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Board Bitcoin Discussion
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INVENTION OF BITCOIN<for newbies>
by
Noobguy
on 16/11/2024, 20:53:29 UTC
In 2008 an unknown person named Satoshi Nakamoto invented Bitcoin based on a free market ideology. But use of Bitcoin in 2009, With the rise of its open source implementation.

Bitcoin is open source, its design is public, nobody owns or controls Bitcoin and everyone can take part.
Bitcoin is a digital currency that can be used instead of fiat currencies or physical cash. It uses a blockchain to secure transaction information out of the reach of centralized third parties who traditionally facilitate and regulate transactions.
Bitcoin (BTC) is a cryptocurrency (a virtual currency) designed to act as money and a form of payment outside the control of any one person, group, or entity. This removes the need for trusted third-party involvement (e.g., a mint or bank) in financial transactions.
Third-parties like banks, financial institutions, and governments stand between you and your money. Bitcoin requires no permission from anyone. It is free and open to use globally. There are no borders or limits with Bitcoin.
The concept of Bitcoin first emerged in 2008, during an ongoing financial crisis. It aims to address perceived issues of trust and stability in traditional economic systems by eliminating the need for corporate banks and centralized financial institutions.

Who is Satoshi Nakamoto?

Satoshi Nakamoto is the name used by the presumed pseudonymous[1][2][3][4] person or persons who developed bitcoin, authored the bitcoin white paper, and created and deployed bitcoin's original reference implementation.[5] As part of the implementation, Nakamoto also devised the first blockchain database.[6] Nakamoto was active in the development of bitcoin until December 2010.[7]
There has been widespread speculation about Nakamoto's true identity, with various people posited as the person or persons behind the name. Though Nakamoto's name is Japanese, and inscribed as a man living in Japan,[8] most of the speculation has involved software and cryptography experts in the United States or Europe.
The starting of bitcoin was only on a white paper, the thought was exposed by some people together. But at a time Satoshi Nakamoto didn't continue and left developing Bitcoin.

What is Blockchain?
Blockchain technology is a database system that allows for secure, transparent, and permanent sharing of information across a network:
How it works
Data is stored in blocks that are linked together in a chain, and the chain cannot be altered without consensus from the network.
Benefits
Blockchain technology prevents fraud and data tampering, and it provides a single source of truth to eliminate data duplication.
Applications
Blockchain technology can be used to track and trade a wide range of assets, including physical items and intangible assets like intellectual property. It can also be used for supply chain tracking, fund transfers, and more.
How it's used
Blockchain technology is most commonly associated with Bitcoin, the cryptocurrency created using the technology. However, it can also be used to process transactions in fiat currency, like dollars and euros.
Security
Blockchain databases are cryptographically secure, meaning that two cryptographic keys are required to access or add data.

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