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How long have bitcoins been around?

How long have bitcoins been around?

Bitcoin is an important asset in the coming years. It has digital regulation and works on cryptocurrency. Since it’s not a printed currency and only runs on network, coding through cryptography ensures the security of Bitcoin. It is a decentralized entity hence no authorities are liable for its gain or loss.

Existence of Bitcoins

Satoshi Nakamoto first introduced the concept of Bitcoin. He published a whitepaper in November 2008, stating it as “peer-to-peer electronic cash system”. He designed a system for making money transaction without depending on trust factor. His idea came into existence 2009 when he formed the first block or transaction called as genesis block. The source was open and accessible. Some of the early Bitcoin supporters were Hal Finney, Wei Dai, and Nick Szabo.

Existence of Bitcoins

Satoshi alone mined around 1 million coins before he handed over his innovation to Gavin Adresen. He was the member of Bitcoin community who later became the lead developer. Satoshi Nakamoto didn’t reveal his real identity. There was even a doubt if it was a single person or a group of people behind the invention. There are several speculations regarding Satoshi’s real identity but no proof is available so far.

Public ledger for Bitcoin has recorded for all the transactions. Since Bitcoin inception, all transactions have a record. These transactions are visible to all the Bitcoin users.

It has been 8 years since the launch of Bitcoin. The International market saw much fluctuation since then. There were steep ups and downs in Bitcoin value especially in the year 2011 & 2013. A lot of audiences have shown interest in investing. Only 21 million Bitcoin can run in the digital ecosystem.

Currently, 80% of Bitcoins have already entered the network and has been circulating from one user to another. 20% Bitcoin mining is still available for users. A lot of Bitcoin is left to explore.

Author

Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.