750+ names in total are now credited on its code repository (in GitHub) with improving Bitcoin’s software and adding additional features. Since Satoshi Nakamoto invented Bitcoin, many others have contributed to its further development. This system of security was given the name Blockchain. These blocks are made secure by cryptographic algorithms. The way Bitcoin works is via a decentralized ledger of transactions which are packaged in batches (referred to as “blocks”). Indeed from Bitcoin, the entire Crypto market is now worth $300bn and all stemming from the initial premise money to be sent and received without the need of a financial institution.Īs well as pioneering Cryptocurrency, Bitcoin is also acknowledged as a pioneer of Blockchain technology. To most people, Bitcoin is now synonymous with Cryptos. There were similar concepts around the time, but Bitcoin was certainly the first Cryptocurrency to become of wider user and promote the Cryptocurrency market in general. By the founder’s words, Bitcoin was created to allow “online payments to be sent directly from one party to another without going through a financial institution.” The name Satoshi Nakamato is likely to be an alias for a person or group of people who published the paper. Bitcoin (BTC) launched in January 2009 after being described in a 2008 whitepaper by Satoshi Nakamoto.
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