Geek Culture
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Geek Culture

EPISODE 4

What is Bitcoin and Who Invented It? 🤔

The first and original cryptocurrency, Bitcoin, became available in 2009 after Satoshi Nakamoto published a white paper detailing how the system operates

Those who do not learn from history are doomed to repeat its mistakes — here is a brief history of cryptocurrencies.

Before the present-day mainstream cryptocurrencies, early attempts to create digital currencies that rely on cryptographic ledgers include Digicash and B-Money.

Digicash was an early form of cryptographic electronic payments implemented in 1985 by David Chaum — an American cryptographer. It relied on software to withdraw notes from a bank and designate specific encrypted keys before transferring to a recipient. Thus, allowing the digital currency to be untraceable by the issuing bank, government, or intermediary.

Later in 1998, Wei Dai published a description of B-Money, characterized as an anonymous, distributed electronic system. In 2008, the concept fully emerged when Satoshi Nakamoto published a white paper detailing how the Bitcoin system operates. The software became available in 2009, and Bitcoin became the first-ever cryptocurrency created.

Wondering who Satoshi Nakamoto is? You are not alone 😅

Since you care so much, it would be satisfying to know that nobody knows. Most theories suggest that Satoshi could be a pseudonym for a single person, a group of programmers, a time-traveling alien, or a secret government team.

Besides Bitcoin, are there other cryptocurrencies?

Yes, there are over 7000 cryptocurrencies in existence — at the moment.

The creation of Bitcoin provided the foundation for many other cryptocurrencies. Some were spinoffs of the same software, while others took a different approach.

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Fru Kerick

Fru Kerick

I’m curious about blockchain technology and cryptocurrencies. I also write a weekly letter to over 10K investors: http://frukerick.medium.com/subscribe.

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