Who Invented Bitcoin? A Brief History of Cryptocurrency
Bitcoin seems all the rage.
Investors can’t seem to stop buying it. And it’s even found a niche amongst preppers seeking to diversify the ways they can buy things.
But where did it come from? It seems as though you just woke up one day and there it was, a thriving market!
But the truth is a far more nuanced and strange tale. Here’s A brief history of cryptocurrency.
Bitcoin: A Primer
For those just starting there Bitcoin journey, here are some things you need to know:
Bitcoin is based on blockchain technology. Blockchain creates a distributed ledger that can be passed from person to person recording the wallet ID of everyone who holds a coin.
All cryptocurrency is decentralized, which means it’s not subject to the same feed and regulations as centralized currency. Some people believe that it attracts criminal behavior, but in a lot of ways when used responsibly it can be very secure due to the nature of strong cryptography.
Bitcoin is one of a few different kinds of coins that can be purchased through a cryptocurrency marketplace.
Who Is Satoshi Nakamoto?
Satoshi Nakamoto is an elusive billionaire. That’s the name the creator of Bitcoin gave himself when he published his first paper on Bitcoin: A Peer-to-Peer System in 2008.
Short of providing a name and an email address where he could be reached, no one really knows who he is (Except maybe the NSA).
After registering the company in ’08, a code was deployed early in 2009 that launched the first Bitcoin marketplace.
Since then it’s projected that the value of the market will grow to $21 billion in a 20 year time period.
A History of Cryptocurrency
After the launch of cryptocurrency via Bitcoin, there have been thousands of markets offering alternative coins to the public. Among these is Ethereum which is widely considered Bitcoins best competition.
The term “altcoin” has been used to describe other entities bringing new coins into the cryptocurrency marketplace.
The introduction of Bitcoin into the marketplace has governments responding with new laws to regulate use. For instance, US tax law created in 2014 when the IRS decried cryptocurrency must be treated as property for tax purposes.
Even though cryptocurrency started from meager, anonymous roots, the rise of cryptocurrency is getting attention from governments around the world.
The World May Never Know
The world may never truly know the history of cryptocurrency. At least not as long as Satoshi Nakamoto is keeping a tight lip on the actions that lead up to the release of Bitcoin.
It’s too bad because if we’ve learned anything from CEOs like Steve Jobs and Mark Zuckerburg, it’s that the world loves a good groundbreaking tech origin story.
But for now, the origin of Bitcoin remains quite the mystery. What we do know is that the currency is gaining intrigue, demand, and popularity that has to be addressed at a national level.
With Bitcoin pioneering the introduction of cryptocurrency in our daily lives, there are many implications for the future of money. For more information, click here.