Evolution Of Bitcoin – The History You Need To Know
The 10th anniversary of the Bitcoin White Paper, written by Satoshi Nakamoto, whose identity is still a mystery, is marked by 31 October.
Bitcoin has questioned how modern society views global finance and banking and has been a catalyst for the creation of more than one thousand separate cryptocurrencies and many more blockchain ventures in this rather brief period of time.
Its history has been full of ups and downs with unpredictable cryptomonetary policies struggling with confusion and popularity for years to come. With the publication of the White Paper, a campaign was initiated that covered a variety of industries.
Cointelegraph looks back over the 10 years since Bitcoin Evolution emerged at some of the most memorable and infamous moments.
A precursor for the workplace describing the intricacies of the Bitcoin Protocol, the Bitcoin.org domain was recorded on 18 August 2008, by an anonymous entity.
This was resurrected when the Bitcoin White Paper was published on Oct. 31, 2008. The initial nine pages were distributed to the cypherpunk mailing list in November 2008 under the heading “Bitcoin-a peer-to-peer electronic cash system.”
The Genesis block, founding block of the Bitcoin blockchain was successfully created by Nakamoto on January 3, 2009. The block Genesis was hardcoded in the software of Bitcoin and the 50 BTC, created by the code, could not be spent. The precise reasons, but another mystery to add to the story of Satoshi, are not known.
It takes 10 minutes to create a new block, but it takes six days to add the next block to the Bitcoin blockchain according to the timestamps of that block.
There are a lot of theories why it took this much time to use Nakamoto to test the first block, while others have suggested that he waited for six days to figure out the Bible’s Genesis book, in which God created the world in six days.