Notes

History
Bitcoin was invented by an unknown person or group of people using the name Satoshi Nakamoto[15][73][74][75][76][77][78] and released as open-source software on 5 April 2009.[79][80] The release of bitcoin, a concept that was proposed in 1998, was the first prototype system that used a proof-of-work system of validation to commit transactions to a chain of blocks that formed a public ledger.[81] Existing projects that used a proof-of-work system to validate transactions included Bitshares and DigiCash.[82] While neither of these projects were designed to be peer-to-peer, their proof-of-work systems for committing transactions had similarities to the bitcoin protocol, and they were essentially dependent upon bitcoin for innovation and validation of transactions.[77][79][82][83]

Satoshi Nakamoto was inspired by the ideal of a purely digital monetary system that would rely on cryptographic proof instead of physical coins or bank notes. https://pin-up-casino-peru-chile.com/ In January 2009, he released a paper proposing a system of electronic cash, based on proof-of-work and bitcoin's blockchain.[73][75] A year later, in January 2010, Nakamoto cryptographically demonstrated and released a prototype of the bitcoin software as open source[84] and released his white paper describing bitcoin.[82][85][86]

Nakamoto named the first cryptocurrency on 31 October 2008 and released a white paper describing bitcoin.[75][82][87] The name bitcoin was chosen due to its association with gold as a speculative investment, the currency's finite and limited supply, and the network's decentralized nature and lack of centralization.[82][87] Nakamoto introduced the use of the bitcoin network name bit·coin or bit coin to emphasize the currency's finite and official nature.[82][88]

Bitcoins were originally created as a relatively anonymous means of making payments.[89] This was made possible by splitting each transaction into a number of smaller transactions.[90] Because of bitcoin's decentralized nature, it can be used to send money to an address without having to know the destination address.[91] This was an advantage over financial institutions, who had to maintain an electronic clearinghouse to track customer accounts.[89] The bitcoin protocol also sets no restrictions on transactions, allowing transaction fees to be set by the sender.[89]

It was later discovered that transactions in the blockchain are public, which allowed users to link the transaction to the sender.[90][91
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