Bitcoin:
It is a first decentralized digital currency without a central bank or single administrator that can be sent from
user-to-user on the peer-to-peer bitcoin network without the need for intermediaries.
Decentralized ?
Bitcoin does not have a central authority and the bitcoin
network is decentralized:
no central server, bitcoin network is peer-to-peer, no
central storage, bitcoin ledger is distribute.The ledger is public, anybody can store it on their computer, no single administrator the ledger is maintained by a network of
equally privileged miners, Anybody can become a miner.
Bitcoin was the first popular
cryptocoin. No one knows exactly who created it — most cryptocurrencies are designed for
maximum anonymity — but bitcoins first appeared in 2009 from a developer
supposedly named Satoshi Nakamoto. He has since disappeared and left behind a
Bitcoin fortune.
was
he Japanese ?
According
to a Japanese Book, "Satoshi"
means "clear thinking, quick witted; wise". "Naka" can mean
"medium, inside, or relationship". "Moto" can mean
"origin", or "foundation".
We can't know for sure whether he was Japanese or not. In fact,
it's rather presumptuous to assume that he was actually a 'he’.
when bitcoin.org was registered
on August 18th 2008, the registrant actually used a Japanese anonymous
registration service, and hosted it using a Japanese ISP. The registration for
the site was only transferred to Finland on May 18th 2011, which weakens the
Finland theory somewhat.
Satoshi Nakamoto was Michael Clear, a
graduate cryptography student at
Dublin's Trinity
College.
2-
Adam Penenberg at FastCompany disputed
that claim, arguing
instead that
Nakamoto may actually have been three people: Neal King, Vladimir Oksman,
and Charles Bry.
This story was originally published
on December 8, 2015. Shortly thereafter, Craig Wright scrubbed much of his
digital presence and disappeared for months—until May 2, 2016, when he publicly announced that he is
the creator of Bitcoin.
In early November 2015, Gizmodo received a series of
anonymous tip emails from someone who claimed to not only know the true
identity of Satoshi Nakamoto, but who also claimed to have worked for him. “I
hacked Satoshi Naklamoto [sic],” the first message read. “These files are all
from his business account. The person is Dr Craig Wright.” What followed was a
package of email files apparently pulled directly from an Outlook account
belonging to Craig Wright, an Australian academic, computer engineering expert,
and serial entrepreneur with a litany of degrees and corporations to his name.
What is bitcoin
mining process ?
The amount of new bitcoin released with each mined block is called the block reward. The block reward is halved every 210,000 blocks, or roughly every 4 years. The block reward started at 50 in 2009, is now 12.5 in 2018, and will continue to decrease. This diminishing block reward will result in a total release of bitcoin that approaches 21 million.
History of Bitcoin :
The domain name
"bitcoin.org" was registered on 18 August 2008. In November 2008, a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System[ was posted to a cryptography mailing list. Nakamoto implemented
the bitcoin software as open source code and released it in January 2009. Nakamoto's
identity remains unknown.
In January 2009, the
bitcoin network was created when Nakamoto mined the first block of the chain,
known as the genesis block.
Nakamoto is estimated to
have mined one million bitcoins before disappearing in 2010, when
he handed the network alert key and control of the code repository over to Gavin Andresen. Andresen later became lead developer at the Bitcoin Foundation. Andresen then sought to decentralize control.
This left opportunity for controversy to develop over the future development
path of bitcoin
In 2011, the price started
at $0.30 per bitcoin, growing to $5.27 for the year. The price rose to $31.50
on 8 June. Within a month the price fell to $11.00. The next month if fell to
$7.80, and in another month to $4.7
In
2012 bitcoin prices started at $5.27 growing to $13.30 for the year. By 9
January the price had risen to $7.38, but then crashed by 49% to $3.80 over the
next 16 days. The price then rose to $16.41 on 17 August, but fell by 57% to
$7.10 over the next three days.
The Bitcoin
Foundation was founded in September 2012 to promote bitcoin's development and
uptake.
In 2013 prices started at
$13.30 rising to $770 by 1 January 2014.
In 2015 prices started at
$314 and rose to $434 for the year. In 2016 prices rose to $998 on 1 January
2017.
Prices started at $998 in 2017 and rose to $13,412.44 on 1 January 2018. On 17 December bitcoin's price reached an all-time high of $19,666.
China banned trading in
bitcoin, with the first steps taken in September 2017, and a complete ban
starting 1 February 2018. Bitcoin prices then fell from $9,052 to $6,914 on 5
February 2018.The percentage of bitcoin trading in renminbi fell from over 90% in September 2017 to less than 1% in
June.
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