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Prior to the release of bitcoin, there were a number of digital cash technologies, starting with the issuer-based ecash protocols of David Chaum and Stefan Brands. [3] [4] [5] The idea that solutions to computational puzzles could have some value was first proposed by cryptographers Cynthia Dwork and Moni Naor in 1992.
Bitcoin (abbreviation: BTC; sign: ₿) is the first decentralized cryptocurrency. Based on a free-market ideology, bitcoin was invented in 2008 by Satoshi Nakamoto, an unknown person. [5] Use of bitcoin as a currency began in 2009, [6] with the release of its open-source implementation. [7]: ch. 1 In 2021, El Salvador adopted it as legal tender ...
Satoshi Nakamoto message embedded in the coinbase of the first block. Nakamoto said that the work of writing bitcoin's code began in the second quarter of 2007. [9] On 18 August 2008, he or a colleague registered the domain name bitcoin.org, [10] and created a web site at that address.
Bitcoin’s schedule is 10.5 million coins created in the first four years, 5.25 million the next four years, 2.625 million the next four years, and so on, never to exceed a total of 21 million.
Who invented Bitcoin? That question has become a captivating mystery for the digital age along the lines of whatever happened to D.B. Cooper or who was Deep Throat in the Watergate scandal.
The PA news agency explains the basics behind one of the buzziest – but worst understood – areas of the financial world.
Early bitcoin supporter Roger Ver said: "At first, almost everyone who got involved did so for philosophical reasons. We saw bitcoin as a great idea, as a way to separate money from the state." [121] Economist Paul Krugman argues that cryptocurrencies like bitcoin are "something of a cult" based in "paranoid fantasies" of government power. [122]
Bitcoin is just one type of cryptocurrency, and literally thousands more have been created. Some of the most popular include Ethereum , Solana and XRP. Users can hold and spend bitcoins from a ...