How Did The Bitcoin Journey Happen?

Most of us are fortunate enough to associate with the Bitcoins and own them with the help of uncomplicated means like the Bitcoin Trader, the automated cryptocurrency trading platform in the market! Since this platform is readily available for anyone interested in the Bitcoins and cryptocurrencies, without any reservation, everyone can participate in the practice cheerfully and enjoy the abundant benefits! But, was it the same when it comes to the inception of the Bitcoin’s journey? Was Satoshi’s brainchild accepted so readily by everyone? Let’s delve into the history to know the facts!

  • Although the existence of the Bitcoins was known to the world in the year 2009, the groundwork for the same happened a year before, where, in the year 2008, three individuals named Charles Bry, Vladimir Oksman, and Neal Kimin, who also denied any association with the anonymous Bitcoin creator Satoshi Nakamoto, registered the domain Bitcoin.org on anonymousspeech.com, the site that allows people to buy or register domain names anonymously!
  • Almost two months after this event, a white paper, titled, ‘Bitcoin: A Peer-to-Peer Electronic Cash System’ was revealed to the world by the anonymous ‘Satoshi Nakamoto’, whose whereabouts are still, a mystery! In this paper, Satoshi talks about his vision of creating a faultless monetary system with the help of cryptocurrencies, especially the Bitcoins!
  • His vision started to become a reality when Satoshi mined the “Genesis Block’ of the Bitcoin in the January 2009! A few days after this significant event, yet, another milestone in the journey of Bitcoins aka the first transaction of the Bitcoins happened between the creator himself and a cryptography activist named Hal Finney!
  • But, nothing could happen only with this internal transaction, as all that is required is the external visibility and appreciation, which came in the way of the Bitcoins when the New Liberty Standard estimated the value of one Bitcoin aka 1 BTC at $1 = 1309 BTC! Now, if you are wondering from where did they pull this number, remember, it was not pulled but estimated exactly by following an equation that involved the cost of the electricity required to operate the computer generating the Bitcoin!
  • After that, a lot many illegal happenings happened in the name of the Bitcoins tarnishing the real purpose and image of the Bitcoin, badly! People started calling the Bitcoin, the currency of the dark world, sadly!
  • Then with the intervention of the regulatory bodies like the US Financial Crimes Enforcement Network, something in the name of regulation started happening in the world of Bitcoins thus, instigating a positive belief among the community!

 

Even now, the speculations surrounding the Bitcoin have not completely ended but, still, the Bitcoin is marching successfully towards the future, as more meaningful happenings transform the market to meet its real purpose!

Published in Blogging by Georgia Taylor.