Business,

Who Created Bitcoin?

Spread the love

The creator of Bitcoin is Satoshi Nakamoto. It is a pseudonym, so it is not known if it is a person or a group of people.

Satoshi Nakamoto is the name that appears as the creator of the bitcoin protocol, which mines the first block of bitcoin and makes the first transaction to Hal Finney. This user made his last public contribution to the development of electronic currency in 2010. Until 2016 Gravin Andresen was the most visible figure of bitcoin.

Who controls the bitcoin network

Although Bitcoin has developers that act as spearhead, no one controls the virtual currency as nobody can control the development of the email in the sense that it does not have a single owner.

Programmers can improve the Bitcoin (United Bitcoin Wallet), but they can not impose a change in the protocol. This must follow the same rules for all and these are created in consensus among all users with their decisions on what platforms they choose to operate, for example.

In fact, when discrepancies arise about bitcoin, they are solved among the entire community. For now there has only been one occasion when consensus was not reached and the Bitcoin Cash was created , a new fork in technical terms. For the public on foot it would be a new separate version of the base cryptocurrency with which it shares the same story of blocks until separation.

From there, the ‘control’ of the transactions is carried out through the users themselves , who validate the blocks of the chain and the security of the transaction. Since this chain can not be altered because it is present in thousands of computers around the world and that everyone must approve each change the real control of the bitcoin users.

How bitcoin works?

For the end user Bitcoin is another means of payment, as can the euro and an asset in which to invest, as it can be an action or oil. However, behind it there is a whole technology that allows the system to be reliable. This is the blockchain technology or chain of blocks that, among other things, prevents the double spending of the currency, that is, that someone can spend again the same bitcoin.

In a very summarized way, the Bitcoin network is a public accounting system from which each user keeps a copy. Every time someone makes a transaction, it is stored in the users’ computers, so it is avoided what is known as double spending.

The blockchain (United Bitcoin Wallet) is the technology that is behind the bitcoin and that acts at the same time as database and backup of the system. As we have just seen, in a traditional financial system, any transaction is entrusted to a third person (bank, credit card …), which is what gives validity to the process. With block technology, the users themselves are the ones who do it.

The blockchain is like a great book of digital events (transactions in the case of Bitcoin) shared and distributed among many people. It can only be updated based on the consensus of the majority of users and, once it is updated, the information can not be deleted.

In this sense, each block chain that is added contains verifiable information of all the transactions that have been made in the bitcoin history.

0

writer

The author didnt add any Information to his profile yet