

Cryptocurrency Crash: Why Ripple Is Falling More Than Most | Money

Ripples dramatic price decline a staggering 46% over a six-day time period offers a stark reminder to investors and speculators: Not all cryptocurrencies are the same. The stratospheric rise of bitcoin over the past year has brought along a number of so-called alt-coins. Many of these alternative cryptocurrencies claim to offer investors more advanced technology than bitcoins blockchain and have benefitted from the cryptocurrency craze bitcoin created. But amid the broad cryptocurrency selloff in recent days, Ripples fall has been the most dramatic, more than doubling the losses of bitcoin. Ripples token XRP, which had been trading at around $3 at the start of this year, now sits below $1.70, according to the exchange bitstamp.net . There is limited upside in Ripple, argued Alexander Kravets, a former Wall Street trader and creator of Xtrade.io, a cryptocurrency trading platform. Its very overpriced and the smart money has sold at $3. To understand why Ripple has fallen so much, you have to understand how it differs from bitcoin and other alt-coins. Unlike most cryptocurrencies, which play up their decentralized structure, Ripples founders decided to go the other way. They have created a currency thats highly centralized, which means that the company not individual investors controls how much supply of XRP leaks out. In fact, some argue that Ripple isnt even a cryptocurrency because transactions are processed in a centralized fashion and no new XRP can be mined by investors, as is the case with Bitcoin and Ethereum . Well, it seems as if others have grown weary of that centralization, the absurdity of which peaked last week when Ripple co-founder Chris Larsen reportedly saw his net worth climb to $59 billion . Based on XRPs rise, he had a higher net worth than Facebook Continue reading >>

A Short History Of Bitcoin And Crypto Currency Everyone Should Read

A Short History Of Bitcoin And Crypto Currency Everyone Should Read

A Short History Of Bitcoin And Crypto Currency Everyone Should Read {{article.article.images.featured.caption}} Opinions expressed by Forbes Contributors are their own. The author is a Forbes contributor. The opinions expressed are those of the writer. This story appears in the {{article.article.magazine.pretty_date}} issue of {{article.article.magazine.pubName}}. Subscribe Bitcoin hit news headlines this week as the price of one unit of the cryptocurrency passed $11,500 for the first time. Although it’s often referred to as new, Bitcoin has existed since 2009 and the technology it is built on has roots going back even further. In fact if you had invested just $1,000 in Bitcoin the year it was first publicly available, you would now be richer to the tune of £36.7 million . Those who don’t learn from history are doomed to repeat its mistakes – so here is a brief history of Bitcoin and cryptocurrency. Although Bitcoin was the first established cryptocurrency , there had been previous attempts at creating online currencies with ledgers secured by encryption. Two examples of these were B-Money and Bit Gold, which were formulated but never fully developed. A paper called Bitcoin – A Peer to Peer Electronic Cash System was posted to a mailing list discussion on cryptography. It was posted by someone calling themselves Satoshi Nakamoto, whose real identity remains a mystery to this day. The Bitcoin software is made available to the public for the first time and mining – the process through which new Bitcoins are created and transactions are recorded and verified on the blockchain – begins. 2010 – Bitcoin is valued for the first time As it had never been traded, only mined, it was impossible to assign a monetary value to the units of the emerging cryptocurrency. Continue reading >>

Everything You Need To Know About Bitcoin, Its Mysterious Origins, And The Many Alleged Identities Of Its Creator

Everything You Need To Know About Bitcoin, Its Mysterious Origins, And The Many Alleged Identities Of Its Creator

On January 3, 2009, 30,000 lines of code spell out the beginning of Bitcoin. A copy of bitcoin standing on PC motherboard is seen in this illustration picture Bitcoin runs through an autonomous software program that is 'mined' by people seeking bitcoin in a lottery-based system. Over the course of the next 20 years, a total of 21 million coins will be released. But Satoshi Nakamoto didn't work entirely alone. Among Bitcoin's earliest enthusiasts was Hal Finney, a console game developer and an early member of the "cypherpunk movement" who discovered Nakamoto's proposal for Bitcoin through the cryptocurrency mailing list.  In a blog post from 2013, Finney says he was fascinated by the idea of a decentralized online currency. When Nakamoto announced the software's release, Finney offered to mine the first coins — 10 original bitcoins from block 70, which Satoshi sent over as a test. Of his interactions with Nakamoto, Finney says, "I thought I was dealing with a young man of Japanese ancestry who was very smart and sincere. I've had the good fortune to know many brilliant people over the course of my life, so I recognize the signs." Finney has flatly denied any claims that he was the inventor of Bitcoin and has always maintained his involvement in the currency was only ever secondary.  In 2014, Finney died of the neuro-degenerative disease ALS. In one of his final posts on a Bitcoin forum , he said Satoshi Nakamoto's true identity still remained a mystery to him. Finney says he was proud of his legacy involving Bitcoin, and that his cache of bitcoins were stored in an offline wallet, left as part of an inheritance to his family.  "Hopefully, they'll be worth something to my heirs," he wrote. As of today, one bitcoin is worth more than $10,000.   Nearly a year lat Continue reading >>

A Quick History Of Cryptocurrencies Bbtc Before Bitcoin

A Quick History Of Cryptocurrencies Bbtc Before Bitcoin

This guest post by Ian Grigg is reprinted with permission from financialcryptography.com . Before Bitcoin, there was cryptocurrency. Indeed, it has a long and deep history. If only for the lessons learned, it is worth studying, and indeed, in my ABC of Bitcoin investing, I consider not knowing anything before Satoshis paper as a red flag. Hence, a very fast history of what came before. The first known (to me) attempt at cryptocurrencies occurred in the Netherlands, in the late 1980s, which makes it around 25 years ago or 20BBTC. In the middle of the night, the petrol stations in the remoter areas were being raided for cash, and the operators were unhappy putting guards at risk there. But the petrol stations had to stay open overnight so that the trucks could refuel.Someone had the bright idea of putting money onto the new-fangled smartcards that were then being trialed, and so electronic cash was born. Drivers of trucks were given these cards instead of cash, and the stations were now safer from robbery.At the same time the dominant retailer, Albert Heijn, was pushing the banks to invent some way to allow shoppers to pay directly from their bank accounts, which became eventually to be known as POS or point-of-sale. Even before this, David Chaum, an American cryptographer, had been investigating what it would take to create electronic cash. His views on money and privacy led him to believe that in order to do safe commerce, we would need a token money that would emulate physical coins and paper notes: specifically, the privacy feature of being able to safely pay someone hand-to-hand, and have that transaction complete safely and privately.As far back as 1983 or 25BBTC, David Chaum invented the blinding formula, which is an extension of the RSA algorithm still used in th Continue reading >>

Bitcoin Inventor Satoshi Nakamoto Finally Revealed

Bitcoin Inventor Satoshi Nakamoto Finally Revealed

Australian entrepreneur Craig Wright says he's the inventor of the digital currency bitcoin . Wright told the BBC that he is Satoshi Nakamoto, the shadowy creator of the cryptocurrency, in a move that could end the years-long search for the inventor. In a follow-up blog post on Monday, Wright thanked everyone who helped out in bitcoin's beginnings. "I have been staring at my screen for hours, but I cannot summon the words to express the depth of my gratitude to those that have supported the bitcoin project from its inception too many names to list. You have dedicated vast swathes of your time, committed your gifts, sacrificed relationships and REM sleep for years to an open source project that could have come to nothing. And yet still you fought. This incredible community's passion and intellect and perseverance has taken my small contribution and nurtured it, enhanced it, breathed life into it. You have given the world a great gift. Thank you," Wright wrote. "Be assured, just as you have worked, I have not been idle during these many years. Since those early days, after distancing myself from the public persona that was Satoshi, I have poured every measure of myself into research. I have been silent, but I have not been absent. I have been engaged with an exceptional group and look forward to sharing our remarkable work when they are ready." To prove his claim, Wright digitally signed a message using the cryptographic keys that were associated with the creator and was backed up by experts. "These are the blocks used to send 10 bitcoins to Hal Finney in January [2009] as the first bitcoin transaction," Wright told the BBC. Wright said Finney helped turn his vision of bitcoin into reality. Jon Matonis, co-founder of the nonprofit Bitcoin Foundation, said he believed Wri Continue reading >>

What Is Bitcoin? - Cnnmoney

What Is Bitcoin? - Cnnmoney

Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! There are no transaction fees and no need to give your real name. More merchants are beginning to accept them: You can buy webhosting services, pizza or even manicures. Bitcoins can be used to buy merchandise anonymously. In addition, international payments are easy and cheap because bitcoins are not tied to any country or subject to regulation. Small businesses may like them because there are no credit card fees. Some people just buy bitcoins as an investment, hoping that they’ll go up in value. Several marketplaces called “bitcoin exchanges” allow people to buy or sell bitcoins using different currencies. Mt. Gox is the largest bitcoin exchange. People can send bitcoins to each other using mobile apps or their computers. It’s similar to sending cash digitally. People compete to “mine” bitcoins using computers to solve complex math puzzles. This is how bitcoins are created. Currently, a winner is rewarded with 25 bitcoins roughly every 10 minutes. Bitcoins are stored in a “digital wallet,” which exists either in the cloud or on a user’s computer. The wallet is a kind of virtual bank account that allows users to send or receive bitcoins, pay for goods or save their money. Unlike bank accounts, bitcoin wallets are not insured by the FDIC. Wallet in cloud: Servers have been hacked. Companies have fled with clients’ Bitcoins. Wallet on computer: You can accidentally delete them. Viruses could destroy them. Though each bitcoin transaction is recorded in a public log, names of buyers and sellers are never revealed – only their wallet IDs. While that keeps bitcoin users’ transactions Continue reading >>

Ripple Co-founder Chris Larsen: How Much Is He Worth? | Money

Ripple Co-founder Chris Larsen: How Much Is He Worth? | Money

Updated: January 5, 2018 8:59 AM ET | Originally published: January 4, 2018 Cryptocurrency has a new king. His name is Chris Larsen, and hes the co-founder and former CEO of Ripple, which created the digital token known as XRP. Hes now one of the worlds richest billionaires, thanks to XRPs incredible hot streak. XRP, a cryptocurrency intended for international transactions, has had a meteoric rise this winter . Its value went from $0.25 a coin in mid-December to $3.16 as of Wednesday, according to Coinmarketcap . Its currently the second biggest cryptocurrency behind Bitcoin. Forbes reports that, as a result, Larsen almost instantly became worth $37.3 billion (based on XRPs Monday exchange rate) and as of yesterday, according to the New York Times , a whopping $59 billion. According to Forbes, he personally holds 5.19 billion XRP as well as a 17% stake in the company, where he now serves as executive chairman. Given XRPs continued gains, that would mean hes worth even more at the momentthough, as with anything in cryptocurrency, that could change quickly. Larsens new reported net worth would make him fall somewhere between the 5th and the 16th richest person in America on Forbes current list , behind former Microsoft CEO Steve Ballmer and casino tycoon Sheldon Adelson, both currently valued at $37.5 billion. Bitcoin may grab the most headlines of any cryptocurrency, but the San Francisco-based Ripple, launched in 2012, is one to watch closely. Larsen helped start the company, whose XRP token has much more oversight than the relatively decentralized Bitcoin. Ripple itself holds 61.3 billion XRP, while only 38.7 billion have been distributed. Its users include giant banking companies like Bank of America and UBS. And while the creator of Bitcoin remains basically unknown Continue reading >>

How Does Cryptocurrency Work?

How Does Cryptocurrency Work?

Cryptocurrency Basics How Does Cryptocurrency Work? Do you like our content? Or, do you want to test out a new wallet? Feel free to send some coins to one of our wallets public addresses. All donated funds will go toward improving the site. The content of this website is provided for informational purposes only and cant be used as investment advice, legal advice, tax advice, medical advice, advice on operating heavy machinery, etc. Our site is not officially associated with any brand or government entity. Any mention of a brand or other trademarked entity is for the purposes of education, entertainment, or parody. Neither CryptocurrencyFacts.com nor its parent companies accept responsibility for any loss, damage, or inconvenience caused as a result of reliance on information published on, or linked to, from CryptocurrencyFacts.com. In other words, this is a website on the internet offering free information about cryptocurrency, this is not your accountant, lawyer, or fiduciary offering you professional tax, legal, or investment advice. See our about page for more disclaimers and information. Cryptocurrency is an encrypted decentralized digital currency transferred between peers and confirmed in a public ledger via a process known as mining. Below, we take a simplified look at how cryptocurrencies like bitcoin work. First, lets review the basics and essentialsof cryptocurrency, and then we will do an overview of theother properties that have made cryptocurrency what it is today. TIP: If the page below feels overwhelming, check out: how does cryptocurrency work (for beginners) . Meanwhile, if you are mainly interested in trading, investing in, or using cryptocurrency, check out how to trade cryptocurrency (for beginners) . This page provides an overview of the mechanics Continue reading >>

Dogecoin Inventor Thinks The Cryptocurrency Bubble Will Blow Up In Everyone's Face

Dogecoin Inventor Thinks The Cryptocurrency Bubble Will Blow Up In Everyone's Face

Dogecoin inventor thinks the cryptocurrency bubble will blow up in everyone's face Every product here is independently selected by Mashable journalists. If you buy something featured, we may earn an affiliate commission which helps support our work. A cryptocurrency that originally started as a joke now has a market cap of more than $1.7 billion. And its founder thinks that's a bad sign for the cryptocurrency market in general. Jackson Palmer, currently a product manager at Adobe, created dogecoin a fairly simple Bitcoin clone back in 2013. Back before bitcoin become a global phenomenon, dogecoin quickly garnered a strong following, primarily focused on memes including dogecoin's mascot, a Shiba Inu dog, and jokes about reaching "the moon," which in crypto lingo means becoming rich. SEE ALSO: Even Dogecoin is rallying in this cryptocurrency boom Having a four-year-long history in the world of crypto is a big deal, and as Dogecoin's following got stronger, its price steadily increased. At one point in January, Dogecoin's market cap the total value of all dogecoins in circulation exceeded $2 billion, according to CoinMarketCap. That has set off some alarm bells among people in the cryptocurrency community, including Palmer. But here's the deal: Dogecoin does not offer many significant technological advantages over Bitcoin. And it's not something that's seen any improvement, having not received a significant update in years. And Palmer, who sold most of his Dogecoin by 2015 and is not actively involved in the project anymore, thinks this type of price growth is indicative of a bubble. i think it says a lot about the state of the cryptocurrency space in general that a currency with a dog on it which hasnt released a software update in over 2 years has a $1B+ market cap Cha Continue reading >>

Bitcoin Parody Called Dogecoin That Was Only Invented To Mock The Cryptocurrency Is Now Worth More Than $1billion

Bitcoin Parody Called Dogecoin That Was Only Invented To Mock The Cryptocurrency Is Now Worth More Than $1billion

Bitcoin parody called Dogecoin that was only invented to mock the cryptocurrency is now worth more than $1billion The 'altcoin' has risen in value by more than 400 per cent in recent weeks thanks to the hysteria surrounding market leader Bitcoin A PARODY cryptocurrency which adopted an internet meme as its logo now has a market value of more than $1billion. Dogecoin is currently valued at around $1.17billion trading at $0.010360 per token despite not having a software update for more than two years,according to CoinMarketCap . Dogecoin's value has surged by more than 400 per cent in recent weeks In December, the virtual currencys value rose by over 400% amid the hysteria surrounding the rise in crypto-giant Bitcoin. Dogecoin which was introduced in 2013 and has a meme of a Japanese Shiba Inu dog as its logo is an altcoin which are peer-to-peer digital tokens that descended from Bitcoin. Jackson Palmer, the founder of the cryptocurrency, told Coin Desk the surge in Dogecoin speaks volumes for the current state of the altcoin market. Palmer, who left the project in 2015, said: I have a lot of faith in the Dogecoin Core development team to keep the software stable and secure The altcoin's current market value is more than $1billion but I think it says a lot about the state of the cryptocurrency space in general that a currency with a dog on it which hasn't released a software update in over two years has a $1B+ market cap. There are currently more than a thousand digital currencies on the market with Bitcoin taking up 40% of the market. Other popular atlcoins include Ethereum and Ripple with the latter having a massive 35,000 per cent jump in value in 2017. Dave Chapman, managing director at digital assets trading house Octagon Strategy, said the popularity of altcoins ow Continue reading >>

A Brief History Of Cryptocurrency

A Brief History Of Cryptocurrency

Love (and some interesting content) from the team at Koinex India It is so happening with a multitude of people across the globe that yesterday their entire understanding of currency revolved around the piece of paper that they held in their hands, and today they are dazzled by the phenomenal idea of storing value digitally in something called a cryptocurrency. It is fairly acceptable to feel that it is a little too much to digest in one go. But this seemingly explosive shift is actually a result of decades of progressive thinking, mathematical research and strong-gut attempts at fundamentally changing the worlds long existing, centrally-controlled economic order (which, by the way, is one mammoth of a task). Businesses and merchants offered virtual currency to their customers for a long time, which was effectively a token representing the fiat currency. This redeemable virtual currency could be used for purchases, transfers to other people or just stored as credits. People began toying with the idea of digital cash and virtual currency as early as the 1980s, when the earliest of ideas were translated into experiments around money. As an extension to the popular encryption algorithm RSA, American cryptographer David Chaum invented the first form of internet money as DigiCash in the Netherlands. The amazing technology and its truly interesting product eCash garnered tremendous media attention. At one point, Microsoft offered $180 million to Chaums company to put DigiCash on every Windows PC in the world. However, Chaums company made some mistakes (including not choosing to take money from Microsoft) during its course and also caught hostile attention of the Netherlands central bank (De Nederlandsche Bank) which led to its eventual bankruptcy in 1998. The second wave of Continue reading >>

What Is Cryptocurrency: Everything You Need To Know [ultimate Guide]

What Is Cryptocurrency: Everything You Need To Know [ultimate Guide]

What is Cryptocurrency: Everything You Need To Know [Ultimate Guide] Angel Investors, Startups & Blockchain developers... What is cryptocurrency:  21st-century unicorn – or the money of the future? This introduction explains the most important thing about cryptocurrencies. After you‘ve read it, you‘ll know more about it than most other humans. Today cryptocurrencies have become a global phenomenon known to most people. While still somehow geeky and not understood by most people, banks, governments and many companies are aware of its importance. In 2016, you‘ll have a hard time finding a major bank, a big accounting firm, a prominent software company or a government that did not research cryptocurrencies, publish a paper about it or start a so-called blockchain-project. “Virtual currencies, perhaps most notably Bitcoin, have captured the imagination of some, struck fear among others, and confused the heck out of the rest of us.” – Thomas Carper, US-Senator But beyond the noise and the press releases the overwhelming majority of people – even bankers, consultants, scientists, and developers – have a very limited knowledge about cryptocurrencies. They often fail to even understand the basic concepts. So let‘s walk through the whole story. What are cryptocurrencies? Why should you learn about cryptocurrency? And what do you need to know about cryptocurrency? What is cryptocurrency and how cryptocurrencies emerged as a side product of digital cash Few people know, but cryptocurrencies emerged as a side product of another invention. Satoshi Nakamoto, the unknown inventor of Bitcoin , the first and still most important cryptocurrency, never intended to invent a currency. In his announcement of Bitcoin in late 2008, Satoshi said he developed “A Peer-to- Continue reading >>

What Is Cryptocurrency How It Works, History & Bitcoin Alternatives

What Is Cryptocurrency How It Works, History & Bitcoin Alternatives

Cryptocurrencies, or virtual currencies, are digital means of exchangecreated and used by private individuals or groups. Because most cryptocurrencies arent regulated by national governments, theyre considered alternative currencies mediumsof financial exchange that exist outside the bounds of state monetary policy. Bitcoin is thepreeminentcryptocurrency and first to be used widely. However, hundreds of cryptocurrencies exist, and more springinto being every month. Cryptocurrencies use cryptographic protocols, or extremely complex code systemsthat encrypt sensitivedata transfers, to secure their units of exchange. Cryptocurrency developers build these protocols onadvanced mathematics and computer engineering principles thatrender them virtually impossible to break, and thus to duplicate or counterfeit the protected currencies. These protocols also mask the identities of cryptocurrency users, making transactions and fund flows difficult to attribute to specific individuals or groups. Cryptocurrencies are also marked by decentralized control. Cryptocurrencies supply and value arecontrolled by the activities of their users and highly complex protocols built into their governing codes, not the conscious decisions of central banks or other regulatory authorities. In particular, the activities of miners cryptocurrency users who leverage vast amounts of computing power to record transactions, receiving newly created cryptocurrency units and transaction fees paid by other users in return are critical to currencies stability and smooth function. Importantly, cryptocurrencies can be exchanged for fiat currencies in special online markets, meaning each has a variableexchange rate with majorworld currencies (such as the U.S. dollar, British pound, European euro, and Japanese yen). Continue reading >>

The History Of Cryptocurrency

The History Of Cryptocurrency

The history of crytpocurrency is actually a fairly short one. Yes, we have had digital currency systems before these cryptocurrencies existed, but they are not the same thing. As we mentioned on our Cryptocurrency Explained page, former versions of digital currencies were strictly centralized, whereas these new forms of cryptocurrency, such as Bitcoin and Ethereum, are decentralized in nature. Now, what is really interesting about cryptocurrencies is that they were never intended to be invented as they are known today. This actually all started with the now infamous Bitcoin and a man named Satoshi Nakamoto. Nakamotos goal in the beginning was to create nothing more than an electronic peer to peer cash system. People had for a long time been trying to create some kind of online digital cash system, but had always failed due to the issues with centralization. Satoshi Nakamoto knew that another attempt at building an online centralized cash system would only result in more failure, so he decided to create a digital cash system that had no centralized authority. And so came the birth of the Bitcoin. Yes, Satoshi Nakamoto invented the Bitcoin, the very first decentralized form of digital cash that had no central governing or controlling body. Bitcoin was to be the property of the entirety of the Bitcoin community. Nakamoto created Bitcoin back in 2008 and its value exploded without question. Back when it was first created, it had a value of little over a single cent. However, the value quickly grew and in late 2009 had already reached $27 for a single Bitcoin. Now, in 2017, a single Bitcoin has a value of over $7,500, so as you can see, the value of this particular cryptocurrency has skyrocketed to monumental levels. To go back to the creation of Bitcoin, the big problem Na Continue reading >>

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