The date of October 31, 2008, when Satoshi Nakamoto's Manifesto was released, titled Bitcoin: Peer-to-Peer Electronic Money System, was adopted as Bitcoin's inception date. However, the very beginnings or concepts of cryptocurrencies date back much earlier, to the 1980s. It was the first time that internet privacy was spoken of. A notable person of this period is David Chaum - the creator of the Digi Cash anonymous electronic payment system. He believed that banks and financial intermediaries collected sensitive data that could be dangerous in the future and even violate civil rights.
The whole story is very similar to the one from 2008, except that David's system turned out to be flawed. It had a double-spending loophole, which is well known by the cryptocurrency community. Another date that could have contributed significantly to the creation of Bitcoin is 1997 and the hashców system created by Adam Back. Hashce was the first system to use proof-of-work functions. Adam Back's program was supposed to prevent spam in e-mail boxes. It used email tagging with a specific token. It forced the computer to do computational work before sending or receiving messages. With one email, there was no problem, but with bulk mailing it was very risky. It is worth adding that the Proof of Work protocol used in Bitcona today works in a similar way.
The Cyberpunk organization, which in the 90s wanted to create its own anonymous payment system, also added its own. Later in 2004, the world-famous cryptocurrency Hal Finney proposed proof of multiple use work. The goal was to protect computer systems from DoS attacks. The very idea of Finney turned out to be part of the Bitcoin manifesto, so Hal Finney was accused of being Satoshi and creating Bitcoin. Finally, going back to 2008, when the collapse of Lehman Brothers and the crisis in the US causing a significant reduction in confidence in banks, prompted a desire to merge previous attempts and issue the Bitcoin manifesto. The cryptocurrency was supposed to be an independent means of payment, allowing direct exchange without the need for third parties. The decentralized nature and open source were supposed to give everyone equal opportunities. In 2008, as crazy as it sounded, it gave hope and found an audience that continued to spread, refine and broadcast Bitcoin around the world. The tokens themselves were created by mining, then using the computing power of a computer.
Then through GPU graphics systems, and finally through miners and cryptocurrency mining farms. It is worth noting that the network has been constructed in such a way that the more users belong to it, the greater the computing power needed to mine the cryptocurrency. The very price of Bitcoin created demand. At the very beginning, Bitcoin could be mined or purchased directly from the user, so it was worth what someone would pay for it. It was only later that cryptocurrency exchanges appeared, which in a way determined the price of digital gold. Today it is already known that, basically after the manifesto was broadcast, Bitcoin began to live its life and does not fully fulfill all the functions that its creator assumed. Another interesting fact is that until today it is not known who the mysterious creator of Bitcoin Satoshi Nakamoto was and whether it was one person or a group of cryptographers at all. Certainly, however, Bitcoin inspired many people and opened a great door to a very young but dynamically developing Blockchain technology.
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