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When Was The Bitcoin 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 >>

History Of Bitcoin - Wikipedia

History Of Bitcoin - Wikipedia

Number of bitcoin transactions per month (logarithmic scale) Bitcoin is a cryptocurrency , a digital asset designed to work as a medium of exchange that uses cryptography to control its creation and management, rather than relying on central authorities . [1] The presumed pseudonymous Satoshi Nakamoto integrated many existing ideas from the cypherpunk community when creating bitcoin. Prior to the release of bitcoin there were a number of digital cash technologies starting with the issuer based ecash protocols of David Chaum [2] and Stefan Brands . Adam Back developed hashcash , a proof-of-work scheme for spam control. The first proposals for distributed digital scarcity based cryptocurrencies were Wei Dai 's b-money [3] and Nick Szabo 's bit gold . [4] [5] Hal Finney developed reusable proof of work (RPOW) using hashcash as its proof of work algorithm. [6] In the bit gold proposal which proposed a collectible market based mechanism for inflation control, Nick Szabo also investigated some additional enabling aspects including a Byzantine fault-tolerant asset registry to store and transfer the chained proof-of-work solutions. [5] There has been much speculation as to the identity of Satoshi Nakamoto with suspects including Wei Dai , Hal Finney and accompanying denials. [7] [8] The possibility that Satoshi Nakamoto was a computer collective in the European financial sector has also been discussed. [9] On 18 August 2008, the domain name bitcoin.org was registered. [10] Later that year on October 31st, a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System [11] was posted to a cryptography mailing list. [10] This paper detailed methods of using a peer-to-peer network to generate what was described as "a system for electronic tra Continue reading >>

Whoever Created Bitcoin Is Now Among The Worlds 50 Richest People

Whoever Created Bitcoin Is Now Among The Worlds 50 Richest People

Whoever created Bitcoin is now among the worlds 50 richest people When it reached a high of $19,771 yesterday, Bitcoin made the creator of the cryptocurrency the 44th richest person on the planet if you go by Forbes list , noted Quartz . The problem? Even after eight years since it was launched, we still dont know who that is. Over the past few years, many people have been suspected to be the inventor, who goes by the pseudonym Satoshi Nakamoto. The list includes cryptography student Michael Clear, Finnish game developer Vili Lehdonvirta, and even a trio identified by Fast Company. The closest the world might have got to unmasking Nakamoto was back in December 2015, when businessman Craig Steven Wrights home was raided by Australian police in Sydney over his taxes. Wright was identified by Wired and Gizmodo by numerous emails, blog posts and leaked transcripts of legal interviews. Wright didnt confirm it at the time, but later claimed to indeed be the Nakamoto the world was looking for. He subsequently failed to prove he was the creator of Bitcoin, as he was unable to cryptographically sign the first block of data generated while growing the cryptocurrency something the real Satoshi wouldve been able to do. Once again, were back to square one in the search for the real inventor of Bitcoin. Whoever they are, Quartz notes that with their estimated fortune of 980,000 BTC, theyd be worth $19.4 billion, and rank above billionaire Saudi investor Prince Alwaleed bin Talal, and below Apple co-founder Steve Jobs widow Laurene Powell Jobs. Of course, with Bitcoin being as volatile as it is, the currencys value has now dropped to $18,981 at the time of writing bringing Satoshis net worth down to $18.6 billion. Thats still a pretty penny, and it keeps them on the top 50 list, just 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 >>

Bitcoin Price Ranks Satoshi Nakamoto On Richest People List | Money

Bitcoin Price Ranks Satoshi Nakamoto On Richest People List | Money

For a moment on Sunday, Bitcoins mysterious, anonymous founder was the 44th richest person in the world. The faceless Satoshi Nakamoto enjoyed his or her fortune Sunday as Bitcoin hit a record high of $19,771, according to CoinDesks price index. That record would have made Nakamotos net worth a staggering $19.4 billion enough to reach the 44th spot on Forbess list , according to Quartz . That amount comes from the mysterious founders 980,000 Bitcoins he or she has acquired since the cryptocurrencys launch in 2009. With that ranking Sunday, Nakamoto sat just behind Microsoft co-founder Paul Allen and right above Theo Albrecht, Jr., of Aldi and Trader Joes fortune. Whomever he or she is, Nakamoto no longer sits on that 44th spot, as Bitcoins value fell slightly in recent days. At the time of publication Tuesday, Bitcoin was valued at $18,095.22, according to CoinDesk . That means Nakamotos net worth was closer to $17.3 billion, ranking him or her closer to the 52nd or 53rd spot. Nonetheless, Nakamoto is certainly benefiting from Bitcoins meteoric rise this year as the cryptocurrency passes record after record in recent months. Bitcoins value is now 20 times higher than it was at the start of 2017, and on Monday, Bitcoin futures contracts started trading on the Chicago Mercantile Exchange, the worlds largest. Investors like the Winklevoss twins best known for their complicated history with Facebook CEO Mark Zuckerberg have invested enough in the cryptocurrency to become Bitcoin billionaires. Continue reading >>

What Is Bitcoin? - Coindesk

What Is Bitcoin? - Coindesk

Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems. It’s the first example of a growing category of money known as cryptocurrency. What makes it different from normal currencies? Bitcoin can be used to buy things electronically. In that sense, it’s like conventional dollars, euros, or yen, which are also traded digitally. However, bitcoin’s most important characteristic, and the thing that makes it different to conventional money, is that it is decentralized. No single institution controls the bitcoin network. This puts some people at ease, because it means that a large bank can’t control their money. A software developer called Satoshi Nakamoto proposed bitcoin, which was an electronic payment system based on mathematical proof. The idea was to produce a currency independent of any central authority, transferable electronically, more or less instantly, with very low transaction fees. No one. This currency isn’t physically printed in the shadows by a central bank, unaccountable to the population, and making its own rules. Those banks can simply produce more money to cover the national debt, thus devaluing their currency. Instead, bitcoin is created digitally, by a community of people that anyone can join. Bitcoins are ‘ mined’ , using computing power in a distributed network. This network also processes transactions made with the virtual currency, effectively making bitcoin its own payment network. So you can’t churn out unlimited bitcoins? That’s right. The bitcoin protocol – the rules that make bitcoin work Continue reading >>

Elon Musk Is Now Linked To The Mystery Of Who Invented Bitcoin

Elon Musk Is Now Linked To The Mystery Of Who Invented Bitcoin

Elon Musk Is Now Linked to the Mystery of Who Invented Bitcoin Bitcoin has taken investors for a ride in 2017, its price rising astronomically from less than a $1000 per coin earlier in the year to peaking at $20,000 by its end. It has its share of detractors and a recent price drop of 27% of its value underscores the unknowns and the volatility inherenttothis 21-st century currency. Regardless, one person who probably benefited tremendously from the cryptocurrency's booming popularity is its inventor, becoming the world's 44th richest person on account of owning around a million bitcoins. The only problem is, we dont know who that person is, or if they even exist at all. The mystery surrounding the creation of Bitcoin is one of its unique characteristics. In 2008, someone named Satoshi Nakamoto published a paper online titled Bitcoin: A Peer-to-Peer Electronic Cash System. The paper, posted to a cryptography mailing list, described how the digital currency would work. In 2009, Nakamoto released software for the currency, which utilized the concept of a blockchain as its core design component. The invention of the blockchain is an influential achievement in its own right as this technology, that uses a distributed ledger to record transactions between two parties in a verifiable and permanent way, has been adopted by other cryptocurrencies and is now even powering governments. A man looks at ATM machines (L and R) for digital currency Bitcoin in Hong Kong on December 18, 2017. (Photo credit: ANTHONY WALLACE/AFP/Getty Images) While he was so instrumental to the existence of bitcoin, also creating bitcoin.org in 2010, who Satoshi Nakamoto really was never became clear as all communication with him was online. In his profile, he claimed to be a Japanese man born in 1975, Continue reading >>

Faq - Bitcoin

Faq - Bitcoin

Find answers to recurring questions and myths about Bitcoin. Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence. Bitcoin is the first implementation of a concept called "cryptocurrency", which was first described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority. The first Bitcoin specification and proof of concept was published in 2009 in a cryptography mailing list by Satoshi Nakamoto. Satoshi left the project in late 2010 without revealing much about himself. The community has since grown exponentially with many developers working on Bitcoin. Satoshi's anonymity often raised unjustified concerns, many of which are linked to misunderstanding of the open-source nature of Bitcoin. The Bitcoin protocol and software are published openly and any developer around the world can review the code or make their own modified version of the Bitcoin software. Just like current developers, Satoshi's influence was limited to the changes he made being adopted by others and therefore he did not control Bitcoin. As such, the identity of Bitcoin's inventor is probably as relevant today as the identity of the person who invented paper. Nobody owns the Bitcoin network much like no one owns the technology behind email. Bitcoin is controlled by all Bitcoin users around the world. While developers are improving the s Continue reading >>

The History Of Bitcoin & How Bitcoin Is Used | Genesis Mining

The History Of Bitcoin & How Bitcoin Is Used | Genesis Mining

Finance, like most human inventions, is constantly evolving. In the beginning it was basic: food was traded for livestock, and livestock for resources like wood, or maize. It progressed to precious metal, such as silver and gold. And now, the next step in financial evolution has come to light. This new form of currency has been constantly evolving over the past decade, developed by an unknown person and maintained by a collective group of the brightest minds in technology. It’s a new form of money that is created and held digitally, and the most important part, of course, is that no government owns it, or decides its value - the peer-to-peer network community does. Historically, U.S. currency has been based on gold - you could give a dollar to the bank and receive a set amount back in gold. In contrast, Bitcoin isn’t based on silver or gold - it’s based on mathematical proofs validated by a public ledger called blockchain technology. Bitcoin is generated through a complex sequence of mathematical formulas that run on computers; the network shares a public ledger using blockchain technologies that record, and validate, every transaction processed. A single institution, such as the government, does not control the Bitcoin network. The idea behind the technology has always been - and remains - one of decentralization - that is, remaining completely independent of a central authority, like a bank, a government, or a country. Anyone can access the open-source software that makes Bitcoin work, and its those individuals interested that maintain it. But, who invented Bitcoin? Is it a valid and legitimate currency like USD? And why did nobody think of this before? But before we begin, let’s talk about the creator of Bitcoin - or rather, the anonymous pseudonym that firs Continue reading >>

The Person Who Created Bitcoin Remains Amystery

The Person Who Created Bitcoin Remains Amystery

Miami penthouse on sale for 33 bitcoin cash not accepted Bitcoin was created by Satoshi Nakamoto from Japan. Or, some say, he or she might be a Finnish sociologist or a mathematician from Israel. Some think Nakamoto is the pseudonym of software developer Gavin Andresen, others believe its Tesla creator Elon Musk. (Both have denied the claim.) Whoever it is, the person behind bitcoin has never given an interview. In 2008, Nakamoto published online an open-source paper, introducing a new form of digital currency: designed to be used without the need for a central bank. As offered up by Nakamotos code, new bitcoins are created by solving complex calculations, embedded throughout the Internet, via extremely powerful computers. People who do this are known as miners. The number of bitcoins in circulation will top out after a finite 21 million are mined unlike traditional currency, which can be endlessly minted. Aswath Damodaran, professor of finance at New York University, said, [Nakamotos] on his way to being a billionaire now. He kept more than 10,000 bitcoins. And hes not surprised by the creators low profile: Bitcoin was designed by paranoid geeks for paranoid geeks. Continue reading >>

Who Is Satoshi Nakamoto? Bitcoin Creator Whose Identity Is Unknown But Could Be One Of The Richest People In The World

Who Is Satoshi Nakamoto? Bitcoin Creator Whose Identity Is Unknown But Could Be One Of The Richest People In The World

Who is Satoshi Nakamoto? Bitcoin creator whose identity is unknown but could be one of the richest people in the world The author of a white paper about thecryptocurrency in 2008 is widely believed to be the shadowy person behind Bitcoin THE inventor of Bitcoin remains a mystery as the volatile digital currency continues to enjoy wild fluctuations in value. But while the identity of the fabled Satoshi Nakamoto -the author of a 2008 white paper describing the cryptocurrency - remains unconfirmed, the search to unmask him has a very colourful history indeed. Bitcoin has taken the financial world by storm, but who is the creator of the cryptocurrency? The mystery will take us from the Land of the Rising Sun all the way across the world to a small Californian town named Temple City and then back across the Pacific Ocean to an Australian doctor. The now iconic white paper, which was published on networkingP2P Foundation, said the elusive Nakamoto lived in Japan and was born in 1975. But when the world's media thought they had found theirSatoshi Nakamoto in 2014 - he was a computer engineer living in Temple City in Los Angeles County. And while the Japanese-American man, named Dorian Satoshi Nakamoto, firmly denied he was the shadowy force behind the infamous cryptocurrency - the plot continued to thicken. It soon emerged thatcomputer scientist Hal Finney, who was the recipient of the first Bitcoin transaction, lived a "few blocks" from the seemingly-obliviousNakamoto. Dorian Satoshi Nakamoto, pictured surrounded by reporters outside his home in Temple City, California, in May 2014 Forbes journalist Andy Greenberg attempted to interview Finney at his home - despite him battling terminal disease Amyotrophic Lateral Sclerosis (ALS), which rendered thecrypto-community enthusias Continue reading >>

Who Created Bitcoin? Satoshi Nakamoto Mystery Lives On

Who Created Bitcoin? Satoshi Nakamoto Mystery Lives On

The hunt for the Creator of Bitcoin The $370 billion mystery of bitcoin inventorSource:Getty Images WHEN bitcoin hit its most recent all-time-high in value at the beginning of the week, its inventor broke into the list of the worlds 50 richest people. But unlike the others to crack the glamorous club, we have no idea who he, she, or possibly they are. What we do know, thanks to the blockchain ledger that records all transactions on the network, the creator of bitcoin is thought to still hold 980,000 coins, which at the time of writing are worth about $A21.3 billion. The inventor of the so-called currency goes by the mysterious pseudonym Satoshi Nakamoto and whoever he or she is, they have managed to amass an eye-watering amount of wealth in the short space of a decade assuming of course the digital tokens remain at their current level of value. But the person who has lured close to $370 billion (roughly bitcoins current market cap) to their creation has remarkably remained anonymous. Nakamotos identity has been the subject of widespread speculation since 2008 when the mysterious figure published the white paper that outlined bitcoins revolutionary technology. Since then a number of people have been suspected of being behind it. Desperate sleuths have even pointed the finger at Tesla CEO Elon Musk as the man responsible. The now iconic white paper, which was published on P2P Foundation, said the elusive Nakamoto lived in Japan and was born in 1975. In March 2014, the worlds media thought they had found him claiming he was a computer engineer living in Temple City in Los Angeles County. The Japanese-American man, named Dorian Satoshi Nakamoto, quickly found himself at the centre of a media frenzy as photographers and journalists camped out on his front lawn. Trained as a Continue reading >>

Bitcoin Price Approaches $20,000, Making Satoshi Nakamoto Worth $19.4 Billion Quartz

Bitcoin Price Approaches $20,000, Making Satoshi Nakamoto Worth $19.4 Billion Quartz

Bitcoin was a whisker away from hitting $20,000 over the weekend, hitting a high of $19,771 yesterday, according to the CoinDesk price index. At that price, bitcoins anonymous creator, Satoshi Nakamoto, would have been worth $19.4 billion, or the 44th richest person in the world, according to the Forbes rich list . Satoshi Nakamotos net worth would be derived from the 980,000 bitcoins he, she, or they are estimated to own . These coins are likely to have been obtained from mining the nine-year-old cryptocurrency early on. The funds have stayed untouched for years. Bitcoins inventor would be behind Swedish clothing brand scion Stefan Persson (son of H&M founder Erling Persson), Apple founder Steve Jobs widow Laurene Powell Jobs , and Microsoft co-founder Paul Allen . Trailing Nakamoto are billionaire Saudi investor Prince Alwaleed bin Talal (who called bitcoin Enron in the making ) and Theo Albrecht, Jr ., an heir to the German discount retailing empire Aldi. Continue reading >>

Bitcoin - Wikipedia

Bitcoin - Wikipedia

Unspent outputs of transactions denominated in any multiple of satoshis [3] :ch. 5 12.5 bitcoins per block (approximately every ten minutes) until mid 2020, [7] and then afterwards 6.25 bitcoins per block for 4 years until next halving. This halving continues until 2110–40, when 21 million bitcoins will have been issued. ^ The symbol was encoded in Unicode version 10.0 at position U+20BF ₿ BITCOIN SIGN in the Currency Symbols block in June 2017. [2] Bitcoin is a worldwide cryptocurrency and digital payment system [8] :3 called the first decentralized digital currency , as the system works without a central repository or single administrator. [8] :1 [9] It was invented by an unknown person or group of people under the name Satoshi Nakamoto [10] and released as open-source software in 2009. [11] The system is peer-to-peer , and transactions take place between users directly, without an intermediary. [8] :4 These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain . Bitcoins are created as a reward for a process known as mining . They can be exchanged for other currencies, [12] products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment. [13] Bitcoin can also be held as an investment. According to research produced by Cambridge University in 2017, there are 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin. [14] The word bitcoin first occurred and was defined in the white paper [15] that was published on 31 October 2008. [16] It is a compound of the words bit and coin . [17] The white paper frequently uses the shorter coin. [15] There is no uniform convention for bitcoin capitalization. Some sources use Bitcoin, capitalized, to 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 >>

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