7 Nov 2014

Bitcoin - Satoshi Nakamoto's brainchild

Crypto currencies have revolutionized not only payment methods & techniques but have also had a huge impact on the economy. Back in 2009, when the use of bitcoin was increasing rapidly but now, its value is about $350 and it has even reached dizzying heights of $1300 which, put in simple terms, is just amazing. The very fact that bitcoin had a value of around $0.0007 in 2009 is just unbelievable. In just 4 years , Bitcoin has made a huge  increase not only in value but also in terms of its user base, the demand for Bitcoins has had a huge impact on many industries .Many leading retail outlets are now accepting Bitcoins as a method of payment, for example Starbucks and Dell. This shows how popular Bitcoin has become. Moreover, people are embracing it with open hands and promoting it. In fact, bitcoin now has a market share of $ 4.39 billion!  Which is spread 
over 13,461,950 Bitcoins( credits to http://coinmarketcap.com/). Want to compare this value with other crypto currencies? Well, Litecoin, which was released for faster confirmations has a market share of $119.652 million. This is just a tiny number compared to the humongous $4.39 billion of bitcoin. All of this has been possible by
 the one and only, Satoshi Nakamoto.

Jason Benjamin/flickr


 Gradually, more and more people started accepting bitcoins as a method of payment and now, in 2014, there are over  hundreds of crypto currencies, each of them having a decent value and demand. Some of them in whole numbers while some of them in decimals. People are now mining bitcoins & other cryptocurrencies aggressively and there are several companies which are dedicated to bringing out quality hardware for mining.Mining has a dual advantage, one was the person who was providing his hashes gained a decent amount and possibly a profit.The other advantage is that these advantages helped in the stability of the currency and the transactions are smoother and faster. This shows  how clever Satoshi Nakamoto was. Put in simple terms, he was a genius and now people are selling his Ip addresses and passwords on DarkNet.Why? Apparantly, he didn’t configure Tor properly and his Ip address was leaked sometime in 2010 when he accessed his email. This was told by an unknown person who gained access to Satoshi Nakamoto’s  p2pfoundation.ning.com account. He also thanked Satoshi for creating Bitcoin and stated that he was not safe and he needed to get out fast.

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