Cryptocurrency: Expert on how financial system is being ‘remade’
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Bitcoin (BTC) is still on top of the market in 2021, despite a turbulent year. Altcoins have reigned supreme for most of the year so far, with tokens like DOGE making astronomical four-figure point gains in a matter of weeks. BTC has now settled at $44,370 (£32,138) after gaining 20 percent of its value in a week.
Who created Bitcoin?
Bitcoin was a trailblazing invention first realised more than a decade ago in 2009.
The token marked the first official implementation of a cryptocurrency in human history.
The concept itself was already more than 20 years old and the brainchild of Wei Dei, who published their idea on a mailing list in 1998.
Who created Bitcoin? Mysterious history behind the world’s most expensive crypto (Image: GETTY)
Bitcoin creator: Bitcoin is currently primarily traded rather than used as a currency (Image: GETTY)
Bitcoin’s creator is the pseudonymous Satoshi Nakamoto.
The developer first introduced the invention via another mailing list, where they published a specification and proof of concept for the cryptocurrency.
He left the project in 2010 and remained tight-lipped on any particulars about their true identity.
The decentralised nature of Bitcoin means the developing team has drastically evolved, now incorporating anyone with the means.
Bitcoin creator: Some places have started adopting BTC as a currency (Image: GETTY)
According to the official Bitcoin site, Mr Satoshi’s identity had previously raised “unjustified concerns” amongst the developing community.
Their FAQ states these stemmed from a “misunderstanding” of Bitcoin’s open-source framework.
Bitcoin operates as other cryptocurrencies do on a “blockchain”.
Each operator in the Bitcoin network may create an individual digital ledger that fits into a larger whole.
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Bitcoin creator: Bitcoin mining consumes a massive of electricity which once turned companies off (Image: GETTY)
Transactions made with BTC are submitted to the network first for approval or rejection by its constituent parts.
A new “block” then joins the “chain” of older blocks, meaning there is no centralised control or need for a single overseeing figure.
As such, Mr Satoshi is no Steve Jobs, as he ultimately left the coin in the hands of the general populace.
Bitcoin’s site states his identity is now “probably as relevant today as the identity of the person who invented paper.”
Although Bitcoin has settled into trades for years, its future appears more diversified.
Odeon owner AMC recently announced it would allow customers to pay for tickets and concessions with the coin by the end of 2021.
Other businesses have hesitated to do the same due to the power consumption necessary to “mine” tokens.
Tesla CEO Elon Musk ceased Bitcoin-based payments earlier this year following concerns about its carbon footprint.