Bitcoin: Difference between revisions
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<sup>5</sup> Token Metrics, “ The History of Bitcoin - A Journey from Ideology to Adoption”, [https://www.tokenmetrics.com/blog/bitcoin-history Achieved] | <sup>5</sup> Token Metrics, “ The History of Bitcoin - A Journey from Ideology to Adoption”, [https://www.tokenmetrics.com/blog/bitcoin-history Achieved] | ||
Tracing Bitcoin’s evolution reveals more than just technological progress; it tells the story of society’s changing perception of money, trust, and value. From its mysterious creation to its worldwide influence, Bitcoin’s journey embodies innovation, resilience, and the future of decentralized finance. | |||
== Background == | |||
Pioneering projects shaped the development of [https://www.ibm.com/think/topics/blockchain decentralized digital currency], each introducing innovative concepts while facing challenges like double-spending and regulatory hurdles. In the 1980s, [https://dailycoin.com/david-chaum-man-who-inspired-nakamoto/ David Chaum’s] DigiCash implemented protocols for anonymous transactions. Its centralized structure and financial difficulties prevented widespread adoption, ultimately leading to bankruptcy.<sup>7</sup> | |||
In the late 1990s, [https://coinmarketcap.com/academy/article/satoshi-files-wei-dai Wei Dai] proposed [https://www.investopedia.com/terms/b/bmoney.asp b-money], a concept for a decentralized digital currency. Although never implemented, its ideas on proof-of-work and anonymous transactions influenced later [https://www.analyticsinsight.net/cryptocurrency-analytics-insight/top-picks-for-fastest-growing-cryptocurrencies-in-2025 cryptocurrencies]. Around the same time, [https://paybis.com/blog/glossary/what-is-hashcash/ Adam Back] developed Hashcash, which used [https://www.analyticsinsight.net/cryptocurrency-analytics-insight/proof-of-work-vs-proof-of-stake-the-100-billion-choice-behind-blockchains-future proof-of-work] to prevent email spam. It was innovative but not intended as a monetary system. | |||
[https://cs.stanford.edu/people/eroberts/cs201/projects/2010-11/Bitcoins/e-gold.html Douglas Jackson] and [https://cs.stanford.edu/people/eroberts/cs201/projects/2010-11/Bitcoins/e-gold.html Barry Downey] created E-gold in 1996, allowing electronic transfer of gold ownership. Its centralized design led to legal and security challenges, resulting in closure. [https://bitcoinwiki.org/wiki/nick-szabo Nick Szabo’s] [https://www.investopedia.com/terms/b/bit-gold.asp Bit Gold], conceived in the late 1990s, proposed a decentralized currency resembling modern cryptocurrencies. While theoretical, its concepts heavily influenced later digital currencies. | |||
In 2004, [https://koinly.io/blog/hal-finney-bitcoin/ Hal Finney] developed [https://nakamotoinstitute.org/finney/rpow/ RPOW (Reusable Proof of Work)] to facilitate the exchange of proof-of-work tokens. Its novel design served mainly as a proof of concept rather than a | |||
Blockpitt, “Bitcoin’s History & Evolution: From Cypherpunks to Cryptographic Milestones, Achieved, Retrieved March 2025. | |||
Revision as of 11:43, 18 November 2025
| Bitcoin | |
|---|---|
| |
| Commonly used logo of bitcoin | |
| Denominations | |
| Plural | Bitcoins |
| Symbol | ₿ (Unicode: U+20BF ₿ BITCOIN SIGN) |
| Code | BTC |
| Precision | 10⁻⁸ |
| Subunits |
59 Markets.com, “Crypto market analysis: What are the features of cryptocurrency?” Archived. Retrieved October 2025 |
| Development | |
| Original author | Satoshi Nakamoto |
| White paper | Bitcoin: A Peer-to-Peer Electronic Cash System |
| Implementation | Bitcoin Core |
| Initial release | 0.1.0 / 9 January 2009 (16 years ago) |
| Latest release | 30.0.0 / 11 October 2025 (34 days ago) |
| Code repository | GitHub |
| Development status | Active |
| Written in | C++ |
| Source model | Free and Open Source Software |
| License | MIT Licence |
| Ledger | |
| Ledger start | 3 January 2009 (16 years ago) |
| Timestamping scheme | Proof of work (partial hash inversion) |
| Hash function | SHA-256 (two rounds) |
| Issuance | Decentralized (block reward), Initially ₿50 per block, halved every 210,000 blocks |
| Block reward | ₿3.125 (as of 2025) |
| Block time | 10 minutes |
| Circulating supply | ₿19,934,271 (as of 14 October 2025) |
| Supply limit | ₿21,000,000 |
| Valuation | |
| Exchange rate | Floating |
| Website | bitcoin.org |
Bitcoin (abbreviation: BTC; sign: ₿) is a digital form of money without any physical existence. Unlike traditional currencies, it operates without central control or banks. Transactions occur over a decentralized network of thousands of interconnected computers, known as nodes.1
Based on early concepts of digital money, the origins of cryptocurrency trace back to 1983, when David Chaum introduced eCash and launched Digicash in 1989.
In 2008, Satoshi Nakamoto published Bitcoin: A Peer-to-Peer Electronic Cash System 2, introducing blockchain technology and decentralization. Bitcoin’s network launched in 2009 with the mining of the Genesis Block.
Key milestones were achieved: the first real transaction on May 22, 2010; surpassing $1 in 2011; and widespread recognition by 2013. From 2021 to 2025, Bitcoin achieved global legitimacy through SEC approvals of ETFs, PayPal integration, and U.S. regulatory frameworks under President Donald Trump.3
Bitcoin transactions occur on a decentralized blockchain network where users transfer digital currency between wallets. Verified by miners using cryptography and proof-of-work, each transaction ensures transparency, security, and independence, allowing peer-to-peer payments without banks or intermediaries.4
History
Bitcoin, often called ‘digital gold’, has transformed from a simple concept into a global financial revolution. Its significance reaches far beyond market trends or public debates.5
1 BBC, “What is Bitcoin? An eight-step guide to cryptocurrency”, Achieved referred to as ‘digital gold,’ has evolved Retrieved July 2020.
2 Bitcoin.Org “Bitcoin: A Peer-to-Peer Electronic Cash System, Nakamoto, Satosh”, Achieved, Retrieved October 2008.
3 U.S. News & World Report L.P, “The History of Bitcoin’ Achieved, Retrieved September 2025
4 GeeksforGeeks, “How Bitcoin Transaction Works”, Achieved, Retrieved September 2021
5 Token Metrics, “ The History of Bitcoin - A Journey from Ideology to Adoption”, Achieved
Tracing Bitcoin’s evolution reveals more than just technological progress; it tells the story of society’s changing perception of money, trust, and value. From its mysterious creation to its worldwide influence, Bitcoin’s journey embodies innovation, resilience, and the future of decentralized finance.
Background
Pioneering projects shaped the development of decentralized digital currency, each introducing innovative concepts while facing challenges like double-spending and regulatory hurdles. In the 1980s, David Chaum’s DigiCash implemented protocols for anonymous transactions. Its centralized structure and financial difficulties prevented widespread adoption, ultimately leading to bankruptcy.7
In the late 1990s, Wei Dai proposed b-money, a concept for a decentralized digital currency. Although never implemented, its ideas on proof-of-work and anonymous transactions influenced later cryptocurrencies. Around the same time, Adam Back developed Hashcash, which used proof-of-work to prevent email spam. It was innovative but not intended as a monetary system.
Douglas Jackson and Barry Downey created E-gold in 1996, allowing electronic transfer of gold ownership. Its centralized design led to legal and security challenges, resulting in closure. Nick Szabo’s Bit Gold, conceived in the late 1990s, proposed a decentralized currency resembling modern cryptocurrencies. While theoretical, its concepts heavily influenced later digital currencies.
In 2004, Hal Finney developed RPOW (Reusable Proof of Work) to facilitate the exchange of proof-of-work tokens. Its novel design served mainly as a proof of concept rather than a
Blockpitt, “Bitcoin’s History & Evolution: From Cypherpunks to Cryptographic Milestones, Achieved, Retrieved March 2025.