WHERE DOES BITCOIN COME FROM AND WHAT IS IT?

The world’s first digital bitcoin revolution happened in 2008. Bitcoin does not depend on inflation and is not controlled by any individuals, banks, or governments. Transactions are protected by digital encryption and are verified across a large network of independent computers.

Almost as soon as the internet appeared, people began thinking of similar technologies. In the 1970s, scientists who worked for the USA National Security Agency were developing this idea. In the 1990s, cryptographers continued the research. We come across the results of their work all the time totally unaware of that - for example, when we put money on our smartphone account via online banking.

Most likely, Satoshi Nakamoto, a genius who designed bitcoin, was among those cryptographers. It has become known recently that one of the cryptographers in the 1990s worked on algorithms that later led to bitcoin.

BITCOIN'S SATOSHI NAKAMOTO

Satoshi Nakamoto is a legendary personality. No one knows who is disguised under this name - a man, a woman, or even a group of people. But no one doubts that Satoshi has created a genius of a system and wrote a genius of a code for it. There are probably no more than 50 people in the world capable of something like that but who the name Nakamoto disguises is not known. He is a legendary hero, like King Arthur.

Experts were astounded because the bitcoin designer had found а genius solution for the main problem which had been preventing creation of internet-money earlier, the problem of double-spending.

BITCOIN'S THREE MAIN ADVANTAGE

The Satoshi Nakamoto system is attractive for all sorts of buyers. It has many differences from a regular bank system but the main ones are the following three:

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• Decentralization

• Anonymity

• Free Transactions