The Technology on Blockchain and Bitcoin

Bitcoin came out in 2009 and in 2017, it made headlines as it exceeded $11,500 for a unit of this cryptocurrency. Actually, if you have made an investment of $1,000 in Bitcoin when it initially was made available to the populace, you would be wealthier by £36.7 million. Perhaps you’d exchange perfect money and bitcoin because of this.

Here is a short history of how Bitcoin and cryptocurrency came to be.


The pre-Bitcoin years: 1998 to 2009. Even though Bitcoin was the cryptocurrency that was initially founded, there had been prior efforts at making currencies to be used online with ledgers fortified by encryption. B-Money and Bit Gold are two exemplars that were put together but never completely developed.

Mr. Satoshi Nakamoto: 2008. Bitcoin – A Peer to Peer Electronic Cash System, this is an article that was sent and published to a discussion mailing list on cryptography. It was posted by somebody naming themselves as Satoshi Nakamoto whose actual person stays to be anonymous to this day although there are possible identities that came out.

The Commencement of Bitcoin – 2009. For the first time, the software on Bitcoin was opened to the public by mining it. Mining is the method done where new Bitcoins are generated and transactions are documented and certified on the blockchain.

What are the properties of Bitcoins in terms of making transactions?


Bitcoins are irreversible. This means that after it is verified, nobody can withdraw or reverse a transaction. So when making a transaction using cryptocurrencies, make sure it is legit and that you aren’t dealing with a scammer.

It is pseudonymous. Neither dealings nor accounts are linked to actual world identities. You get Bitcoins on supposed addresses, which are chains of about 30 random characters. Although it is typically likely to investigate the flow of transaction, it is not essentially viable to link the identities of users in the real world with those addresses.

It is secure since Bitcoin funds are sealed in a cryptography system. Only the holder of the private key can forward cryptocurrency. Formidable cryptography and the mystery of large numbers does make it unachievable to disturb or destroy this system.

The computing age is going further, exploring many boundaries that we never knew possible or even existed. Bitcoins and cryptocurrency are just one of the new things. What could be next?