The Birth Of Crypto And Bitcoin, Per Elcryptodoc – News Ghana

While many refer to 2009 in the creation of Bitcoin as the birth of crypto, the origins of this technology go way back. Cryptocurrencies and specifically Bitcoin were built on top of decades of technological innovations and envisioning. Its only thanks to several mathematical and computer science breakthroughs of the 70s and 80s, several brilliant minds that laid the foundation of cryptocurrencies. The basics of encryption were developed in the late 70s and early 80s. The first concepts of cryptographic currencies came in during the 1990s. In 2009 Satoshi Nakamoto created Bitcoin by putting together the most interesting innovations in an ingenious new way and thats how he created the Blockchain.

Satoshi Nakamoto

Since the existence of Bitcoin, the question still remains who Satoshi Nakamoto really is. Truth is, nobody knows. There are a lot of potential candidates but what we at Elcryptodoc really think, is that its a collective of math geniuses and cryptography legends who understood that to create a truly decentralized and revolutionary new currency, they needed to remain anonymous. One of the biggest gifts that Satoshi ever gave to the world was remaining anonymous because as we know every single individual or group of people can be made to look flawed but a powerful idea, well.. that can remain perfect forever. Experts at Elcryptodoc says that Satoshi Nakamoto can be a person or a group, its not even known if he or they are still alive because Satoshis crypto wallet, his personal coins were mined at the very beginning of the bitcoin network and they have never been touched. As of today Satoshi based on the holding what it is in that wallet is one of the richest people on this earth.

Born in the financial crisis

In the financial crisis in 2008 the first Bitcoin whitepaper came out by Satoshi Nakamoto. There is even a message inscribed in one of the first blocks of Bitcoin that makes a reference to the global financial crisis. Thats how we know for sure that Satoshi was inspired by this collapse of mainstream finance to create the powerful innovation that we now know as bitcoin.During and after the financial crisis, when the government began to print insane amounts of money, the rise of crypto has been unstoppable since.Thats why experts at Elcryptodoc believes, that the more money governments are continuing to print, the harder the Crypto market will continue to grow.

Decentralized

Bitcoin is a decentralized digital currency without a central bank or a single administrator. Fundamentally what this means is that nobody is in control and can make a decision in printing more bitcoin so to speak. It also means that anybody can access the administration from any computer in the world. You dont even need Bitcoin to run a Bitcoin node or access the network. The whole beauty of this is that anyone has access to the same code around the world and that code prevents anyone from corrupting the system.

Trust code over humans, because code can be incorruptible as long as it is build right, like bitcoin, says Elcryptodoc.

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The Birth Of Crypto And Bitcoin, Per Elcryptodoc - News Ghana