Bitcoin originated in 2008. The founder of bitcoin was Satoshi Nakamoto. The identity of the founder was unknown. It was started when Nakamo
Bitcoin originated in 2008. The founder of bitcoin was Satoshi Nakamoto. The identity of the founder was unknown. It was started when Nakamoto started by mining the starting or the genesis block of the chain and implemented the software such that it was an open source for all. In the base of the genesis block was written a sentence directed at a famous magazine and also towards the unstable banking system. It’s a mysteriously created cryptocurrency and no one knows whether Nakamoto represents one person, a group of people or an entire company. The name of the domain called bitcoin.org was used for registration. Early supporters of bitcoin downloaded the software and received free bitcoins from the founder. A year later, first bitcoin transaction using was performed. The bitcoins are mined and Nakamoto is said to have mined one million bitcoins and then he disappeared in 2010. He handed over the control of bitcoin repository to another person who became lead developer at the foundation of bitcoin. He decentralized the system and it appeared as the first peer to peer decentralized payment network where the power rests with its users and they are able to mine the bitcoins without the presence of a centralized authority, a third party or a middle man.
It was based on the concept of cryptocurrency which was first described in 1998. The founder however disappeared and therefore this ambiguity never led anyone to consider using bitcoin confidently. The concept however is misunderstood, just as there is no owner behind the technology of email similarly there is no owner behind the technology of bitcoin.
The control of the bitcoin rests with its users around the world. Its developers however are aiming at improving the software, the protocol cannot be changed as users are free to choose the version they want to use. Users use bitcoin in the form of a wallet but in reality it contains a a block chain or the public ledger which has the record of all the transactions. The transactions are made safe and are verified with the help of digital signatures which correspond to the addresses which are used for the processing of the transaction. If someone processes any transaction using the software they are eligible to earn reward bitcoins. This service provision is called mining. Anyone can do the mining and that is how it is a decentralized system.
The number of people and the number of the businesses that are using bitcoin are increasing. The bitcoin using, mining and transactions are increasing day by day. They are now being exchanged in worth of billions of dollars. The reason for so much trust is that it I open source and decentralized. Any individual has the access to the source code at any given time as a result it allows for real time transparent transactions, it is like any other form of money but because of the novelty and hype people misunderstand and think that it can provide them with some get rich quick scheme. It should be used as a payment method just as one uses credit or debit card.
One other concern is that because bitcoins are virtual and have no actual existence they can come down to worth zero at any given time, this is not true because the bitcoin balances have storage in large networks which are distributed and hence these cannot be altered with the intent of fraud by anyone. The users of the bitcoins are hence in control. Bitcoins can therefore not vanish.
One other concern about using bitcoins for transaction is that all data of every transaction is stored publicly. However, systems are being developed to improve the possibility of a more secure and private transaction but these are still underway. The best part about public storage of information is that bitcoin unlike cash cannot e used for fraudulent and money laundering purposes.
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Bitcoin has the capacity to perform a large number transactions. However, it does not have the capacity to perform as many transactions as major credit card networks. And it is constantly undergoing process of development and redevelopment. As time is passing, more and more people are becoming bitcoin users and are trusting the system. Bitcoin has not made legal or illegal up until now. Bitcoin is not majorly in use but money when used for major and multiple transactions can be used for both legal and illegal activities. Bitcoin is also money and hence it can be used for both legal and illegal activities.