HISTORY OF BITCOIN AND FEATURES
HISTORY OF BITCOIN AND FEATURES
Satoshi Nakamoto inventor of Bitcoin had released a paper explaining details of functional cryptocurrency.
However HISTORY OF BITCOIN AND FEATURES and cryptocurrency made financial transactions like receiving and sending value easier for users.
The transactions happen in the system which operates in a trustless and completely decentralized manner
Since then, to meet the user’s needs Bitcoin Network is evolving and growing continuously.
Here, we can know about Bitcoin history.
Now, we look into the major milestones of the Bitcoin history, the significant growth, and development of Bitcoin.
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Bitcoin.org domain was registered in the year 2008 August 18. The beginning of cryptocurrency and blockchain concept developing by Satoshi Nakamoto is unknown to everyone till then. The creation of a website is the 1st Bitcoin creation indications to the public. However, Satoshi is still working on writing a technical description and finalizing details of the protocol.
ECS (Electronic cash System)
Bitcoin Is the peer to peer Electronic cash system for the mailing list of Cryptography.
The paper represents how bitcoin works and the blockchain description, underlying technology makes bitcoin (cryptocurrency) possible.
All these works are going on in the year 2008, October 31st.
In the year 2009, 3rd January genesis block of Bitcoin is mined by Satoshi. Genesis block’s cryptocurrency is the 1st block on Blockchain.
The two purposes served by the genesis block are Satoshi is not mining before releasing and financial industry commentary on the state.
Santoshi designed cryptocurrency and blockchain as an alternative to normal (traditional) banking control under banks and governments.
Open-source Client Code
After 1st bitcoin block mining, on 9th January 2009, Satoshi open-sourced code for the clients of Bitcoin.
The source code made users to interact along with the Bitcoin network (performing transactions and mining) and to understand bitcoin functioning.
The 1st bitcoin transaction is performed in the year 2009, January 12th. Satoshi sent 10 bitcoins to Hal Finney (bitcoin programmer and supporter). Until this 1st transaction, each block is empty without transactions and the mining is the bitcoin-only activity till then.
In the year 2010, 6th August a flaw was found on the bitcoin network implementation. The implemented transaction code is vulnerable with an attack on the integer overflow. The integer overflow occurs when the code assumes on the maximum value will process.
in entering the large number, the code accepts only the portion which is in the range. blockchain code is rewritten to remove malicious transaction attackers.
Creating a new block and winning the reward consistently is difficult along with the Bitcoin network size. Bitcoin miners create mining pools to provide a stable income source. miner’s group works together to split and mine the reward based on the contribution of each member
. On total processing share pool network power, mines blocks more successfully and frequently. In the year 2010, November slush pool is the 1st mining pool of bitcoin (or cryptocurrency mining pool).
In the year 2012, September Bitcoin public face created the Bitcoin Foundation. The member of the foundation is Charlie shrem, Gavin Andresen, Patrick Murch, Jon Matonis, and Peter Vessenes.
In the year 2013, August, a judge of Texas is trying to defend a case where fake loan and savings services on using Bitcoin. On 6th August 2013, the judge issued Bitcoin as the real currency. For the 1st time, Bitcoin is recognized legally.
1st Bitcoin ATM
In the year 2013, 29th October near waves coffee shop 1st Bitcoin ATM is opened in Canada, Vancouver.
Using Intuitive user interface, the people can sell and buy Bitcoin using this ATM. On creating Bitcoin ATM made it another step towards becoming Bitcoin as the competition to cash and bank cards.
The ability to sell and buy Bitcoin in an ATM is similar to cash withdrawals and deposits at normal ATMs
Especially designing of Bitcoin is to give competition to the normal financial industry (credit cards, debit cards, cash, etc). Bitcoin also fixed the block rate as ten minutes and block size of 1 MB (MegaBytes).
It means the maximum blockchain transaction of the Bitcoin is fixed. In the year 2017, 1st August from Bitcoin code Bitcoin cash is created as an alternative cryptocurrency. The difference between bitcoin and bitcoin cash is the use of block size.