History of Bitcoin

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Who is Satoshi Nakamoto?

Origins

Most often, people who have only recently heard about bitcoin have no idea that the currency has been around for many years. The idea of ​​bitcoin was first introduced in 2008 when someone named “Satoshi Nakamoto” published an article on the cryptography resource metzdowd.com.

The published article had the title: “Bitcoin: Peer-to-Peer Electronic Monetary System”.

A little later, in 2009, Satoshi released the first Bitcoin software, which allowed the world to start using the first cryptocurrency.

Satoshi Nakamoto

This question still remains unanswered in the crypto community. There are several well-known assumptions, let’s get acquainted with the most popular of them.

First, let’s figure out what is reliably known about Nakamoto. There is confidence that he does not work alone. He kept in close contact with other developers through forums and emails. Nakamoto continued to make changes to the source code, taking advice from several developers. This continued until the contact between him and his team began to gradually disappear.

In 2010, Nakamoto handed over control of the source code repository to Gavin Andresen, thereby shifting key software maintenance duties to another prominent member of the community. Along with the blockchain source code, Gavin received the Bitcoin.org domain and several other domains. After that, Nakamoto gradually reduced his communication with the participants in the crypto world until he completely disappeared from view.

Nakamoto himself claims to be a 42-year-old man who lives in Japan. According to many people, this is a false statement. Such conclusions are drawn due to the fact that Nakamoto’s English is almost perfect, and the Bitcoin software has not been documented in Japanese. Strange behavior for someone who claims to have lived in Japan all his life.

Where does the creator of bitcoin live?

By now, we come to the conclusion that there are many mysteries around the inventor of bitcoin. Internet users love riddles no less than their answers.
The developer and active member of the bitcoin community, Stefan Thomas, came up with an interesting idea. He decided to study the timestamps of the posts that Nakamoto posted on the forum. With over 500 messages, it was necessary to find something that would unite these messages.

While conducting his investigation, Stefan built a chart according to which between 5 am and 11 am GMT the number of messages was either negligible or there were no messages at all at that time. It is very likely that Nakamoto was asleep at this time. Considering the different time zones in the world, Nakamoto probably lives in areas of North America that fall within the Eastern Time Zone and the Central Time Zone. Parts of Central America, the Caribbean, and South America could also be a possible location for Nakamoto, according to Stefan’s diagram. Now we know where the author of bitcoin most likely lives, but this still does not bring us much closer to the specifics of his personality.

Are we talking about the same person? Some consider the Nakomoto to be a group of people. Many well-known developers believe that the bitcoin code is too well designed to be written by just one person. Dan Kaminsky said after reading the code that Nakamoto can either be a “team of people” or a “genius”.

Dorian Nakamoto

Satoshi Nakamoto broke a three-year silence in order to tell the world that he is not Dorian Nakamoto.

In a Newsweek article, journalist Leah McGrath Goodman stated that Dorian Nakamoto is actually the inventor of bitcoin. The conclusions were drawn from the fact that he is a Japanese living in California.

Dorian Nakamoto immediately replied: “I did not create, invent or work with bitcoin. I unequivocally deny the Newsweek report.”

He even sued Newsweek when journalists set up camp outside his house and started harassing him. The Bitcoin community has launched a fundraising campaign to support Dorian Nakamoto.

The Newsweek report raised a wave of interest in the personality of Satoshi Nakamoto. The only thing the journalist achieved with her article was that he forced the real Nakamoto to break his silence.
On his p2pfoundation page, Satoshi Nakamoto wrote: “I am not Dorian Nakamoto.”

To date, we can only be sure of one thing – we have no idea who Satoshi Nakamoto really is.

Is he a genius who is solely responsible for developing a revolutionary protocol? Or is Satoshi Nakamoto an alias for a team of people? It is believed that Nakamoto owns approximately one million bitcoins. His identity remains one of the biggest mysteries on the internet.

The most important historical events by year

Maxim Gorky: “Without knowing the past, it is impossible to understand the true meaning of the present and the goals of the future”

2008

Satoshi Nakamoto published an article: “Bitcoin: peer-to-peer electronic monetary system”

2009

Satoshi Nakamoto released the first Bitcoin software that allowed the world to start using the first cryptocurrency.

2011

Based on the open source code of bitcoin, other cryptocurrencies began to appear.

The Electronic Frontier Foundation started accepting bitcoins in January 2011.

In June 2011, Wikileaks and other organizations began accepting bitcoin donations.

On March 22, 2011, WeUseCoins published the first viral video about cryptocurrencies, which received over 6.4 million views.

In September 2011, Vitalik Buterin became one of the founders of Bitcoin magazine.

On December 23, 2011, Douglas Feigelson of BitBills filed a patent application for “The Creation and Use of Digital Currency”.

2012

In September 2012, the Bitcoin Foundation was launched with the goal of “accelerating the global growth of bitcoin through the standardization, protection, and promotion of an open source protocol.” The founders were Gavin Andresen, John Matonis, Patrick Murk, Charlie Shrem and Peter Vesenes.

In October 2012, BitPay announced that over 1,000 merchants were accepting bitcoin as payments.

In November 2012, WordPress started accepting bitcoins.

2013

In February 2013, Coinbase reported selling $1 million worth of bitcoins in one month for over $22 per coin.

In March, the Bitcoin network for the first time was forked into two separate chains. Both networks worked for six hours, each of which had its own version of the transaction history. Bitcoin core developers demanded a temporary halt to transactions, causing a sharp sell-off in the cryptocurrency. Normal operation was restored when most of the network reverted to version 0.7 of the bitcoin software. The Mt.Gox exchanger stopped working for a short time, and the rate collapsed by 23%, to $37 per coin. In the following hours, when the work was restored, the rate returned to $48.

In April, payment systems BitInstant and Mt. Gox experienced transaction processing delays due to a lack of network capacity. This led to the collapse of the bitcoin rate from $266 to $76; after the collapse, the rate returned to $160 within six hours.

On May 15, 2013, US authorities seized the accounts of Mt. Gox accusing the exchange of not properly registering with FinCEN in the US.

On May 17, 2013, it was reported that BitInstant handles approximately 30% of the total money flowing into bitcoin.

In July 2013, a bitcoin project was launched in Kenya to stimulate innovative payments in Africa.

The same month, the Monetary and Policy Authority of Thailand stated that bitcoin did not have any legal framework and would therefore be illegal, effectively banning trading on bitcoin exchanges in the country.

On August 6, 2013, U.S. federal judge Amos Matzman of the Eastern District of Texas ruled that bitcoin is “a currency or form of money.”

In October 2013, the FBI seized approximately 26,000 BTC from the Silk Road website during the arrest of the alleged owner of the resource, Ross William Ulbricht.

On October 29, 2013, Robocoin and Bitcoiniacs launched the world’s first Bitcoin ATMs in Canada.

In November 2013, China’s BTC China overtook Japan’s Mt. Gox and European Bitstamp becoming the largest in terms of trading volume.

On December 5, 2013, the People’s Bank of China banned Chinese financial institutions from using Bitcoin.

2014

In January 2014, the bitcoin network speed exceeded 10 petahash/sec. TigerDirect and Overstock.com have started accepting bitcoin.

In February 2014, one of the largest bitcoin exchanges, Mt. Gox suspended operations and claimed that 744,000 bitcoins were stolen.

In June 2014, the network speed exceeded 100 petahash/sec.

In July 2014, Newegg and Dell started accepting bitcoin.

In December 2014, Microsoft began accepting bitcoin to buy Xbox games and Windows software.

2015

In January 2015, Coinbase raised $75 million in a Series C funding round.

Less than a year after the collapse of mt. Gox, the UK-based Bitstamp exchange announced that the attack resulted in the theft of approximately 19,000 bitcoins from their wallet, equivalent to approximately US$5 million at the time.

In March 2015, 21 Inc announced that it had raised US$116 million from venture capital investors, the largest amount for any digital currency-related company.

As of August 2015, 160,000 companies were accepting bitcoin.

2016

In January 2016, the bitcoin network speed exceeded 1 ekfash/sec.

In March 2016, the Japanese Cabinet recognized virtual currencies such as bitcoin.

In April 2016, Steam began accepting bitcoin as payment for video games and other online media services.

In August 2016, a major bitcoin exchange, Bitfinex, was hacked and almost 120,000 BTC (about $60 million at the exchange rate at the time) were stolen.

In September 2016, there were 771 ATMs worldwide.


The number of published articles mentioning bitcoin has grown from 83 in 2009 to 3,580 in 2016, according to Google.

2017

The number of businesses accepting bitcoin continues to grow. In January 2017, NHK reported that the number of online stores accepting bitcoin in Japan increased 4.6 times over the past year.

Bitcoin is gaining more legitimacy among legislators and legacy financial firms. Japan passed a law accepting bitcoin as a legal payment method. Russia has announced that it will legalize the use of cryptocurrencies.

In March 2017, the number of projects on GitHub related to bitcoin exceeded 10,000.

Trading volumes on the exchange continue to grow. In the 6-month period ending March 2017, Mexican exchange Bitso increased its own trading volume by 1,500%.

Between January and May 2017, Poloniex increased the activity of traders by over 600%.

On August 1, 2017, bitcoin split into two derivative digital currencies: classic bitcoin (BTC) and bitcoin cash (BCH).

On October 25, 2017, a fork of Bitcoin Gold appeared.

On November 8, the SegWit2x Bitcoin mainnet upgrade was officially cancelled.

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Alexandr Kerya

I'm has been actively developing my agency, INCRYPTICO, together with the team of marketing specialists, advertising and PR managers who have all been working together earlier.

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