*** ## Everything You Need To Know About Bitcoin, What Is Bitcoin And Who Created It? PART1 ***

QUESTIONS :

1. WHAT IS BITCOIN ?
2. WHO CREATED IT ?

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ANSWERS :

1-WHAT IS BITCOIN ?

• Definition of Checker

To cut through some of the confusion surrounding bitcoin, we need to separate it into two components. On the one hand, you have bitcoin-the-token, a snippet of code that represents ownership of a digital concept – sort of like a virtual IOU. On the other hand, you have bitcoin-the-protocol, a distributed network that maintains a ledger of balances of bitcoin-the-token. Both are referred to as “bitcoin.”

The system enables payments to be sent between users without passing through a central authority, such as a bank or payment gateway. It is created and held electronically. Bitcoins aren’t printed, like dollars or euros – they’re produced by computers all around the world, using free software.

It was the first example of what we today call cryptocurrencies, a growing asset class that shares some characteristics of traditional currencies, with verification based on cryptography.

• General definition

Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! Bitcoin can be used to book hotels on Expedia, shop for furniture on Overstock and buy Xbox games. But much of the hype is about getting rich by trading it. The price of bitcoin skyrocketed into the thousands in 2017

2-WHO CREATED IT ?

The mastermind behind the original concept of Bitcoin is Satoshi Nakamoto who registered the domain http://bitcoin.org on the 18th of August 2008 , published the white paper Bitcoin: a Peer-to-Peer Electronic Cash System on a cryptography mailing list, and launched the first Bitcoin protocol in 2009. Satoshi Nakamoto is the pseudonym of a programmer (or programmers) whose real identity has remained unknown.

In February of 2014, Newsweek claimed that the real identity of ‘Satoshi Nakamoto’, was the 64-year old, California-resident and retired engineer, Dorian Satoshi Nakamoto. However, Dorian Nakamoto vehemently denied these claims.

Nonetheless, Satoshi shared his work with a community of developers at a very early stage and published the Bitcoin protocol in the public domain. An open-source software since its conception, Bitcoin has been available to anybody who wants to improve upon it or design their own cryptocurrency.