Mumbai12 minutes agoAuthor: Aditya Mishra
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On August 14, Bitcoin made Rs 1.08 crore alltime high.
The price of bitcoin has crossed ₹ 1.08 crore for the first time. In 2009, its value was close to zero. Many interesting stories are also associated with this currency.
Like no one knows the person who has made it. He has kept himself anonymous. Just a mysterious name came out- Satoshi Nakamoto.
Similarly, no one can forget the pizza purchased in 2010, which was bought by giving 10,000 bitcoins. It was bought by a software engineer.
If that engineer would not buy this pizza at that time and keep this bitcoin with him, then the price of these bitcoins would have been more than 10 thousand crores.
That is, if one pizza has 6 slices, then according to two pizza, the price of one slices was 833 crore. Here we Interesting story of bitcoin in 5 chapters Telling…
Chapter-1
Start of bitcoin
It was the time of 2008, the economic crisis was at its peak worldwide. At that time, people’s trust in banks and governments was staggering. People were angry with the decisions and system of banks and central banks. Many people lost their deposits due to the wrong policies of banks.
In this environment, an anonymous man, who calls himself Satoshi fails, introduced a new type of digital currency concept paper. In this, he had told in detail how a currency can be made that can work without any bank and government.
Then on 3 January 2009, the first block of Bitcoin was created ‘Jennis Block’. Bitcoin started from here. The purpose of bitcoin was to give a currency that is ‘decentralized’ i.e. which does not have control of any one institution.
The 2008 crisis began with the US housing bubble. Banks distributed home loans without thinking, people who were not able to repay. This picture is of 13 October 2008. People in New York City were protesting outside the New York Stock Exchange.
Chapter-2
First transaction
The matter is on May 22, 2010. Florida based a programmer named Laszlo Hainage posted a post on the bitcoin forum. It wrote, ‘I want to buy two pizza by giving 10,000 bitcoins.’ At that time the price of bitcoin was so low that the value of 10,000 was just $ 41.
A man named Jeremy Sterdivant responded to Laszlo’s post. Jeremy ordered two pizza from Papa Johns and delivered at Laszlo’s address. In turn, Laszlo sent 10,000 bitcoins to Jeremy. This was the first real-world transaction of bitcoin.
It is known as ‘Bitcoin Pizza Day’. At that time no one knew that the price of bitcoin would touch the sky in the future. Today the price of a bitcoin has reached Rs 1.08 crore.
Why is this transaction special?
- This was the first time bitcoin was used for a physical item ie pizza.
- In such a situation, it was first revealed that bitcoin can act like money, not just digital code.
- According to today, the price of 10,000 bitcoins is more than 10 thousand crore rupees. People jokingly say that they were ‘the most expensive pizza in the world’.
Chapter-3
Anonymous founder
No one knows who is the founder of bitcoin. Just a mysterious name came out- Satoshi Nakamoto. Nobody knows that it was a person, a group, or just a name.
In 2008, Satoshi posted a whitepaper on an online cryptography mailing list, whose title was-‘Bitcoin: a Pir-to-Pire Electronic Cash System’. This was the first time someone heard the name Satoshi.
In January 2009, Satoshi released Bitcoin’s first software and started the network. He himself mined the first bitcoin block. The Satoshi was active on the forums, interacting with developers, suggesting to improve bitcoin.
But then, he suddenly disappeared in 2011. In one last email, he wrote, ‘I am now working on other things. Bitcoin is in good hands. ‘ Till date no one knows who Satoshi was Nakamoto.
Some believe that he was a Japanese programmer, while some say that it was a group of many people. His wallet has about 1 million bitcoins, which are worth billions of dollars today, but they were never touched.
A statue of Satoshi Nakamoto is installed at Budapest’s graphisoft park in Hungary. This idol is for honoring the unknown person who created bitcoin and blockchain technology behind it.
Satoshi’s oblivion made bitcoin even more mysterious, but his blockchain technology changed the world. There can be 3 major reasons for their oblivion:
1. Security concerns: Satoshi made bitcoin as a currency that is out of the control of governments and banks. This system is going to challenge the world’s financial system. If Satoshi tells his true identity, then…
- Governments and Central Banks of many countries could fall behind Satoshi. Everyone tried to kill or arrest them.
- It is believed that Satoshi has about 1 million bitcoins. If his identity was revealed, criminals could target him.
2. Intention of dyscentralization: There is also a theory that Satoshi wanted to keep bitcoin deserted. That is, out of the government, bank and even their own control. If he would tell his identity and become the face of bitcoin.
In such a situation, people started connecting bitcoins to their name. Everything of his words would be considered to decide the direction of bitcoin, which was against his original idea. Satoshi wanted the bitcoin community to carry it forward.
3. Avoiding conspiracies and speculation: If Satoshi had told his identity, people would question his intentions. Are they using bitcoins for their own benefit? Are they working for a government or big company?
Being anonymous, he tried to avoid all such speculation. With this, the focus of bitcoin was on technology and its aim instead of their identity.
Chapter-4
Technology
Bitcoin is a digital code that lives in your digital wallet. Just as you send messages on WhatsApp, similarly you can send bitcoin anywhere in the world through the Internet. Its total number is 21 million. More bitcoins will never be made than this.
- It works on blockchain technology. Imagine that there is a bookkeeping, in which bitcoin transactions from all over the world are written. This bookkeeping is called blockchain and it is present together on thousands of computers.
- Blockchain is like a digital copy that records information, such as transactions. Everyone can see it, but no one can change or erase. It shares on many computers, so it is safe and reliable.
- When you send bitcoin to someone, this transaction is recorded in blockchain. The task of checking and securing it “Minors”, which solves mathematical problems with the strength of their computers. In turn, they get new bitcoins.
- Understand mining with an example. Suppose there is a lock and has millions of keys. Now to open this lock, all the keys will have to be seen by applying one by one. The locks that will first open will get bitcoin.
How does blockchain work?
Think of blockchain as a series of blocks. Each block is a page of copy that contains a list of transactions (eg, Aditya sent 100 rupees to Vikram).
When the block is filled, it is locked and connected to the previous block. Computers called Nodes check and store this information, making it perfect and safe by ensuring that it is correct and safe.
The blockchain is also very safe, as it uses mathematics and code to save data. Since many computers keep a copy of blockchain, it is difficult to hack.
Chapter-5
Most bitcoin
It is said that Satoshi mines about 11 lakh bitcoins in the early days. These coins are still kept in their 22,000 wallets. Its price is now more than 11 lakh crore rupees.
According to a Bloomberg’s December 2024 report, nearly the same bitcoin is with American spot ETFS. However, it is difficult to accurately guess who has more coins of these two coins.
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