History of bitcoin

[Deleted member 26312]

Bitcoin is the first crypto currency created by an anonymous programmer (group of programmers) called Satoshi Nakamoto .Like real Currencies where you get to buy stuffs with it, trade for goods and services, Bitcoin is a digital version of the real Currencies.

On the other hand, Bitcoin is not issued by a central authority like the central bank and it's Transactions are being stored and verified on the Blockchain which makes it Decentralized.

In total, Bitcoin has a limitation in the number of pieces that will ever exist, limited to 21 million. Although a good amount of Bitcoin have been mined to existence, but it is going to take a very long time until the count of Bitcoin reaches 21 million! That's because every 4 years, the amount of Bitcoin in existence is being split into half.

 

[Kennysplash]

Bitcoin is the first crypto currency created by an anonymous programmer (group of programmers) called Satoshi Nakamoto .Like real Currencies where you get to buy stuffs with it, trade for goods and services, Bitcoin is a digital version of the real Currencies.

On the other hand, Bitcoin is not issued by a central authority like the central bank and it's Transactions are being stored and verified on the Blockchain which makes it Decentralized.

In total, Bitcoin has a limitation in the number of pieces that will ever exist, limited to 21 million. Although a good amount of Bitcoin have been mined to existence, but it is going to take a very long time until the count of Bitcoin reaches 21 million! That's because every 4 years, the amount of Bitcoin in existence is being split into half.

2009 :

• The Genesis block is established on January 3rd at 18:15:05 GMT
• The first Bitcoin client (bitcoind v0.1) is released
• The first Bitcoin transaction is performed in block 170, from Satoshi Nakamoto to Hal Finney
• The first difficulty increase occurs on December 30th, from 1.00 to 1.18289953 in block 32256

2010 :

• The first Bitcoin currency exchange site (Bitcoin Market) is established
• OpenGL GPU hash farm is established by ArtForz and GPU mining begins
• A vulnerability in Bitcoin is exploited to generate 184 billion bitcoins — the bug is quickly fixed
• Pooled mining begins

 

[Alexandoy]

Thank you for sharing the trivia on Bitcoin. I never knew that there is a limitation on the total production of the Bitcoin. Perhaps all the other crypto currencies have their own limits too. However, I am still at a loss on the blockchain. I have zero knowledge of it even if I have read about the blockchain several times. Even with mining Bitcoins I have a difficulty in understanding. Maybe I have to read the entire history of Bitcoin to give me a clear idea of what it is all about including the details on the blockchain and the control of the prices.