Blockchain Development: History of Bitcoin for Beginners Infinity Blockchain Labs

Blockchain Development: History of Bitcoin for Beginners


December 26, 2017

August 2017 saw a landmark moment for blockchain development and cryptocurrencies: the price of a single Bitcoin exceeded 4,000 USD…a 4 million percent markup compared to its first introduction to the market in 2009.

Bitcoin History

Blockchain Development: History of Bitcoin for Beginners

Around the time of the Lehman Brothers Bankruptcy, a paper was published online outlining the potential of Bitcoins, a new form of virtual currency reliant on blockchain development.
Written under the pseudonym Satoshi Nakamoto, the paper ( alleges the possibility of a currency form that does not require a centralized authority. Engineers jumped on the idea and began developing a working system based on the concepts contained within the paper.  Bitcoin version 0.1 was released on January 9, 2009, after only a few months of development. This moment marked the beginning of blockchain development as well.
Bitcoins were traded for the first time in the real world on May 22, 2010. Lazlo Hanyecz, a programmer living in Florida, exchanged 10,000 BTC for two pizzas. Those same pizzas would be worth about 42,260,000 USD as of September 2017. Fun fact: May 22 is known as ‘Bitcoin Pizza Day.’
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Bitcoin’s Biggest Mystery

Satoshi Nakamoto’s true identity remains unknown, although many people have come forward claiming the title. All remain unproved. To prove one is Satoshi Nakamoto himself/herself, one must either remit Bitcoin from Nakamoto’s personal address or send an email from Satoshi’s mailing list to the Bitcoin community.

The Future of Bitcoins

Blockchain Development: History of Bitcoin for Beginners

Unlike legal tender such as the US dollar and the Japanese yen, Bitcoin allows users to remit BTC in a matter of minutes with negligible fees thanks to blockchain development. More and more people are looking to Bitcoin as a means of solving the problems of traditional financial institutions
A version of this article originally appeared in Token News1, a trusted news source of Infinity Blockchain Labs.

About Article Re-Publisher, Infinity Blockchain Labs

Infinity Blockchain Labs (IBL) is a visionary blockchain development company engaged in intermediary and RegTech services employing blockchain technology. We focus on forming alliances with established businesses and regulatory institutions across various industries, as well as providing collaborative incubation for early stage blockchain projects. We aspire to empower Vietnam to become a global leader in blockchain.
In our attempts to nurture a community which can leverage blockchain development, we partner with outside institutions for research and projects. We apply this belief in collaborative relationships to how we share knowledge – an integral part of our efforts to make Vietnam a global hub for blockchain development. We are therefore delighted to share the information Token News, a trusted voice in the blockchain sphere. We trust that their expertise of blockchain developments around the globe will create a more educated, passionate group of entrepreneurs and regulators that can power blockchain adoption all over the world.

About Token News

“We analyze blockchain projects and invest in the development of those that show potential. Our dedicated staff of blockchain experts works tirelessly to gather and analyze pertinent information about each project, often contacting the team members directly to ensure the most accurate and up-to-date news. Based on this information, we then compare and analyze each project. Our credibility as a company is derived from our ability to deliver valuable information to our customers. Blockchain enterprises are cropping up all over the world and our goal is to keep you informed of the situation. We are convinced that we can create an unprecedented future by using this technology. Also, although blockchain currently faces very little regulation, Token News believes it is important to develop businesses in accordance with existing or potential laws and regulations. Projects that do not conform to regulations have no future, no matter how attractive they may be. Blockchain technology has the power to change the world by improving current businesses and enabling new ones.”
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