History of Bitcoin

History of Bitcoin

From barter system to precious metals or paper currency Finance is evolving constantly. After all such, a new evolution came in to existence i.e. Bitcoin. It is evolving on constant basis since itcame. It’s a new structure of currency and it is maintained by a group of highly efficient technological minds.

Process of generating Bitcoin

It is generated via a tricky sequence of mathematical procedures running on computers; with help of Blockchain network share the public ledger that helps in recording and validating eachtransaction processed.

Purpose of bringing Bitcoin

Main purpose for bringing Bitcoin was decentralization that means having freedom from cetralauthority such as a country, a government or a bank.

Who is behind creation of Bitcoin?

It still seems a mystery. Facts say that it was created by a person named Satoshi Nakamoto but there is something suspicious regarding the identity as his wallet haven’t been spent ever and accounts are also not active now. Bitcoin is currency as well as commodity. In year 2008, financial crisis was on the higher side, in that challenging phase a domain bitcon.org was registered. Later in that year, a group or a person using the name Satoshi Nakamoto issue a white paper to cryptography mailing list on Bitcoin, stating how cryptocurrency will operate. In the year 2009, the very first Bitcoin came in to existence, acknowledged as ‘Genesis Block’. Value of all circulating Bitcoin hit the $1 billion milestone in March 2013. With that effect, cryptocurrency started dragging the attention of venture capitalists and Silicon Valley. Value of Bitcoin fluctuates; even then it is center of attraction for plenty. There are unsolved mysteries regarding the identity of its founder as well. It was created at the time, when the  world was facing a humungous financial crisis, and Bitcoin succeeded exceedingly well.

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