How Cryptocurrencies Came To Be

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Overview
Difficulty
Beginner
Duration
36m
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Description

This course covers the fundamentals of cryptocurrencies, including what they are, their origins, their economic impact, and the future of crypto.

Transcript

There's no denying the fact that cryptocurrencies have the potential to impact the status quo, regardless of industry. However, this is all still very new if not experimental. The thing that always fascinates me is that we never could have imagined such a thriving Cryptocurrency ecosystem at Bitcoin's inception, and Bitcoin's inception, is what it always comes back to when we discuss how cryptocurrencies came to be. So, to truly understand how cryptocurrencies came to be, let me dive into Bitcoin starting point with you, its origins. By understanding this, it will help you see how this ecosystem came to be. To give you a clearer picture on its origins, I want to take you back to 2008. This is when the Bitcoin whitepaper was released, under the name of Satoshi Nakamoto. This is allegedly the name of the founder of Bitcoin but has never been confirmed. Following which the first version of the Bitcoin Software Client was released in 2009. Then in 2010, as Bitcoin started to slowly rise in popularity, the mysterious founder started to fade away from the Bitcoin community. Satoshi worked with an open source team. However, he was careful to never release too much information abouts himself to them. Then the last anybody heard of him was in 2011, when it was said, he mentioned he had moved on to other things. Many assume, that Satoshi Nakamoto is Japanese, but it's best not to assume. The name, Satoshi Nakamoto is itself a cryptic clue, Satoshi gen really means wise, Naka means relationship, Moto means origin. It's a very clever name. Many assume it's a single person but has it ever crossed your mind? It could be a group of people operating under one name? We just don't know. Over the years there have been a flurry of people who many of four, is Satoshi Nakamoto. But when it's gone further into looking into them, it turned out they actually weren't Satoshi. All the people thought to have been Satoshi Nakamoto had a common background in cryptography. Hence they were accused. They all had deep interest, and interaction in the world of cryptography through various projects. One was even a cryptography gadget, others were entrepreneurs in the truest sense. At its core, Bitcoin is a successful product of the Cypherpunks Movement from the late 80s and early 90s. That's around about the time the Cypherpunks Movement really started to push forward with working on methods in the aim of achieving privacy through the use of cryptography.

Bitcoin has really strengthened the entire Cypherpunk Movement. By enabling organizations such as WikiLeaks to continue operating via Bitcoin donations even after their traditional financial system has cut them off, which is in fact true statement. As the US Government pushed Visa, Mastercard, PayPal, Amex, and all other payment processes to erect an illegal blocking bank-aid. So they were going to block their payments access illegally against Wikileaks starting in 2010. And, it was because of that, it resulted in WikiLeaks accepting Bitcoin. So, Bitcoin really does help bank, be unbanked. But just around this lecture off, many will ask, "Isn't it a bad thing that the founder of Bitcoin is anonymous?" I like to look at that on the flip-side and say it's a great thing. The reason being, the voice of that person or persons, can't heavily change the value of Bitcoin. For example, when the CEO of a Fortune 500-Company speaks out in public, that has the power to increase or decrease its share price. Bitcoin doesn't have that problem. Bitcoin is controlled by all of those connected to the network. Any decision that will affect Bitcoin, has to be decided by the network of people connected to it. A consensus must be made between all parties. One Party can decide on a decision for the whole network. Today the original founder or founders of Bitcoin have not been found. We may never find out who it really is, but that's the mystery of Bitcoin. But just so you're assured, Bitcoin is backed by an amazing team of developers, miners, users, and businesses helping push it forward. I've created some of the most key moments in the Cryptocurrency eco-systems history and plotted them out nicely on the timeline of events for you. It will be an absolute treat for the visual learner in you. The resource attached to this lecture, so be sure to check that out. I'm sure you'll spot a few things in the history of cryptocurrencies that you may have not been aware of. It's a great learning resource, which you can always refer back to as well. But we've covered everything for this lecture. Let's now move over to the next lecture, which is all about how the crypto currency eco-system works.

 

About the Author
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Ravinder is an expert instructor in the field of cryptocurrencies and blockchain, having helped thousands of people learn about the subject. He's also the founder of B21 Block, an online cryptocurrency and blockchain school.