bitcoin history – Bitcoints

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Published on July 21st, 2015 | by bitcoin

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bitcoin history

Information about bitcoin history

Bitcoin

Bitcoin is a payment system invented by Satoshi Nakamoto, who published the invention in 2008 and released it as open-source software in 2009. The system is peer-to-peer; users can transact directly without needing an intermediary. Transactions are verified by network nodes and recorded in a public distributed ledger called the block chain. The ledger uses its own unit of account, also called bitcoin. The system works without a central repository or single administrator, which has led the US Treasury to categorize it as a decentralized virtual currency. Bitcoin is often called the first cryptocurrency, although prior systems existed. Bitcoin is more correctly described as the first decentralized digital currency. It is the largest of its kind in terms of total market value.
Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into the public ledger. This activity is called mining and the miners are rewarded with transaction fees and newly created bitcoins. Besides mining, bitcoins can be obtained in exchange for different currencies, products, and services. Users can send and receive bitcoins for an optional transaction fee.
Bitcoin as a form of payment for products and services has grown, and merchants have an incentive to accept it because fees are lower than the 2–3% typically imposed by credit card processors. Unlike credit cards, any fees are paid by the purchaser, not the vendor. The European Banking Authority and other sources have warned that bitcoin users are not protected by refund rights or chargebacks. Despite a big increase in the number of merchants accepting bitcoin, the cryptocurrency doesn’t have much momentum in retail transactions.
The use of bitcoin by criminals has attracted the attention of financial regulators, legislative bodies, law enforcement, and media. Criminal activities are primarily centered around black markets and theft, though officials in countries such as the United States also recognize that bitcoin can provide legitimate financial services.

History

History (from Greek ἱστορία, historia, meaning “inquiry, knowledge acquired by investigation”) is the study of the past, particularly how it relates to humans. It is an umbrella term that relates to past events as well as the memory, discovery, collection, organization, presentation, and interpretation of information about these events. Scholars who write about history are called historians. Events occurring prior to written record are considered prehistory.
History can also refer to the academic discipline which uses a narrative to examine and analyse a sequence of past events, and objectively determine the patterns of cause and effect that determine them. Historians sometimes debate the nature of history and its usefulness by discussing the study of the discipline as an end in itself and as a way of providing “perspective” on the problems of the present.
Stories common to a particular culture, but not supported by external sources (such as the tales surrounding King Arthur) are usually classified as cultural heritage or legends, because they do not support the “disinterested investigation” required of the discipline of history. Herodotus, a 5th-century BC Greek historian is considered within the Western tradition to be the “father of history”, and, along with his contemporary Thucydides, helped form the foundations for the modern study of human history. Their work continues to be read today and the divide between the culture-focused Herodotus and the military-focused Thucydides remains a point of contention or approach in modern historical writing. In the Eastern tradition, a state chronicle the Spring and Autumn Annals was known to be compiled from as early as 722 BC although only 2nd century BC texts survived.
Ancient influences have helped spawn variant interpretations of the nature of history which have evolved over the centuries and continue to change today. The modern study of history is wide-ranging, and includes the study of specific regions and the study of certain topical or thematical elements of historical investigation. Often history is taught as part of primary and secondary education, and the academic study of history is a major discipline in University studies.

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