Last updated on September 27, 2023 2:47 am
Now listen to the story of bitcoin. An unprecedented event in human history happened on January 3, 2009, at 11:15 minutes and 5 seconds Indian time. That’s where the story of bitcoin started
An anonymous person/group of persons sitting in an unnamed place known to the world Satoshi Nakamoto known as Bitcoin, he gave the world a revolutionary financial innovation known as bitcoin. The Story of Bitcoin The Story Of Bitcoin in public life begins here.
Millions of people all over the world believed that the impact of technology on the global economy would change history thanks to the then-software Satoshi Nakamoto created.
First Bitcoin Blockchain Block/Genesis Block of Bitcoin BTC
The bitcoin network came into existence on January 3, 2009, the day the first block of the bitcoin blockchain was created, which is called the “Genesis Block of Bitcoin”! This Genesis block is considered the beginning of the story of the bitcoin blockchain and the beginning of the crypto revolution.
You can see this transaction made by Satoshi Nakamoto by clicking on this link:
In return for this transaction, Satoshi Nakamoto received 50 BTC as a reward, whose value in today’s time is about 21 lakh USD or about 150 million Indian rupees, but this block was made in such a way that to meet it. Vala’s prize became unspendable as it was the first block and it is the only block that does not contain the details of its predecessor block. All other blocks are chained to each other.
Satoshi Nakamoto First Bitcoin Wallet
If we see today, 68.52915261 BTC i.e. about 3 million USD, is lying in this wallet, i.e. still Bitcoin Enthusiasts thank Satoshi Nakamoto in their own way for the gift of Bitcoin given to the world by Satoshi Nakamoto Sending some bitcoins as a tribute to the address is one of those ways. story of bitcoin
The Bible Myth of Bitcoin Jew-Christian Myth of bitcoin
Story of Bitcoin Story of Bitcoin, A to Z Story of Bitcoin
Curiously, there was a 6-day delay between the construction of the first block and the second, instead of the 10-minute delay we see today. This has led some to speculate that Satoshi was following the creation story from the Book of Genesis—the Bible—in which the Judeo-Christian god creates the earth and everything around it in 7 days, with the 7th The day is a day of rest.
Satoshi Nakamoto’s Inspiration to Invent Bitcoin – 2007-9 Global Recession Global Recession
When the bitcoin whitepaper was first released in November 2008, the world was in a global recession.
This period, now known as the ‘Great Recession’, saw a dramatic decline in national economies between 2007 and 2009, with many countries seeing their unemployment rates skyrocket, stock markets plummeting and property markets plummeting. Saw it.
In addition, as a large number of banks, both private and commercial, went bankrupt, leading governments and banks around the world began implementing fiscal policies designed to stimulate struggling economies—including slashing interest rates. .
As a reference to this situation, Satoshi included a hidden message to The Times newspaper on the Coinbase timestamp parameter of the Genesis Block.
The Times 03/Jan/2009 Chancellor on brink of second bailout for banksSatoshi Nakamoto
Satoshi hid the same text upside down on line 1616 of bitcoin’s original code. It was disguised as a hexadecimal string, which the text reveals when converted to text using HEX to TEXT Converter
scrub roof tuoliab dnoces for knirb no rollecnahC 9002/naJ/30 semiT ehTSatoshi Nakamoto
Due to the timing of its release, in addition to the hidden message contained in the Genesis block, it is widely believed that bitcoin was issued to provide an alternative monetary system that overcomes the challenges faced by traditional currencies, such as inflation. was designed to resist counterfeiting and corruption.
Story of Bitcoin Launch
Satoshi Nakamoto began coding the first implementation of Bitcoin in C++ in May 2007.
Satoshi Nakamoto began coding the first implementation of Bitcoin in C++ in May 2007.
Bitcoin White Paper Bitcoin White Paper
In August of 2008, he sent private emails to two famous cyberpunks, Hal Finney and Wei Dai Wei Dai, asking them for feedback on early versions of the bitcoin white paper. They both responded positively to Satoshi, stating that they found it very promising.
The domain name Bitcoin.org was registered in the same month on August 18, 2008.
On October 31 of the same year, a white paper by Satoshi Nakamoto titled “Bitcoin: A Peer-to-Peer Electronic Cash System” was posted on a cryptography mailing list.
Which you can download and read yourself from here
Paper Link still working – http://www.bitcoin.org/bitcoin.pdf
Satoshi seemed against taking credit for the creation of bitcoin—or so he simply wanted to stay out of the limelight. He was humble and quick to give credit to others. In the original Wikipedia that Satoshi wrote for Bitcoin, here is how he describes the project:
Bitcoin is an implementation of Wei Dai Wei Dai’s B-Money proposal and Nick Szabo’s BitGold proposal on Cypherpunks in 2008.
The ideology of Satoshi Nakamoto
From the articles, emails exchanged and forum posts written by Satoshi Nakamoto, it appears that heLibertarianwho was not happy with the current global economy where the gap between rich and poor is increasing day by day and currency is centralised. story of bitcoin
His early motivation for creating bitcoin was ideological. At the Bitcoin white paper launch, Satoshi said:
The basic problem with traditional currency is that Confidence which is required for it to work. Central banks should be trusted not to deface the currency, but the history of fiat currencies is full of breaches of that trust. Banks to hold our money and transfer it electronicallyReliance Should be done, but they lend it to waves of credit bubbles, with barely a fraction of that in reserve. We have to trust them with our privacy, trust them not to let identity thieves get out of our accounts. Their huge overhead costs make micro-payments impossible.Satoshi Nakamoto
He later wrote:
Yes, we won’t be able to find solutions to political problems in cryptography, but we can win a major battle in the arms race and gain a new realm of freedom for many years to come. Governments are good at cutting off the heads of centrally controlled networks like Napster, but pure P2P networks like Gnutella Gnutella and Tor TOR seem to be holding their own.Satoshi Nakamoto
Do you know that the money you have in the bank is not yours? This is just the amount owed to you. It may or may not be paid back. Many people have felt this custody risk in a very unfortunate way.
Other than actual gold, Bitcoin is the only asset in the world that can be used as a store of value without incurring any counterparty risk. Your Personal Keys You can access your coins using private keys at any time of day or night, seven days a week. Regardless of the state of politics, accessing your own money, like bitcoins, is easy and does not pose any problems.
Friends, in our opinion, bitcoin is digital gold. In fact, it is a million times better than gold. It’s more portable (try to avoid a regime with a gold bar in your luggage) and has less inflation (you can’t produce more once the price bubbles up). It can handle problems and even thrive on chaos. Every day, it becomes stronger and smarter. story of bitcoin
Features of bitcoin bitcoin
- Bitcoin has no central authority. The bitcoin network is peer-to-peer, without a central server.
- There is also no central storage on the network.
- The bitcoin ledger is a distributed ledger. The ledger is public; anyone can store it on the computer.
- There is no administrator; a network of equally privileged minors maintains the books.
- Anyone can become a minor.
- New blocks in Ledger are created through competition. Until a new block is added to the ledger, it is not known which miner will create the block.
- Providing bitcoin is completely decentralized. They are given as a reward to the miner for building a new block.
- Anyone can create a new bitcoin address without any approval.
- Any person can send transactions to the network without any approval; The network only verifies that the transaction is valid.
Nakamoto’s involvement with bitcoin does not appear to have progressed beyond the mid-2010s. In April 2011, Nakamoto communicated digitally with a bitcoin fan, saying that
“I am Moved on to other things”
Then, in April of 2011, he handed over control of the bitcoin website and repository to core developer Gavin Andresen. After slowly distancing himself from the day-to-day operations of Bitcoin, Satoshi eventually withdrew from the project permanently.
In 2014, Satoshi Nakamoto once again appeared online and sent the last message, “I am not Dorian Nakamoto.
There has never been any evidence that a person is Satoshi Nakamoto. At present, in the address of Satoshi, it is approximately 600,000–700,000 BTC. At current prices, his bitcoin holdings would make him a multi-billionaire.
But Satoshi’s bitcoins are still secure at his address, which has not moved to this day.
Price History of Bitcoin Price History of Bitcoin
The value of BTC was largely arbitrary arbitrary for the first year and a half of its existence.
The earliest version of bitcoin’s source code, dated November 17, 2008, was uploaded to bitcointalk by user ‘credit’ in 2013 and includes a number of interesting features that hint at Satoshi’s thought process when creating it.
For example, Satoshi is the smallest unit of bitcoin.
10 Lakh Satoshi = 1 BTC
Satoshi Nakamoto refers to one millionth of a bitcoin as a cent ($.1), which is now known as Satoshi, indicating that he may have assumed that 100 millionths of a bitcoin would be equal to one cent. This meant that Satoshi Nakamoto had predicted the value of one bitcoin at $1 million.
Friends, the journey of bitcoin from USD 0.003 in 2009 to USD 67000 in 2021 brought financial freedom in the lives of millions of people and in itself it is one of the most unique events in human life.
The Story of Bitcoin from 2009 to 2015
When bitcoin arrived in 2009, it was priced at $0.003. On July 17, 2010, its price increased to $.09, on April 13, 2011, the price of bitcoin rose again, reaching a peak of $1 to $29.60 by June 7, 2011.
The cryptocurrency markets followed a sharp downturn, and the price of bitcoin fell below $2.05 by mid-November.
The following year, its price increased from $4.85 on May 9 to $13.50 by August 15.
2012 proved to be a generally uneven year for bitcoin, but 2013 saw a strong rally in price. It started the year trading at $13.28 and reached $230 on April 8th.
Following this, there was an equally quick decline in price, which occurred a few weeks later, on July 4.
In early October, bitcoin was trading at $123.00; By December, it had risen to $1,237.55 and dropped to $687.02 three days later.
The price of bitcoin fell during 2014 and touched $315.21 in early 2015.
The price gradually climbed above $900 by the end of 2016. In 2017, the price of bitcoin was around $1,000, until it reached $2,000 in mid-May and then skyrocketed to $19,345.49 on December 15th.
Mainstream investors, governments, economists and scientists took notice, and other entities began developing cryptocurrencies to compete with bitcoin.
Bitcoin price fluctuated for the next two years, for example, there was a resurgence in price and trading volume in June 2019, with prices exceeding $10,000. However, by mid-December it fell to $6,635.84.
The economy shut down in 2020 due to the COIVD-19 pandemic – the price of bitcoin went trough once again. Cryptocurrency Bitcoin started the year at $6,965.72.
The pandemic lockdown and subsequent government policy allayed investor fears about the global economy and fueled the rise of bitcoin.
At the time of the lockdown on 23 November, bitcoin was trading at $19,157.16. The price of bitcoin hit less than $29,000 in December 2020, a 416% increase from the beginning of the year.
Current Story of Bitcoin from 2021
It took less than a month for Bitcoin to break its 2020 price record in 2021, crossing $40,000 by January 7, 2021. By mid-April, bitcoin price hit new highs of over $60,000 as Coinbase, a cryptocurrency exchange, went public.
Institutional buyers pushed its price further, and bitcoin peaked at over $63,000 on April 12, 2021.
By the summer of 2021, prices had dropped by 50%, reaching a low of $29,795.55 on July 19. Autumn saw another bull run in September that saw the price drop to $52,693.32, but a major drop almost two weeks later took it to $40,709.59.
On November 7, 2021, bitcoin again $67,549.14, reached an all-time high. In early December 2021, bitcoin fell to $49,243.39 and then fluctuated further as uncertainty about inflation continued to scare investors as well as the rise of a new variant of COVID-19, Omicron.
Conclusion FAQ about Bitcoin and Satoshi Nakamoto
When did the bitcoin network come into existence?
On 3 January 2009 the Bitcoin network of bitcoins came into existence.
What is “Genesis Block” in any Blockchain?
The first mined block of any blockchain is called Genesis Block.
who is the creator of bitcoin
The creator of bitcoin is Satoshi Nakamoto.
What are bitcoin bitcoin and blockchain?
More interesting facts about Bitcoin and who was Satoshi Nakamoto, we will put a separate Investigative Post about it. So stay tuned with us, subscribe to our YouTube channel and post comments for more information. Thank you.