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What is Bitcoin, simple and understandable!

In recent years we hear more and more about Bitcoin: the extreme rise and fall in value, for companies adopting it as a payment way, for investments and more. In this article we will look at what the Bitcoin is, how was created, and the short but impressive history. The Bitcoin is probably the biggest change in the financial system for more than a century. Larger, possibly, from the first appearance of credit cards.

What is Bitcoin?

With simple words, The Bitcoin is digital currency. It hasn't any physical form of coins or banknotes. It's not produced by any particular country. Not controlled by any particular bank.

The production, the storage, handling, and all transactions that are solely in electronic form. To be more precise and scientific, the Bitcoin is a peer-to-peer payment system and an open source digital currency. Basically belongs to cryptocurrency, as it uses cryptographic methods to create and manage money, and to confirm the validity of the transactions.

The First Bitcoin

The idea of a distributed cryptocurrency proposed partly in 1998 by Wei Dai, the mailing list of Cypherpunks activist group, actively promote the use of strong cryptography. However, it took ten years, and perhaps the collapse of Lehman Brothers, until there are early indications of practical application of this idea.

In 2008, probably inspired by the economic crisis, became the first scientific publication describing of the bitcoin. At 2009 the Bitcoin made its first functional appearance when the first release of open source client made its presence, simultaneously with the creation of the corresponding Bitcoins.

The creator of the corresponding software remained anonymous, using the pseudonym Satoshi Nakamoto. The actual identity, or even whether it is a person or a group, remains a mystery to this day. Of course, because the internet loves a good mystery, numerous theories have been proposed about who may be hiding behind this nickname. Among the plethora of theories, several relatively reasonable, indicating the candidates with the right skills: mathematical geniuses, computer scientists, economic sociologists with programming knowledge, and cryptographic groups.

There are of course the "Bye-bye" theories, eg that the companies Samsung, Toshiba, Nakamichi and Motorola hiding behind Bitcoin. Because they had nothing better to do, whole multinationals from playing with digital currencies ...

What we do know is that Satoshi Nakamoto for a long time gaves by his presense answers in several forums about Bitcoin. But, sudenly in spring of 2012 he disappeared without giving any clue of what may happen or where he went.