#Write2Earn: Bitcoin is a cryptocurrency invented in 2008 by an unknown person or group using the name Satoshi Nakamoto.[8] It started to be used by people when it was released as an open source software in 2009.[6][9] Bitcoin, also known for not being tied to any central bank or single administrator, is a decentralized digital currency that can be transferred from user to user on the bitcoin network without the need for intermediaries. Transactions are verified by nodes via cryptography and recorded on a public ledger called the blockchain. El Salvador declared Bitcoin as the official currency thanks to the bill passed by the senate on June 8, 2021.

History[edit | change source]

Bitcoin history

A digital bitcoin wallet.

As with all revolutionary technologies, Bitcoin has its predecessors and the sources cited by its creator in his article. Wei Dai B-Cash, Nick Szabo's BitGold, David Chaum's Digicash are the most primitive versions of digital currencies and the first ones blocked by states. Satoshi Nakamoto managed to keep his identity secret due to these negative experiences of his predecessors.

The Bitcoin network was launched on January 3, 2009. The author of the article is Satoshi Nakamoto. There is debate as to whether it is his real name, pseudonym, or the title of a team. The maximum number of Bitcoins that can be produced is specified in the genesis block and is limited to 21 million. The first Bitcoin transfer took place between Satoshi Nakamato and cryptographer Hal Finney, who helped him develop it. The first purchase was made on May 22, 2010, by purchasing a pizza for 10,000 Bitcoins.[10]

While the total value of Bitcoins in circulation was 1.2 billion dollars as of July 22, 2013, this value was 182 as of 26.07.2020.It was $967,290. The total amount of Bitcoin currently produced is 19,031,243[12].