Where It All Began: The Idea of Blockchain, Originally Developed for Bitcoin!

When the developer(s), under the name, Satoshi Nakamoto, started working on Blockchain Technology, their idea was to develop a digital payment/currency system that does not rely on a central governing authority like Banks/Governments.

They wanted this system to be very transparent, making every user in the system accountable for each transaction. This belief eventually gave birth to today’s known Bitcoin. It was released as an open source software in 2009, after it was introduced to a Cryptography mailing list on October 31, 2009.

Since this currency system does not require any third party, in a Peer to Peer transaction, it gained popularity and soon from 0.008 = 1$ in 2010, the value of a Bitcoin increased to a staggering 1186.39 = 1$ by 2017. Please go through the infographic for the complete journey of Bitcoin.

 

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