Bitcoin? You know what it is right? It’s where it all began! It’s a digital currency that has generated huge buzz! Bitcoin changed the currency world impressively. However, some of you might be in the dark about it. It’s okay! We’ve have answered the most famous Bitcoin questions just for you. It’s time to come out of the dark side, my friend.
What On Earth Is Bitcoin?
We’ll start from scratch! It only makes sense. If you already didn’t know. Bitcoin is a form of digital currency. It’s based on an open source code, which was created and is electronically. It’s all digital baby! It’s actually a decentralized form of currency. In simple terms, it doesn’t belong to any form of government and is not under the control of anyone. That’s what made it so popular in the first place.
Traditional currencies as you all know are in printed form. Bitcoins will never be printed. It’s a currency whose fate lies in the hands of the people because it’s produced by businesses and people around the globe. But, how? It’s produced by solving really really complex mathematical formulas which are even harder to solve as more and more Bitcoins are created. So, we hope you truly understand what Bitcoin exactly is!
Who Is The Genius Behind It All?
Well, we really don’t know! There is a lot of controversy surrounding this question. If we look at it officially, Satoshi Nakamoto is the man behind this digital currency. But, there is a catch! Satoshi is super secretive about his identity. He apparently has claimed that he was a man who was living in Japan, but we don’t know for sure.
We don’t know if we ever will know who he was honestly. We have no proof! It could be someone else or even a group of people. If we look at the most common speculation, then the real identity of the person or the group of people has stayed a complete secret.
Many even think that Bitcoin was not developed by one person, but rather a group of cryptography and computer science experts living in the Europe and United States at the time of its creation. We can only speculate!
How Did It Even Begin?
The work and idea behind Bitcoin surfaced in the October of 2008 under the tile “Bitcoin: A Peer-to-Peer Electronic Cash System.” The paper was published on metzdowd.com which had full description of what Bitcoin is. Interesting right? It began with all a paper over the internet! Who could’ve thought of that? The world never seizes to amaze us, no?
It was on 9th January of 2009, when the first unit of Bitcoin currency was launched appropriately titled “Bitcoins.” The 0.1 version of the Bitcoin software was posted on Sourceforge by the great Nakamoto himself. He continued to work for Bitcoin till the mid of 2010. Then he handled full control of the source code to Gavin Andersen. He distributed some domains related to the Bitcoin.org to some of the most prominent members from the Bitcoin community. The he vanished into thin air!
We hope these answers were fulfilling for you! We’ll be answering more Bitcoin related questions for you everyday. Stay tuned for more!