History of bitcoin

It is known that Japanese Satoshi Nakamoto invented the crypto currency

Although no one knows what kind of person he is, he is considered a mysterious person in the world. In 2008, he published a file describing the operation of the crypto currency, setting out the basis for the operation of the bitcoin payment system. So the source code of the new unique user program was received, and from this time the Bitcoin network was launched.

After a while, in May 2010, the first exchange bitcoin took place for a real product. These were the two pizzas that the American ordered Lads Lohanage.

At the forum of fans of bitcoin, he wrote that he would give 10 thousand bitcoins to someone who ordered him a pizza. The American had bitcoins, and Lads did not know what to do with them. I found a man who, for his money, bought these two pizzas, and as a result received 10 thousand bitcoins, which are currently estimated at 4 million dollars.

The smallest bitcoin unit is called Satoshi.

It is divided up to the eighth sign, to one hundred millionth, which is very convenient – for example, for charity or making small bets in a casino.

The arrival of new bitcoins into the system is a reward to users who conduct so-called computational operations – mining (“mining”). Such people are called miners. They write down in a single block all payment transactions that take place on the network from the moment the previous block emerges, and “seal” it, encrypting it with a special signature.

After that, the new block is encrypted in the same way, using the signature of the previous one, as a result of which the transaction becomes irretrievable (it can not be canceled), and the system itself is insured against getting any counterfeit money. Blocks are attached to each other and the blockage turns out.

The issue of bitcoin is completely independent, unlike other money.

The total number of bitcoins is limited by the algorithm of 21 million pieces. At present, about 15 million are produced, and, as the rates of bitcoin release decline every day, it is projected that the creation of bitcoin will cease by 2140. Each emerging block leads to an increase in processing power, the number of miners increases, and the processes become more complex. The chain of blocks is lengthened, so it is even harder to break or break it.

At the moment, the performance of the bitcoin network is 15 times greater than the total processing power of all the strongest computers in the world. This does not give any chance of installing over the blocking system even minimal control. If this happened, it would require incredible resources, million or billions of dollars.

It was a classic online casino, in which there were games that we all know – slots. The software for bitcoin-casino made it possible to make the game process as simple as possible. Users had to register, replenish the account with the bitcoins on the site and select a specific number. After that, SatoshiDice (“Ghost of Satoshi”) threw dice, and those participants who chose a larger number than fell on the bones were defeated. Bitcoins were used for transactions.

According to unofficial data, the income of this institution from April to December amounted to 400 thousand dollars. SatoshiDice is associated with the name of Eric Voorhis, who in July 2013 sold this casino for 126,315 bitcoins. At that time, it was the largest transaction, as a result of which the owner received almost $ 12 million. Now such a sum of bitcoins is equal to 50 million dollars. Someone has not lost, decided to buy bitcoin-casino SatoshiDice.