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However, while Nakamoto was the original inventor of Bitcoin, as well as the author of its very first implementation, he handed the network alert key and control of the code repository to Gavin Andresen, who later became lead developer at the Bitcoin Foundation. This event is now known as вЂњBitcoin Pizza Day.вЂќ In July 2010, Bitcoin first started trading, with the Bitcoin price ranging from $0.0008 to $0.08 at that time. At Bitcoin price today in mid-September 2021, those pizzas would be worth an astonishing $478 million.

The first known Bitcoin commercial transaction occurred on May 22, 2010, when programmer Laszlo Hanyecz traded 10,000 Bitcoins for two pizzas. Bitcoin price was $0 when first introduced, and most Bitcoins were obtained via mining, which only required moderately powerful devices (e.g. Just two months later, on January 3, 2009, Nakamoto mined the first block on the Bitcoin network, known as the genesis block, thus launching the worldвЂ™s first cryptocurrency. They proposed to use a decentralized ledger of transactions packaged in batches (called вЂњblocksвЂќ) and secured by cryptographic algorithms - the whole system would later be dubbed вЂњ blockchain.вЂќ

On October 31, 2008, Nakamoto published BitcoinвЂ™s whitepaper, which described in detail how a peer-to-peer, online currency could be implemented. As of 2021, the true identity of the person - or organization - that is behind the alias remains unknown. Who Are the Founders of Bitcoin?Д«itcoinвЂ™s original inventor is known under a pseudonym, Satoshi Nakamoto. Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use. Bitcoin was created, according to NakamotoвЂ™s own words, to allow вЂњonline payments to be sent directly from one party to another without going through a financial institution.вЂќ It was launched soon after, in January 2009.Д«itcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto.

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