The legend of Bitcoin

By Sapi | Sapi | 2 Nov 2020


The origin of cryptocurrencies is still present in legendary narratives.

For sure the creator is Satoshi Nakamoto, who invented the first and most famous cryptocurrency in 2008. Just after a month after the bankruptcy of Lehman Brothers Nakamoto announces its program: to create an electronic monetary system by exploiting the peer-to-peer network exploiting the technology of shared registers (DLT), i.e. the blockchain, to prevent the currency from being copied.

Is timing casual ? That's the first point to be noted.

In 2009 the first block is created from which the bitcoin blockchain will develop: the block will be tagged as mined. The next block records the first bitcoin transaction between Nakamoto and a cryptographer activist. Later, the father of cryptocurrencies mined  a million bitcoins. Until 2010, the year in which Nakamoto disappears and New Liberty Standard publishes the first bitcoin quote.

That's the real born maybe.

His work was continued by worldwide miners through very complicated operations, which are managed by extremely high-performance terminals consuming a considerable amount of energy.

That's the balance energy vs virtual energy or money.

They can decrypt the algorithm of a block, which contains a certain amount of cryptocurrencies that are assigned to the miner as a price This quantity is halved every 4 years: from the initial 50 to the current 12.5. The decryption is necessary to update the transactions: in this way the miners, in addition to issuing new bitcoins, are responsible for guaranteeing the authenticity and regularity of each operation. No  need for a central authority, such as , for example, a bank.

Bank are out. That's another considerable note.

However, the issue of new 'money' is limited: it cannot exceed 21 million units. When the threshold of units is reached, the system itself will provide the currencies necessary to remunerate the miners.

When the d-day will be?

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