The launch of Bitcoin in 2009 was undoubtedly a defining moment for the modern financial industry. The biggest of all cryptocurrencies, BTC is the brainchild of a visionary computer scientist (possibly) who launched the coin under the pseudonym “Satoshi Nakamoto.” Nakamoto published the legendary Bitcoin whitepaper in 2008, and the coin was officially launched on January 3, 2009.
The main ethos behind Bitcoin
Bitcoin was launched with the vision to present a new P2P decentralized electronic cash based on state-of-the-art blockchain technology. Bitcoin isn’t governed by any government or a central authority or even a financial institution. Bitcoin has a limited supply (21 million), and the coins are generated through a process called mining. Bitcoin miners have to solve challenging computational problems and are rewarded with newly generated Bitcoins upon successful completion of these problems.
As Bitcoin is backed by a decentralized infrastructure, no single authority can control or own the coin. All BTC transactions are stored in a global decentralized blockchain ledger, which is immutable and guarded by cutting-edge encryption. Thus, BTC transactions can’t be censored or altered ever, which makes it safer than regular fiat money. During its historic launch, Bitcoin also promised faster transactions worldwide and at lower fees compared to regular cash transaction systems. Read More...