Short History of Bitcoin

Bitcoin is the world’s largest cryptocurrency. It is a peer-to-peer currency and transaction system based on a decentralized consensus-based public ledger called blockchain that records all transactions.

Now Bitcoin was conceived by Satoshi Nakamoto in 2008 but it was the result of decades of research in cryptography and blockchain and not just the work of one man. It was the dream of cryptographers and free trade advocates to have a borderless, decentralized currency based on the blockchain. Their dream is now a reality with the increasing popularity of Bitcoin and other altcoins worldwide.

Now the cryptocurrency was first deployed on a consensus-based blockchain in 2009 and traded for the first time in the same year. In July 2010, the price of Bitcoin was only 8 cents and the number of miners and nodes was quite small compared to the tens of thousands at the time.

Within a year, the new alternative currency had risen to $1 and it…

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