A Brief History of Bitcoin
In 2009 a man by the name of James Howells proved himself to be a visionary he started mining bitcoin before anyone else had ever heard of it. James managed to stockpile 7500 bitcoins when they were just a fraction of a cent per coin.
Eventually, his girlfriend made him stop she thought that the computer doing the mining was quite getting too noisy. James later ended up throwing the hard drive in the Trash! And today this mistake cost him over 400 million dollars to get his money he would need that hard drive
“There’s a specific file on that hard drive called a wallet file which the bitcoin is stored in and without that file there is no way of getting the money back because there is no central server that records a log of it”
Laszlo, who paid for two large Papa John’s pizzas for 10,000 bitcoins in 2010, was worth then a mearly $30. If he would have held on to them he could have made at one point as much as $100,000,000.
Recently he said, “I don’t regret it. It wasn’t the first transaction in bitcoin but certainly the most widely publicized. I think that it’s great that I got to be part of the early history of Bitcoin.”
Unfortunately today these delicious pizzas cost him half a billion dollars. Some people indeed celebrate May 22nd as the anniversary of the bitcoin pizza day. The stories like this make bitcoin such a fascinating phenomenon, its growth and adoption at least over recent years have been mind-blowing.
But the story of how bitcoin came to be is just as interesting despite bitcoin’s young age when compared to traditional stores of value. The fundamental ideas behind crypto may be older, so the question has to be asked where did bitcoin come from?
who is the mysterious individual who invented it?
After its release in 2009, hardly anyone had heard of it, and when people started to hear the word Bitcoin not many of them gave it a second thought.
Now millions of folks use it and some have made a virtual fortune from selling it.
The story starts with a name, and that name is Satoshi Nakamoto.
Behind this name is a shadow, a ghost; it’s a name that conjures up conspiracy theories, that piques and stirs our imaginations. He’s real and not real, a kind of Keyser Söze of the digital era. We say this because he’s the specter, that put his name to the domain bitcoin.org on 18 August 2008.
He’s also the person that following that wrote a paper called, “Bitcoin: A Peer-to-Peer Electronic Cash System.” He hung around for a couple more years, and then like that, he was gone.
What we want to know is where is he now and who are we really talking about, because the experts out there are fairly certain there is no person called Satoshi Nakamoto who created Bitcoin.
On January 3rd 2009 the first block of bitcoin was mined within this very first block a special message was written.
Genesis Block is the name of the first block of Bitcoin ever mined. The Genesis Block forms the foundation of the Bitcoin trading system and is the prototype of all other blocks in the Bitcoin blockchain.
Bitcoin’s Genesis Block Secret Message
Another puzzling aspect of the Genesis Block is the secret message that Nakamoto instilled within the Block’s raw data: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”
Although Nakamoto never commented on the meaning of this text, most believe that it serves as a mission statement for Bitcoin itself.
while these steps mark bitcoin’s creation, let us travel back over two decades to the year 1983. American cryptographer David Chaum is already experimenting with the idea of electronic cash.
David was part of a movement known as the Cypherpunks. They were activists who defended the idea of using cryptography and computers as powerful tools to protect the privacy of individuals.
To put it into political terms they were kind of like “digital libertarians” who wanted to create a safer and more anonymous transaction system.
His efforts led to the invention of the Blind Signature protocol breaking ground and becoming the foundations for Modern Blockchain Technology.
He created a whole concept for how you could use e-cash to make your payments, and the Blind Signatures could be used to basically prove things about you without revealing who you are.
David Chaum began building his idea of a workable cryptographic electronic money system, and in 1989 the company Digicash was born. Later in 1993 digicash launched their e-cash system a product that enabled the safe and anonymous transfer of money over the internet.
E-cash was David’s answer to what he considered to be extremely unsafe. E-cash was a technically perfect product that resolved many of the issues that came with credit card payments, such as security concerns and fees.
Later the company Digicash was defunct in 1999
Bitcoin Today
Today, one Bitcoin is worth about $39,770. It’s a long way from its all-time high but also a long way from its post-peak bottom in 2018 of just over $3,000.
The identity of the creator of Bitcoin still remains a mystery. “To this day, no one knows who Satoshi Nakamoto is or was, It’s a subject not only for debate, but speculation and — perhaps inevitably — conspiracy theories.”
Bitcoin Tomorrow
What is in store for Bitcoin’s future? No one can tell for certain, but we can see it is going to be a bright exciting future.
Segments Cloud Computing LLC
If you have decided to spare some time and give Crypto mining a shot, we will help you pick the best crypto mining hardware. Choosing an inefficient ASIC miner can be devasting and you might end up with zero profits.
It is not only the Mining RIG specifications one has to look upon, there are a few more factors to be put into consideration, such as COST, SPACE, TIME, ENERGY
Segments will help you cover the above-said concerns. We have a dedicated HOSTING space for those who have space limitations for crypto mining and can also get expert assistance on your MINING RIG. Thus saving your time and hence boosting your ROI up to 65%.
High-speed and top-notch performance to rip through the most intense mining experience.
Featuring the exclusive collection of ASIC from the best brands at SEGMENTS.
Visit segments.ae for more products and services
