Cryptocurrency Market Capitalizations Bitcoin

1Bitcoin details

Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly through the use of cryptography, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment. Research produced by the University of Cambridge estimates that in 2017, there are 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.
2History

On 18 August 2008, the domain name "bitcoin.org" was registered. In November that year, a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System was posted to a cryptography mailing list. Nakamoto implemented the bitcoin software as open source code and released it in January 2009. The identity of Nakamoto remains unknown.
In January 2009, the bitcoin network came into existence after Satoshi Nakamoto mined the first ever block on the chain, known as the genesis block, for a reward of 50 bitcoins. Embedded in the coinbase of this block was the following text:
The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.
This note has been interpreted as both a timestamp of the genesis date and a derisive comment on the instability caused by fractional-reserve banking.
One of the first supporters, adopters, and contributors to bitcoin was the receiver of the first bitcoin transaction, programmer Hal Finney. Finney downloaded the bitcoin software the day it was released, and received 10 bitcoins from Nakamoto in the world's first bitcoin transaction. Other early supporters were Wei Dai, creator of bitcoin predecessor b-money, and Nick Szabo, creator of bitcoin predecessor bit gold.
In the early days, Nakamoto is estimated to have mined 1 million bitcoins. In 2010, Nakamoto handed the network alert key and control of the Bitcoin Core code repository over to Gavin Andresen, who later became lead developer at the Bitcoin Foundation. Nakamoto subsequently disappeared from any involvement in bitcoin. Andresen stated he then sought to decentralize control, saying: "As soon as Satoshi stepped back and threw the project onto my shoulders, one of the first things I did was try to decentralize that. So, if I get hit by a bus, it would be clear that the project would go on." This left opportunity for controversy to develop over the future development path of bitcoin.
The value of the first bitcoin transactions were negotiated by individuals on the bitcointalk forums with one notable transaction of 10,000 BTC used to indirectly purchase two pizzas delivered by Papa John's.
On 6 August 2010, a major vulnerability in the bitcoin protocol was spotted. Transactions were not properly verified before they were included in the blockchain, which let users bypass bitcoin's economic restrictions and create an indefinite number of bitcoins. On 15 August, the vulnerability was exploited; over 184 billion bitcoins were generated in a single transaction, and sent to two addresses on the network. Within hours, the transaction was spotted and erased from the transaction log after the bug was fixed and the network forked to an updated version of the bitcoin protocol.
On 1 August 2017, a hard fork of bitcoin was created, known as Bitcoin Cash. Bitcoin Cash has a larger blocksize limit and had an identical blockchain at the time of fork

CryptoFunding Contest

Check out the latest winners and take part in the contest



Bitcoin Magazine Bitcoin Magazine provides news, analysis, information, commentary and price data about Bitcoin, blockchain tech, and other cryptocurrencies.

  • Discovering Bitcoin Part 2: About People
    by Giacomo Zucco on Settembre 17, 2019 at 13:19

    Giacomo Zucco continues his Discovering Bitcoin series, building on ideas around growing wealth and exploring the concepts of exchange, specialization and “darkness.” The post Discovering Bitcoin Part 2: About People appeared first on Bitcoin Magazine.

  • State Document Reveals Details of Iran’s...
    by Maziar Motamedi on Settembre 16, 2019 at 19:19

    Iran’s local cryptocurrency community welcomes the legitimization of mining as an industry but feels that miners aren’t being treated fairly. The post State Document Reveals Details of Iran’s Cryptocurrency Mining Regulations appeared first on Bitcoin Magazine.

  • Bitcoin Hashrate, SegWit Transactions Continue to...
    by Colin Harper on Settembre 16, 2019 at 18:28

    Bitcoin miners are producing a higher hashrate than ever as new hardware comes online, and SegWit is keeping pace — counting for 50 percent of total network activity. The post Bitcoin Hashrate, SegWit Transactions Continue to Reach All-Time Highs appeared first on Bitcoin Magazine.

  • Chinese Regulators Demand Cleanup of Bitcoin...
    by 8btc on Settembre 16, 2019 at 17:36

    Chinese regulators in Inner Mongolia have issued a notice calling for a stop to bitcoin mining operations in the region. The post Chinese Regulators Demand Cleanup of Bitcoin Mining in Inner Mongolia appeared first on Bitcoin Magazine.

  • Discovering Bitcoin: A Brief Overview From...
    by Giacomo Zucco on Settembre 16, 2019 at 17:27

    Introducing the seven article series. The post Discovering Bitcoin: A Brief Overview From Cavemen to the Lightning Network appeared first on Bitcoin Magazine.



ABOUT US:


FTADirect offers you the latest news on Bitcoin (BTC), Litecoin (LTC), Dash, Ripple (XRP), Ethereum (ETH), Monero (XMR), ZCash (ZEC) and more crypto values, blockchain and analysis on the future of money, from around the world.


FTADirect connects the global community with daily news dedicated to the world of cryptocurrencies.