In today’s digital world, a different kind of currency is getting adopted by many individuals and businesses for their daily-to-daily financial transactions in a shape of digital payment system. The global market is getting filled with a new kind of money, as crypto-currency, a money for Internet.
In the category of crypto-currencies, the most popular and effective digital money in modern society is Bitcoin, followed by Bytecoin, Litecoin, Dogecoin and others. Bitcoin is presently the most used and innovative currency, which is said to become the future of money.
There are also many people around the world who are not aware with this new kind of digital currency, and if you are among them! Then you might be thinking about; what is bitcoin and who created it? In below paragraphs tried to introduce you to this technology.
# What is Bitcoin?
Bitcoin is a powerful consensus network, which enables a new kind of payment system and a completely secure digital money. Bitcoin is the world’s first decentralized money, working on peer-to-peer payment network and is powered by its global users with no central authority or middlemen.
Bitcoin is said to be the future of currency, as from a user point-of-view, it is pretty much same like cash for the Internet. Bitcoin can also be observed as the most prominent triple entry book-keeping system in existence. The modern society is loving it!
Who Created this Bitcoin?
Bitcoin is the world’s first implementation of a concept getting called “crypto-currency”. Bitcoin was first described by Wei Dai in 1998 on the cypherpunks mailing list, suggesting the idea about a new kind of money that uses cryptography technology to control its creation and transactions, without any central authority.
In the year 2009, world’s first Bitcoin specification and proof of concept was published by Satoshi Nakamoto in a cryptography mailing list. In late 2010, Satoshi left bitcoin project without revealing much about himself. Since that, the community has grown exponentially with great developers working on it.
Satoshi Nakamoto’s anonymity often raised unjustified concerns, many of which got linked to misunderstanding of the open-source technology of Bitcoin. It’s protocol and software are published openly, and global developers can review the code or make their own version of the Bitcoin software.
Just like current developers, Satoshi Nakamoto’s influence was limited to the changes he made, now being adopted by others and therefore he never control Bitcoin. As such, the identity of Bitcoin’s inventor is probably as relevant today as the identity of the person who invented paper.
There are large number of people around the world who presently utilizing and supporting this new kind of secure currency. Individuals and business merchants are now getting attracted towards Bitcoin’s innovative payment system invented by Satoshi Nakamoto in 2009.
Hope this post helped you in getting the information about; what is bitcoin and who created it? What do you thing about this modern crypto-currency, please let us know via comment.