Satoshi

Bitcoin

Revolution

<p class="p1" style="text-align: justify">Today marks 15 years since Satoshi Nakamoto, the creator of <a href="https://en.coin-turk.com/gold-silver-and-bitcoin-as-safe-havens-insights-from-robert-kiyosaki/" data-wpel-link="internal">Bitcoin</a>, shared the Bitcoin technical document with a mailing list of cryptographers on October 31, 2008. Before providing the link to the document titled “Bitcoin: A Peer-to-Peer Electronic Cash System,” Satoshi stated that he was working on a new electronic cash system that is completely peer-to-peer and does not rely on trusted third parties.</p> 
<h2 class="p1" style="text-align: justify" id="how-was-the-cryptography-revolution-achieved">How Was the Cryptography Revolution Achieved?</h2> 
<p class="p1" style="text-align: justify">In the Bitcoin white paper, Satoshi proposed a decentralized system that could facilitate peer-to-peer transactions and solve the “double-spending” problem commonly associated with cryptocurrencies. He suggested implementing this system through a proof-of-work consensus mechanism to verify and record transactions using a network of data.</p> 
<p class="p1" style="text-align: justify">Following this milestone, Bitcoin was officially launched just two months later, on January 3, 2009.</p> 
<p class="p1" style="text-align: justify">Satoshi’s breakthrough came after other impressive developments in the fields of cryptography and cryptocurrency. The first reference mentioned in the Bitcoin white paper is Wei Dai’s B-<a href="https://newslinker.co/category/finance/" data-wpel-link="exclude">money</a>, an electronic peer-to-peer cash system that never materialized but played a key role in Satoshi’s bitcoin plans.</p> 
<p><img decoding="async" class="aligncenter wp-image-272111 size-full" src="https://coin-turk.com/wp-content/uploads/2023/10/bitcoin-whitepaper.webp" alt="" width="1284" height="1926"></p> 
<h2 class="p1" style="text-align: justify" id="the-emergence-of-bitcoin">The Emergence of Bitcoin</h2> 
<p class="p1" style="text-align: justify">Similar to Bitcoin, B-money proposed that participants in the system maintain a database of account balances tracking the ownership of money. Transactions would be initiated and completed with a broadcast message sent to all participants, updating their account balances for the specific transaction.</p> 
<p class="p1" style="text-align: justify">In many ways, this can be seen as a precursor to the Bitcoin protocol, which maintains a continuously growing blockchain data record. This process requires a cryptographic proof called proof-of-work, which proves to others that a certain amount of computational effort has been expended on one side of the transaction.</p> 
<p class="p1" style="text-align: justify">Satoshi applied this concept to Bitcoin, referencing Adam Back’s Hashcash, which included proof-of-work to limit email spam and denial-of-service attacks in 1997. Another fundamental feature of Bitcoin successfully implemented by Satoshi was the use of a method called timestamps.</p> 
<p class="p1" style="text-align: justify">In Bitcoin, a timestamp server runs alongside the blockchain network, associating a timestamp with a transaction block’s hash (a unique serial number) when the block is added to the Bitcoin blockchain.</p> Continue Reading: <a href="https://en.coin-turk.com/the-cryptography-revolution-how-bitcoin-was-born/" data-wpel-link="internal">https://en.coin-turk.com/the-cryptography-revolution-how-bitcoin-was-born/</a>

The Cryptography Revolution: How Bitcoin Was Born

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