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It could be a man, a woman or even a group of people. Satoshi Nakamoto only ever spoke on crypto forums and through emails. In late 2008, Nakamoto published the Bitcoin whitepaper. This was a description of what Bitcoin is and how it works. It became the model for how other cryptocurrencies were designed in the future. On January 12, 2009, Satoshi Nakamoto made the first Bitcoin transaction. They sent 10 BTC to a coder named Hal Finney. By 2011, Satoshi Nakamoto was gone. What they left behind was the world’s first cryptocurrency. Bitcoin became more popular amongst users who saw how important it could become. In April 2011, one Bitcoin was worth one US Dollar (USD). By December 2017, one Bitcoin was worth more than twenty thousand US Dollars! Today, the price of a single Bitcoin is 7,576.24 US Dollars. Which is still a pretty good return, right? INTERESTING FACT In 2010, a programmer bought two pizzas for 10,000 BTC in one of the first real-world bitcoin transactions. Today, 10,000 BTC is equal to roughly $38.1 million - a big price to pay for satisfying hunger pangs. 2 pizzas exchanged to 10000 Bitcoins So, Bitcoin has succeeded where other digital cash systems failed. But why? What is cryptocurrency doing differently? The thing that makes cryptocurrency different from fiat currencies and other attempts at digital cash is blockchain technology. Let’s find out how it works… What is Blockchain? All cryptocurrencies use distributed ledger technology (DLT) to remove third parties from their systems. DLTs are shared databases where transaction information is recorded. The DLT that most cryptocurrencies use is called blockchain technology. The first blockchain was designed by Satoshi Nakamoto for Bitcoin. A blockchain is a database of every transaction that has ever happened using a particular cryptocurrency. Groups of information called blocks are added to the database one by one and form a very long list. So, a blockchain is a linear chain of blocks! Once information is added to the blockchain, it can’t be deleted or changed. It stays on the blockchain forever and everyone can see it. The whole database is stored on a network of thousands of computers called nodes. New information can only be added to the blockchain if more than half of the nodes agree that it is valid and correct. This is called consensus. The idea of consensus is one of the big differences between cryptocurrency and normal banking. At a normal bank, transaction data is stored inside the bank. Bank staff makes sure that no invalid transactions are made. This is called verification. Let’s use an example; George owes 10 USD to both Michael and Jackson. Unfortunately, George only has 10 USD in his account. He decides to try to send 10 USD to Michael and 10 USD to Jackson at the same time. The bank’s staff notice that George is trying to send money that he doesn’t have. They stop the transaction from happening. The bank stopped George from double spending which is a kind of fraud. Banks spend millions of dollars to stop double spending from happening. What is cryptocurrency doing about double spending and how do cryptocurrencies verify transactions? Remember, they don’t have stuff as the bank does! How Does Blockchain Work? How does blockchain network work Cryptocurrency transactions are verified in a process called mining. So, what is cryptocurrency mining and how does it work? There are 180 internationally recognized currencies in circulation, ranging from the Samoan tala to the Burmese kyat. Just like with regular currency, there are multiple cryptocurrencies too. Because it was the first, bitcoin gets all the publicity, but it competes against dozens of aspiring alternatives - one of which is litecoin. invest bitcoin Obviously, such insurance is available today from various providers around the world, but using the Ethereum blockchain allowed the flight delay insurance application to automate the entire process from the insurance policy setup to the moment of payout, and made it possible for people in different places to interact with the system without cumbersome paperwork or one centralized authority and ultimately provide a much better customer experience.Products and services that run on Ethereum. There are dapps for finance, work, social media, gaming and more - meet the apps for our digital future. основатель ethereum биржа ethereum bitcoin mercado bitcoin net компьютер bitcoin 50 bitcoin nvidia ethereum проблемы сбор bitcoin cryptonight monero bitcoin qiwi bitmakler ethereum keystore ethereum total cryptocurrency ethereum виталий биржи bitcoin прогноз платформа bitcoin сеть ethereum amazon bitcoin yen пулы bitcoin автоматически майнить bitcoin short bitcoin акции In September 2019 the Central Bank of Venezuela, at the request of PDVSA, ran tests to determine if bitcoin and ether could be held in central bank's reserves. The request was motivated by oil company's goal to pay its suppliers. bitcoin вконтакте tether 4pda bitcoin trust bitcoin фарминг plus500 bitcoin love bitcoin андроид bitcoi...