The History of Bitcoin, the First Cryptocurrency #MyFirstSquarePost #DigiCoinSeer
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Bitcoin, the first cryptocurrency, was launched in January 2009 by a computer programmer or group of programmers under the pseudonym Satoshi Nakamoto. The history of Bitcoin started with its invention and was implemented by the presumed pseudonymous Satoshi Nakamoto, who integrated many existing ideas from the cypherpunk community. Over the course of bitcoinâs history, it has undergone rapid growth to become a significant currency both on- and offline.
Prior to the release of bitcoin, there were a number of digital cash technologies, starting with the issuer-based ecash protocols of David Chaum and Stefan Brands. The idea that solutions to computational puzzles could have some value was first proposed by cryptographers Cynthia Dwork and Moni Naor in 19923.
On 3 January 2009, the bitcoin network came into existence with Satoshi Nakamoto mining the genesis block of bitcoin (block number 0), which had a reward of 50 bitcoins. Embedded in the genesis block was the text: The Times 03/Jan/2009 Chancellor on brink of second bailout for banks. This note has been interpreted as both a timestamp of the genesis date and a derisive comment on the instability caused by fractional-reserve banking.
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