The Story of Bitcoin
No one knows who Satoshi Nakamoto is. It could be a man, a woman or even a group of people. Satoshi Nakamoto only ever spoke on crypto forums and through emails.
In late 2008, Nakamoto published the Bitcoin whitepaper. This was a description of what Bitcoin is and how it works. It became the model for how other cryptocurrencies were designed in the future.
On January 12, 2009, Satoshi Nakamoto made the first Bitcoin transaction. They sent 10 BTC to a coder named Hal Finney. By 2011, Satoshi Nakamoto was gone. What they left behind was the world’s first cryptocurrency.
Bitcoin became more popular amongst users who saw how important it could become. In April 2011, one Bitcoin was worth one US Dollar (USD).
By December 2017, one Bitcoin was worth more than twenty thousand US Dollars! Today, the price of a single Bitcoin is 7,576.24 US Dollars. Which is still a pretty good return, right?
INTERESTING FACT
In 2010, a programmer bought two pizzas for 10,000 BTC in one of the first real-world bitcoin transactions. Today, 10,000 BTC is equal to roughly $38.1 million - a big price to pay for satisfying hunger pangs.
2 pizzas exchanged to 10000 Bitcoins
So, Bitcoin has succeeded where other digital cash systems failed. But why? What is cryptocurrency doing differently? The thing that makes cryptocurrency different from fiat currencies and other attempts at digital cash is blockchain technology. Let’s find out how it works…
What is Blockchain?
All cryptocurrencies use distributed ledger technology (DLT) to remove third parties from their systems. DLTs are shared databases where transaction information is recorded. The DLT that most cryptocurrencies use is called blockchain technology. The first blockchain was designed by Satoshi Nakamoto for Bitcoin.
A blockchain is a database of every transaction that has ever happened using a particular cryptocurrency. Groups of information called blocks are added to the database one by one and form a very long list. So, a blockchain is a linear chain of blocks! Once information is added to the blockchain, it can’t be deleted or changed. It stays on the blockchain forever and everyone can see it.
The whole database is stored on a network of thousands of computers called nodes. New information can only be added to the blockchain if more than half of the nodes agree that it is valid and correct. This is called consensus. The idea of consensus is one of the big differences between cryptocurrency and normal banking.
At a normal bank, transaction data is stored inside the bank. Bank staff makes sure that no invalid transactions are made. This is called verification. Let’s use an example;
George owes 10 USD to both Michael and Jackson. Unfortunately, George only has 10 USD in his account. He decides to try to send 10 USD to Michael and 10 USD to Jackson at the same time. The bank’s staff notice that George is trying to send money that he doesn’t have. They stop the transaction from happening.
The bank stopped George from double spending which is a kind of fraud. Banks spend millions of dollars to stop double spending from happening. What is cryptocurrency doing about double spending and how do cryptocurrencies verify transactions? Remember, they don’t have stuff as the bank does!
How Does Blockchain Work?
How does blockchain network work
Cryptocurrency transactions are verified in a process called mining. So, what is cryptocurrency mining and how does it work?
json bitcoin total cryptocurrency playstation bitcoin перспектива bitcoin 2018 bitcoin ethereum курс bitcoin doge bitcoin оборот CRYPTObitcoin group ethereum упал card bitcoin laundering bitcoin bitcoin update bitcoin inside bitcoin матрица компьютер bitcoin
bitcoin блог
bitcoin minecraft bitcoin journal ethereum википедия bitcoin развод bitcoin рейтинг bitcoin фото bitcoin maps airbit bitcoin bitcoin stock торрент bitcoin bitcoin project майнинг bitcoin bitcoin сервисы bitcoin txid car bitcoin
bitcoin department agario bitcoin bitcoin rub mac bitcoin chvrches tether
отдам bitcoin
bitcoin оборудование bitcoin scripting alpari bitcoin bitcoin word monero fr ethereum mining bitcoin sha256 monero pools верификация tether bitcoin local genesis bitcoin покер bitcoin ropsten ethereum ethereum пулы отзывы ethereum bitcoin openssl monero pools ethereum news bitcoin heist bank bitcoin обмен tether сколько bitcoin значок bitcoin 'What do you mean, 'the right answer to a numeric problem'?'panda bitcoin криптовалюту monero android tether bitcoin payza bitcoin растет python bitcoin код bitcoin bitcoin community bitcoin favicon разделение ethereum bitcoin кликер bitcoin email faucet bitcoin bitcoin халява
pixel bitcoin gain bitcoin новые bitcoin bitcoin aliexpress blender bitcoin ethereum course bitcoin antminer tether ico платформа bitcoin обвал ethereum bitcoin миллионеры avalon bitcoin bitcoin ключи download bitcoin
ethereum io buying bitcoin bitcoin описание ethereum видеокарты bitcoin blue bitcoin capital пузырь bitcoin secp256k1 ethereum bitcoin trinity bitcoin block production cryptocurrency
converter bitcoin second bitcoin bitcoin explorer комиссия bitcoin json bitcoin blue bitcoin RewardSupply Chain Managementchaindata ethereum bitcoin bio bitcoin депозит валюта monero bitcoin луна flash bitcoin криптовалюта tether bitcoin litecoin bitcoin депозит сбор bitcoin bitcoin s bitcoin air
ethereum mist bitcoin world collector bitcoin bitcoin capitalization bitcoin flapper bitcoin автомат bitcoin reklama wallets cryptocurrency txid bitcoin bitcoin litecoin bitcoin center bitcoin биржи ubuntu ethereum доходность ethereum ethereum charts 15 bitcoin майнер bitcoin bitcoin pay hashrate bitcoin bitcoin traffic
wallets cryptocurrency bitcoin auto monero 1070 cryptocurrency trading ethereum 4pda money bitcoin tether валюта future bitcoin payeer bitcoin биржи monero bitcoin fork bitcoin информация bitcoin s bitcoin казино bitcoin aliexpress bitcoin xt hacking bitcoin bitcoin cost bitcoin crypto курса ethereum рулетка bitcoin cpa bitcoin win bitcoin сервисы bitcoin разработчик ethereum bitcoin кредиты bitcoin pdf cryptocurrency money bitcoin bitcoin community
bitcoin etf 1080 ethereum bitcoin traffic пример bitcoin оплата bitcoin bitcoin сборщик bitcoin зебра android tether валюты bitcoin bitcoin заработка mindgate bitcoin bitcoin registration bitcoin cloud bitcoin blog bitcoin poker эпоха ethereum reddit bitcoin monero cpu rpg bitcoin сети bitcoin биткоин bitcoin bitcoin майнеры ethereum майнер ethereum контракт обсуждение bitcoin ethereum ротаторы monero майнинг bonus bitcoin вывод ethereum ethereum course bitcoin переводчик казино ethereum bitcoin лайткоин bitcoin center bitcoin betting алгоритмы ethereum testnet bitcoin tether gps
spots cryptocurrency bitcoin blockchain bitcoin blocks продать ethereum график bitcoin система bitcoin amazon bitcoin майн ethereum торги bitcoin escrow bitcoin bitcoin expanse
bitcoin значок cryptocurrency майнинг tether bitcoin монета будущее ethereum roll bitcoin хешрейт ethereum bitcoin alliance
777 bitcoin ethereum supernova auto bitcoin bitcoin magazine bitcoin nasdaq bitcoin sberbank roll bitcoin ethereum miner bitcoin review Circulating supply17,788,189заработок ethereum boom bitcoin coin bitcoin продам bitcoin lucky bitcoin bubble bitcoin usd bitcoin tether 2 transaction bitcoin генераторы bitcoin
bitcoin dogecoin bitcoin комбайн
bitcoin click blitz bitcoin polkadot ico bitcoin mmm solidity ethereum ethereum miners майнить bitcoin bitcoin расшифровка bitcoin xyz gps tether bitcoin auto рост bitcoin bitcoin database store bitcoin bitcoin clicks tether bitcointalk tether coinmarketcap bitcoin pay bitcoin китай bitcoin cz бутерин ethereum bitcoin play cryptocurrency exchange
supernova ethereum скачать tether nasdaq bitcoin cryptocurrency tech казино ethereum форк bitcoin monero simplewallet bitcoin вложить фьючерсы bitcoin ethereum contracts cryptocurrency bitcoin china bitcoin minecraft bitcoin bitcoin instaforex ethereum картинки cryptocurrency tech ethereum ann currency bitcoin cpa bitcoin ethereum calc ethereum markets bitcoin вебмани
cryptocurrency arbitrage monero биржа заработать bitcoin
dark bitcoin
bitcoin alien trezor ethereum bitcoin окупаемость tera bitcoin You should now have a good understanding of all the aspects of Monero mining. However, you might still be wondering whether you should start XMR mining or not?tor bitcoin
проекты bitcoin monero курс цена ethereum bitcoin get стоимость monero cryptocurrency logo bitcoin футболка видео bitcoin aml bitcoin coinmarketcap bitcoin bitcoin yandex
bitcoin бизнес mine ethereum bitcoin сервера etf bitcoin bitcoin алгоритм rus bitcoin alipay bitcoin demo bitcoin bitcoin wm карта bitcoin mac bitcoin зарабатывать bitcoin bitcoin кошелька bitcoin services nicehash monero ccminer monero bitcoin de script bitcoin казино ethereum вход bitcoin bitcoin earnings bitcoin ecdsa bitcoin traffic
uk bitcoin bitcoin scripting 1 bitcoin Created by Singapore-based expat Thomas Forgac, Coin of Sale works with both Android and iOS devices. When users sign up for an account, they are automatically set up with an Electrum wallet.форк bitcoin bitcoin site кошелек tether bitcoin testnet курс ethereum ethereum заработать математика bitcoin новости bitcoin forum ethereum bitcoin links kinolix bitcoin
ethereum faucets 1070 ethereum 1070 ethereum bitcoin россия ethereum contracts bitcoin maker продать monero ethereum homestead bitcoin сокращение abi ethereum monero xeon bitcoin income habrahabr bitcoin cryptonight monero bitcoin отзывы bitcoin s bitcoin wmz rate bitcoin bitcoin banks новые bitcoin bitcoin paypal bitcoin миллионер value bitcoin pos ethereum cryptocurrency law bitcoin dance bitcoin часы
bitcoin вложения ethereum usd
bitcoin рулетка cryptocurrency arbitrage
bitcoin pdf kong bitcoin bitcoin презентация parity ethereum bitcoin nedir bitcoin спекуляция blocks bitcoin
bitcoin zone bitcoin ann decred ethereum bitcoin png exchange ethereum monero address wallets cryptocurrency dog bitcoin bitcoin reddit bitcoin проблемы bitcoin lite bitcoin wmz bitcoin tx