Bitcoin was launched on January 3, 2009, by Satoshi Nakamoto, when he created the first Bitcoin Genesis Block. This Genesis Block was the first to supply Bitcoins into circulation.
Bitcoin was presumably programmed between May 2007 and January 2009, and was first introduced as a concept on October 31, 2008.
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Who Launched Bitcoin?
Bitcoin was launched by Satoshi Nakamoto, an anonymous cryptographer who hasn’t been identified to date.
Satoshi is believed to have programmed Bitcoin from May 2007 to April 2011. He created the Bitcoin Software in C++, which manages the Bitcoin Blockchain and the Bitcoin cryptocurrency. It was the first successful Blockchain because it solved the Double Spending problem. Till then, any digital currency failed because users could simply copy them and create an infinite supply. Bitcoin solved this with a Proof of Work consensus mechanism, where a distributed number of nodes (called miners) verified the transactions on the Bitcoin blockchain.
When was Bitcoin Launched to the Public?
Bitcoin was made available to the public on January 3, 2009, when Satoshi Nakamoto published it on SourceForge, a software publishing website.
When was Bitcoin Launched in the Market?
Bitcoin was being traded on the Bitcoin Talk Forum in 2009, with users exchanging Bitcoins for PayPal payments.
Bitcoin became available in the market for the first time by New Liberty Standard in late 2009.
The first proper listing on an exchange was done on Mt. Gox in 2010.
Why was Bitcoin Launched?
Bitcoin was launched to combat the diminishing buying power of Fiat Currencies, especially the US Dollar. Fiat currencies relied on endless printing to create inflation, which artificially prompted growth in the economy.
However, an artificially inflated currency also reduces the buying power of its holder because of the increasing supply.
Further, there was the bailing out of large banks during the 2007-08 US Financial Crisis, which occurred because US Banks sold sub-standard mortgage bonds while rebranding them as top-class assets.
Both these eroded the power of the ordinary person, and Bitcoin was designed to address this by creating a decentralized currency with a limited supply, backed by a trustless system.
Who was Satoshi Nakamoto?
Satoshi Nakamoto was a mysterious cryptographer who is known only because of his creation, Bitcoin. He was also believed to be a master economist.
Believed to be a Japanese-origin person with an Anglican writing style (UK, Canada, Australia, or New Zealand). However, these are not perfectly known.
To date, several people have been suspected to be Satoshi, but only five people have survived on that suspect list:
- Hal Finney
- Gavin Andresen
- Len Sassaman
- Nick Szabo
- Adam Back
There was also suspicion that Satoshi could have been a fictional character created by the CIA because of the meaning of his name, Satoshi, meaning “intelligent,” and Nakamoto, meaning “central.”
Frequently Asked Questions
What was the price of 1 Bitcoin in 2009?
The price of 1 Bitcoin at the end of 2009 was less than 0.001 cent. The actual price came after Laszlo Hanyecz exchanged 10,000 Bitcoins for 2 Large Pizzas in May 2010.
When was Bitcoin Launched on Binance?
Binance listed Bitcoin in July 2017.
When was Bitcoin Launched on Coinbase?
Coinbase listed Bitcoin in May 2012.
Disclaimer: The current article by The Layer is for informational purposes only and does not constitute trading or investing advice. Please refer to a financial consultant before trading or investing.
