The Bitcoin white paper was published under the title “Bitcoin P2P e-cash paper”. In the text Nakamoto explained that its digital currency is totally peer-to-peer (P2P), and does not require a third party for a transaction to take place.
Through a peer-to-peer network, Bitcoin solved the problem of double spending. In addition, Bitcoin also allowed network participants to remain anonymous safely, through the use of a proof-of-work (PoW) consensus algorithm.
Not everyone was enthusiastic about Nakamoto’s white paper from the start. Only a few saw the potential of what is today the main cryptocurrency on the market, with a total capitalization that exceeds one trillion dollars.
The first steps of Bitcoin on the Internet
The Bitcoin network went live in early 2009. At that time, Hal Finney, a tech-savvy netizen who worked with the PGP Corporation developing encryption products, was already involved in the Bitcoin project.
Hal Finney is popularly known in the cryptocurrency space for being a participant in the first Bitcoins transaction. And also, for being the first person, after Nakamoto, to run a copy of the network through a node.
Hal Finney tragically passed away in 2014 due to complications from suffering from amyotrophic lateral sclerosis. However, his body was cryopreserved. He took a myth to the grave: there are those who say that he was really Nakamoto.
Finney also described his work with Satoshi in a post posted on the Bitcointalk forum. One year after the first experimental BTC transaction, in 2010, the first commercial Bitcoins transaction would occur. On May 18, 2010, developer Laszlo Hanyecz bought two pizzas for 10,000.
At that time, despite the low value of Bitcoin and the small size of its community, one user pointed out that this fact achieved a great milestone. That day is known within the cryptocurrency community as “Bitcoin Pizza Day.” Currently, this transaction would amount to a payment of $ 600 million for two pizzas.
The rise of Bitcoin has benefited from a global industry full of technological innovations, which has already seen cryptocurrency exchanges go public. Recognizing that Bitcoin could be used to hedge against global inflation.
One of the earliest Bitcoins holders, Greg Schoen, posted a fairly popular tweet in May 2011. In which he expressed his regret for having sold 1,700 BTC at $ 0.30, after having bought them when the cryptocurrency was trading at $ 0.06, since he could have sold his BTC at $ 8 each. Those 1,700 BTC would be worth more than $ 104 million dollars right now.
Source From: Ambito
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