CryptocurrencyNews

Bitcoins are a decade old – the story so far

Satoshi Nakamoto famed as the funder of Bitcoin had shared a long dissertation about peer-based payment system.

A decade ago in the first week of January 2009, the first Bitcoins were mined. The first block of coins was mined on January 3, 2009. Now 10 years later the crypto community joined to celebrate the arrival of the revolutionary technology. The first batch which was mined had been called the Genesis Block. It has remained the world’s largest cryptocurrency and now made its way into daily usage.

Satoshi Nakamoto famed as the funder of Bitcoin had shared a long dissertation about peer-based payment system. This has gone on to become the constitution of the cryptocurrency universe. From being valued at a few cents at the time bitcoin is now appreciated a million-fold more. Satoshi’s vision had been a shared network and the first several batches had-elementary level of difficulty. Ordinary computers could mine for one in a few minutes. The complexity of the latest block is 5.6 trillion times more requiring specialized crypto mining rigs.

Bitcoin did not function in the centralized manner of banks and established financial institutions. It was a decentralized system somewhat like torrent sharing but obviously far more complex. There was no controlling authority, and a shared ledger kept everyone honest. Crypto mining involves solving the mathematical puzzles and the first one to reach a solution owns the coin. A decade ago the popularity of cryptocurrency was unknown when Satoshi had sent few bitcoins to his friend Hal Finney. It reached an all-time high in December 2017 being valued at $20,000. Since then it has languished at about a quarter of that value.

There have been 16 different iterations of the original protocol. However, it is as yet not a stable release and comes with a caution notice about being a software still in development. Satoshi must be a very proud man since his creation sparked off a race to create several other cryptocurrencies.

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