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When Bitcoin started

Author Author Maria Kozlovskaia
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5 minutes

When Bitcoin started Photo 1

The first mention of cryptocurrency appeared in 1983, but everything remained "on paper" until 2008. Thirteen years ago, the oldest cryptocurrency, bitcoin, appeared. For almost five full years its competitors used its algorithm for creating their own versions (altcoins). When coin jumped sharply in 2017, discussions began about who actually came up with it and what it was for.

The idea for cryptocurrency came about through the development of a cashless transfer system. The key challenge for the creator of the asset was to develop technology that would allow for transparent yet anonymous payments over the Internet. The challenge was to leave the information about the payer and the recipient confidential but to allow third parties to present the payment data.

When did bitcoin start, the basic security algorithms had already existed much earlier:

  • 1983 - since the started of the coin, there was the "blind signature" algorithm, the electronic cash protocol (David Chown worked on them).
  • 1997 - Hashcash (spam protection developed by Adam Black) appeared.

It is worth mentioning Nick Szabo, who worked on the Bit Gold decentralized financial system project. It is sometimes attributed to him when discussing who created bitcoin. But the programmer himself denies it. He was only the first to try out a similar technology, and unsuccessfully at that.

When did bitcoin startand who was its creator?

It is officially believed that the founder of the cryptocurrency is Satoshi Nakamoto. That's how the anonymous developer, who wrote the protocols for the brand new currency (when coin appeared), which he himself named Bitcoin, called himself. The year 2009 became the starting point for mining the first digital coins. The author of the system created the first BTC wallet and generated the first block. Initially, due to the lack of material support, the value of one monetary unit was counted by the cost of electricity.

What began to change when bitcoin started?

When did bitcoin start, it took only two years for the exchange services of this digital gold for real money to open. After that, there were proposals to trade the cryptocurrency on the exchange, on a par with the U.S. dollar, pound, or euro. For example, the exchange J2TX launched its own service and began to provide unique services for the sale of cryptocurrency and even introduce its users to the world of crypto.

Even the founder of bitcoin did not anticipate such dynamics. Leading media, stock exchanges, and corporations paid attention to the new way of paying for goods. There was also some criminal activity: until 2013, the Silk Road criminal group, which sold illicit goods for BTC, was active in the U.S. market.

After the arrest of its creators, the cryptocurrency began to be taken seriously. That, according to experts, provoked a sharp rise in the rate of coins. On the one hand, the governments of many states are trying to take control of an anonymous payment system. On the other hand, it attracts investors and keeps the high rate of cryptocurrency.

When did bitcoin cash start? What kind of features does it have? Where to buy it? - Q&A section.

What security systems does Bitcoin have?

Bitcoin's technology-the protocol and cryptography have a time-tested high level of security, and the coin network is probably the world's largest distributed computing project. The biggest vulnerability in BTC is user error itself.

Where to buy a coin?

Today, there is an unlimited number of places where you can become a crypto owner. But all of them belong to several categories: exchanges (regulated and not), personal purchase at the meeting, exchange offices - P2P (sites).

But when choosing where to buy bitcoin, you should definitely consider J2TX, because here you have access to a simple purchase in a couple of actions, investing in Ethereum, and you can also become the owner of tokens of the platform and get a good monthly income.

What kind of money is accepted for buying an asset?

Each of the ways to buy offers its own currency, but the most common are, first of all, the dollar, then the euro, the third place is taken by Russian rubles.

How much is the coin worth now and how much did it cost when did bitcoin start?

The first time the coin was traded at $0.000763, today the rate is $41750.00 (at the moment of writing this article on July 31, 2021).

Is BTC a pyramid scheme?

It is not. A pyramid scheme, while promising unrealistically high profits, assumes that the income of its participants is provided by constantly attracting money.

Bitcoin does not promise any benefits to investors. Its only promise is complete control over one's own finances. And even if one accepts the assumption that demand for the cryptocurrency from newcomers or professional investors can lead to a rise in the exchange rate, early participants do not receive any dividends from new ones. Finally, the very distributed nature of coin suggests that there is no single central structure that could benefit financially.

Bitcoin's advantages.

Important advantages are decentralization, the benefit of transfers, smooth operation of the network, 256-bit encryption giving full protection, privacy.

BTC - fraud or digital gold?

Bitcoin can replace gold as a means of capital preservation, analysts of investment company Grayscale believe. They explained that the precious metal has large reserves, it cannot be easily divided and transported. Therefore, the first cryptocurrency is perfectly suited to the role of "digital gold."

What are experts' predictions for the future position of the currency?

Many analysts see a positive future for Bitcoin. Many believe that the currency will change and make investors nervous, but, nevertheless, will slowly strive upwards and may reach the mark of $300,000 per asset.

What are the most striking examples of earning a coin?

Perhaps the most striking example of the colossal earnings when did bitcoin start was the creator of the Binance platform - Changpeng Zhao. Left without means of subsistence, he sold his house to invest his last funds in BTC. The investment turned out to be incredibly successful, and in 2018 Zhao's fortune was estimated at $1.5 billion.

And for safe Bitcoin transactions, you can always use J2TX. The service contains 128-bit protection, which provides you with security. The company provides asset selling services with 0.95% commission and instant receipt.

Using J2TX you can both invest in Ethereum and buy the company's tokens.

J2TX is an opportunity to become an investor and get a stable income!

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