Bitcoin and its origin Part - 1

Introduction

Bitcoin which is also known as cryptocurrency was first introduced by Satoshi Nakamoto in 2008. Also, David Chaum's Vision of creating a new digital currency known as Bitcoin. The first transaction was sent to Hal Finney, which included 10 Bitcoins. In the world of Bitcoin, a revolution has been made as the finance industry is now an integral part of Bitcoin, or we can say cryptocurrency.

Bitcoin is filled with many historical events, technological breakthroughs, and also with many surprising twists. But there are many questions, including how does it all begin? and who introduced Bitcoin in the first place, and many more questions. So stay tuned with us on our journey to uncover the Bitcoin origin and its purpose.

In our blog, we will deep dive into the origin of Bitcoin and its history. So get ready for our journey to the Bitcoin.

Vision: To make Bitcoin a digital currency

Back in the early 1980s, computer scientist David Chaum had a vision of making Bitcoin a digital cash and financial privacy. In order to make the vision true David Chaum dedicated his whole career to build a secure payment system so that users can feel safe. It will help in building trust between the third parties.

In 1983, computer scientist David Chaum issued a groundbreaking paper that introduced an electrical currency called e-cash. His main agenda was to ensure the safety of user data in digital transactions while the user's data are not been passed to any of them. Also, it will help in building the trust between the third parties.

For his vision, David Chaum worked relentlessly in cryptography such that he has become the inspiration for developers who want to come after him.

Creation of the first Bitcoin transaction:

The mysterious creator of Bitcoin Satoshi Nakamoto, made history in 2009 by launching the first-ever digital currency transaction. This event has happened on 3rd January. Also, the creator of the first Bitcoin Satoshi Nakamoto mined a block called Genesis Block. By taking it into consideration, it is the birth of decentralised cryptocurrency.

The importance of the first transaction cannot be overlooked. There has been a demonstration that Bitcoin complications in the cryptography protocol are not only effective but it is reliable in supporting also. It is possible to record the financial exchanges without worrying about central authority or any oversight. 

During the early transaction period, Bitcoin was getting so popular that it starting got international attention which helped build momentum for the broader adoption of cryptocurrency.

After some time, people got curious and interested in Bitcoin so much that miners across the world excitedly joined the forces to validate the transaction within its decentralised network framework.

Mystery behind Bitcoin

The real mystery behind Bitcoin is the man who introduced Bitcoin Satoshi Nakamoto. Being regardless in the invention of revolutionary cryptocurrency, there has been little known about his true identity.

There has been worldwide speculation and countless efforts to uncover the person or individual group organisation under this anonym.

The reason for anonymity is not known to anyone but few have some thoughts that it may be done for privacy concerns, while others are keeping focus on Bitcoin as its open-source project than rather being attributed towards a particular person or organisation.

The remaining leftovers allowed Satoshi Nakamoto to avoid potential legal consequences. The consequences highlighted here are related to creating a decentralised currency outside government control.

Over a period of time, many people claim or suspect to be Satoshi Nakamoto. But however, none of them have proper evidence of being Satoshi Nakamoto. As our knowledge goes deeper into this, blockchain technology tends to rise and become bigger across various industries. And it has been fascinating that who could have brought the new era of Bitcoin in 2009.

Conclusion till now:

During the start of the Bitcoin journey, we have understood many things from history to vision, creation, and mystery. Through this journey, we have learned a lot of things and continue to learn even more. As we know knowledge has no end so does about Bitcoin. We tend to get you all the information in the next part so stay tuned for the next part and don't forget to follow us.