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Who Created Bitcoin?

Published: 14/09/2018
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Up-to-date Blockchain and cryptocurrency news. Be the first to know!

What is it for?

The history of Bitcoin goes back to 2008. Back then, an unknown programmer, Satoshi Nakamoto, published a detailed description of the first digital currency. At the very same time, the domain bitcoin.org was registered. On January 3, 2009, the first Bitcoin block was mined, and the reward reached 50 BTC coins.

 

Network development

 

Initially, a limited number of people knew about the cryptocurrency. Such a low popularity had advantages, for example, mining did not require large computing power. It is noteworthy that a significant amount of bitcoins was lost back then. The network participants, who did not think about the possible success of the crypto sphere, simply lost or erased their private keys, and their bitcoins disappeared forever.

 

The active network growth began in 2010. That year, MtGox was created, which was not the first but the most popular crypto exchange in those days. Moreover, a famous purchase using bitcoins was carried out — a user bought two pizzas for 10,000 BTC.

 

Who created Bitcoin? Who created Bitcoin?

 

Bitcoin prototypes

 

The identity of Satoshi Nakamoto, the Bitcoin creator, is still unknown. No one can tell whether it is one person or a group of enthusiasts. At different times, journalists pegged different people as the brilliant Bitcoin creator, and one of them was Nick Szabo, a cryptographer and a developer of a predecessor of BTC.

 

The predecessors of Bitcoin were Bit gold, created by Nick Szabo, and B-money by Wei Dai, both presented in 1998. Satoshi Nakamoto admitted that he was inspired by their ideas, but he created bitcoin excluding the main disadvantages of the ten-year-old prototypes. Bit gold and B-money were vulnerable to certain types of hacking attacks.

 

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