Know About the Development rate of Bitcoin – iDigitalTrends

Recently, platforms that trade bitcoin futures have recorded a record volume of open positions. But there is one group that is forbidden to trade contracts on various exchanges.

Due to the constant hype around Bitcoin, almost all Internet users already know that it appeared in 2009, and its creator was Satoshi Nakamoto a programmer. The assertion that he was the very first cryptocurrency has already become an axiom and it is even strange to think that in reality this may not be so at all.

It turns out that one of the very first pioneer candidates for the world of electronic currencies appeared in the Netherlands in the late 1980s. At that time, gas stations in the country suffered from constant night thefts. Instead of increasing the number of guards and risking the lives of people, the development team tried to combine money with newly developed smart cards each of us has a modern version of this technology in his wallet, turning into a bank card with a chip that has long become commonplace. To gain access to the services of a gas station, drivers were asked to use personal cards instead of cash. The problem was solved very elegantly customers could not fear for their lives, and gas stations saved on hiring security personnel.

The very idea of linking fiat money with electronic secure storage is vaguely reminiscent of the principle of bitcoin design. Yes, cryptography with such a solution was not at such a tricky level as it is now everything was simpler: without blockchain, decentralization and other cryptocurrency joys, but perhaps the Netherlands smart card is the great-grandfather of cryptocurrencies.

Around the same time, and perhaps a little earlier than the Dutch developers, the American cryptographer was experimenting with another form of electronic currency. He created a new type of money that strangers could exchange with each other with a high level of confidentiality and security. The basic concept of solution was based on the use of the blind signature system he developed protection against transaction tracking, based on the RSA encryption algorithm, which is still used on the Internet. Doesnt resemble anything?

Ideas were somewhat ahead of his time, because he decided to move from the USA to the Netherlands in the late 80s they were one of the most advanced countries in the world in the development and implementation of the latest technologies. There, he got a job at CWI, one of the leaders in cryptography and mathematical algorithms of those times, where he gained enough experience to open his own electronic currency development.

Other terms related to bitcoin

By the way, many other famous names in this area are associated with this development, for example, Nick Szabo a specialist in the field of cryptography from the USA, who formed the theoretical base of digital currencies, which became the basis for creating bitcoin. You can perform bitcoin trade and transaction with profit-revolution.com

It turned out to be such a revolutionary product that it caused an unprecedented wave of media attention. News of e-money technology spread throughout the world in a matter of months and she was even prophesied to take the place of VISA. The first payment through the new system was made in 1994. It is quite possible that the history of cryptocurrencies would have begun much earlier than 2009, if an unfortunate event had not intervened in the events of those times as a result of some oversights, seriously quarreled with the Central Bank of the Netherlands (DNB).

As a result of the protracted war, the parties reached a compromise, as a result of which digital electronic money technology was sold to the bank. And it seems like all this should have led to the introduction of new items in payment systems, but in life everything is not going so smoothly,

This was the difficult fate of the first potential cryptocurrency. However, nothing goes unnoticed ideas became the basis for the emergence movement. All modern cryptocurrencies are built on the basis of its solutions, and not only they the TOR anonymous network system, PayPal and many other services use the algorithms.

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Know About the Development rate of Bitcoin - iDigitalTrends