The History Of Bitcoin: Who Invented It And How It Evolved

A statue of Satoshi Nakamoto, a pseudonym used by the inventor of bitcoin, is displayed in ... More Graphisoft Park in Budapest, Hungary.
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Bitcoin is an invention that uses cryptography to create a new form of money called a digital commodity. It challenges the notion that a central authority must govern money and payments. Launched in the late 2000s, the Bitcoin Network operates as a decentralized payment system used by hundreds of millions of people to trade bitcoin in exchange for goods and services.
In the sections below, we’ll explore who created bitcoin, its formative years, and the turning points in its journey to becoming a trillion dollar asset. By the end, you’ll understand how bitcoin stands apart from so-called “crypto” and why it is likely to play a leading role in the 21st century economy.
Who Invented Bitcoin?
The invention of bitcoin is famously attributed to “Satoshi Nakamoto,” a pseudonym used by the author of the bitcoin white paper published in 2008. Satoshi mined the first bitcoin block in early 2009.
Despite extensive research and speculation, no one has unmasked the person or group behind Satoshi Nakamoto. This mystery remains one of the most captivating aspects of bitcoin’s history. Some people believe that Satoshi’s pseudonymity is a reason to be suspicious of bitcoin’s origins. However, a deeper examination leads many to the conclusion that bitcoin would probably not have succeeded if its inventor’s identity had been known; the reasons why will be explored below.
Bitcoin’s Early Days
Long before bitcoin arrived, researchers and activists wrestled with creating “digital cash” that replicated the physical scarcity of gold. David Chaum’s eCash, Wei Dai’s b-money, and Nick Szabo’s Bit Gold each introduced cryptographic tokens, timestamped record-keeping, and the concept of decentralized money. Yet they could not solve the problem of eliminating the need for a central coordinator, and did not fully solve the “double spending” problem (spending the same money twice).