The real story of how Bitcoin came into existence

Satoshi Nakamoto has been a figure of stark interest and excitement in the crypto world, and why would not such an appeal be attached to that name? It is in fact the entity that has been claimed as the creator of the revolutionary digital currency Bitcoin. No one knows who Satoshi Nakamoto is and even if they are a single entity or a group of people or an organisation. The sudden arrival of Satoshi Nakamoto on the Internet and the introduction of his product, ‘Bitcoin’ caused quite a frenzy in the world with people reaping herculean profits from it.

But what exactly was the course of its history? The revolution that Bitcoin caused after its introduction is not something hidden to anyone, however there is not much said about how Bitcoin actually came into existence. The real story behind its existence is rather quite interesting.

 

Encryption Patent Application

Bitcoin.org is the official site for this open source software. In the August of 2008, Neal Kin, Vladimir Oksman, and Charles Bry registered for this site right after they filed for an application for encryption patent. It was then when the very first glimmerings of Bitcoin hit the world wide web.

Owing to the prevailing anonymity of Satoshi Nakamoto, there were many concerns regarding who Neal, Vladimir, and Charles were and it was assumed that since they registered for the site and file an encryption patent application, they could for sure reveal the identity of Satoshi, however they have time and again shot down any such connections and always stressed upon not knowing who is behind the name Satoshi Nakamoto.

One should note however, that the time span from 1998 – 2009 is infamously also known as the pre Bitcoin years. Several alternatives for a fiat currency have been introduced to the financial world ever since the Great Depression however more concrete plans to pull such a feat had been made during these years when Bit Gold and B money was articulated. Sadly, these attempts were still not developed upon and they crashed and burned. However, finally in the year 2009, the complete inception of Bitcoin took place.

 

The famous White Paper

The  Bitcoin white paper underlines a peer to peer system of electronic cash transfer and majorly aiming to eliminate frauds and scams such as double spending, spans about 9 pages. The paper was officially titled ‘Bitcoin – a peer to peer electronic cash system’. Its posting was made on the mailing list of a cryptography discussion forum so that it reaches maximum eyeballs.  

 

Genesis

After the publication of the Bitcoin white paper, the initial version of the software was released for public usage by late 2008 however, several ties were made between Satoshi Nakamoto and a number of skilled coders and enthusiastic developers to improvise and optimise the code. Parallely, the mining process was propelled with the birth of the first block in the Bitcoin blockchain or the genesis block and the creation of Bitcoin tokens began.

The collaborations carried on for way over 2 years and finally came to an abrupt end with the mysterious disappearance of Satoshi Nakamoto from the network, but only after he had amassed billions of worth Bitcoins.

By February 2010, the very first Bitcoin market was established thus increasing the user base of the network by magical numbers. It was also in this year when Bitcoin tokens were began to be valued. Fast forward a few years and ever since Bitcoin hit the $10,000 mark in 2017, it has not looked back and has continued to grow exponentially.

 

Motivation

It is widely proclaimed that with the heavy emphasis of eradicating frauds and decentralizing the entire money scenario in the white paper of Bitcoin, Satoshi Nakamoto was fed up of the centralized and corrupt bank systems and wishes to get rid of them so that people can finally truly own their own money and do not require a trusted middle party to carry out transactions for them.

The 30,000 lines Bitcoin code is enigmatic and visually void of any errors. Such perfection can only be executed from when a person has been fed up the existing system and wishes to revamp it completely. Satoshi Nakamoto, a true genius in himself, has attempted to do just that with his near perfection execution of the code.

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