Introduction to Bitcoin
What problem does Bitcoin solve?
In 2009, the concept of a peer-to-peer electronic payment system was published in a whitepaper
that revolutionized the world and laid foundations for the birth of a multi-billion dollar industry
of cryptocurrencies. Little did anyone know that the technologies and applications the cryptocurrencies provide will
offer so much in value and open doors for further innovations. Bitcoin was the very
first cryptocurrency to be accepted as a peer-to-peer version of an electronic payment system, therefore
opening doors for other cryptocurrencies to be born.
The primary aim behind the inception of
Bitcoin was to provide people with an easier and more efficient means of transaction that
was not under the authority of any institution. Apart from the decentralization concept, it intended
to solve the delay and time-costly transactional processes and cut down on the fee charges.
Bitcoin, in summary, was trying to achieve the same functionality as companies like PayPal, but
attempted to save users their money and render these third-party systems obsolete and useless (Nakamoto,
3Blue1Brown: But how does bitcoin actually work?
What is Bitcoin
What does the cryptocurrency Bitcoin actually do?
The actual product or the application of the Bitcoin network is mainly for transactional purposes. Within 10 years, 350 million transactions have been processed by the Bitcoin network since 2009. The network allows up to 7 transactions per second and the transactional speeds are in seconds (Blockchain.com, 2019).
Who is behind Bitcoin
What team is working to make Bitcoin successful?
The founder of Bitcoin has remained a mystery to the whole world. The founder goes by the name of Satoshi Nakamoto and it is still unclear as to whether this name is real or a pseudonym. The smallest Bitcoin amount that can be transferred is named after him and is known as 1 Satoshi (0.00000001 BTC). After the founder of the Bitcoin, it is the lead developer Wladimir J. van der Laan who has earned the trust and support of previous developers and the Bitcoin community on the whole. Vladimir is not involved in any other projects and is working solely for Bitcoin (Bitcoin Wiki, 2015).
Satoshi Nakamoto is the pseudonym used for the mind behind the Bitcoin vision though nobody knows his real identity or whereabouts. The current lead developer of the Bitcoin network is Wladimir J. van der Laan (laanwj) who has been working on the current post since 2014. (Bitcoin Wiki, 2015).