Ten Bitcoins had been magically transferred between Satoshi and cryptography legend Hal Finney.
It was the beginning of a revolution which, to this day, promises to change how humankind deals with money, finance and how we do business.
In this article we take a brief look at this pioneering technology, introducing basic concepts to get you started with Bitcoin.
It all started with a legacy financial market that wasn’t living up to everyone’s expectations. In fact a massive crisis was building up at the heart of the financial sector: the traditional banking system.
Financial Crisis of 2008
Bitcoin appeared at a time when the traditional markets were collapsing.
The 2008 crash exposed a fragile financial system that required massive State intervention in order to recover and become functional again.
In this context, a new kind of money appeared, and its very first record contained a message that reflected the reality of the time:
“The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”
This now legendary quote was stamped forever on Bitcoin’s very first mined block.
Since the blockchain on which Bitcoin is built is immutable, Satoshi’s message is coded there forever, carved in cryptographic stone.
Find complete historical and technical data, software development information and comprehensive documentation about all aspects of Bitcoin on the official Bitcoin wiki.
Bitcoin in a Nutshell
Mineable? Yes. Bitcoin is the world’s first mineable cryptocurrency.
(In fact, Bitcoin created the concept of cryptocurrency mining.)
Hashing algorithm: SHA256
Bitcoin will pay block rewards until the year 2140.
Cryptocurrency Symbol: BTC
Maximum supply: 21.000.000 BTC
Current circulating supply (mid 2018) : 17.063.812 BTC
Note: This article has been artificially backdated to January 9, 2009 as a tribute to the timestamp on the first Bitcoin ever mined : the genesis block.