The blockchain and the cryptocurrency helped many people to get profits in the short run as well as in long run and recently “The US State of Arizona” announce to accepts taxes in bitcoin and not the only US but Switzerland also accepts bitcoin for taxes. So there were large growth opportunities in blockchain technologies and the big companies are investing their huge funds in blockchain technology so that they can get the first-mover advantage.
Blockchain technology is one of the biggest innovations of the 21st century given the good impact on the financial sector, the manufacturing sector as well as in the educational sector. The blockchain technology is started in the late 1990s. The two-person namely Stuart Haber & W. Scott stornetta distributed an exploration paper named “How to Time-Stamp a Digital Document”. According to that paper, a client sends a document to a time stamping server and the server would sign the document with the current timestamp. They started the company in which they co-founded a spinoff of Bell core, which focused on providing digital time-stamping services using blockchain technology, currently the company is known as Surety and this company is considered as a first blockchain service provider.
However, it is in 2008 when this blockchain technology got popular because of the (people or group of people) by the name Satoshi Nakamoto. This is the main name behind the popularity of blockchain technology or we say on the popularity of bitcoin. Despite the popularity of bitcoin, the identity of the name Satoshi Nakamoto is still unknown. The satoshi is the first person who in 2008 first released the white paper which is a peer to peer electronic cash system or we say a cryptocurrency known as bitcoin.
Nakamoto introduces the first Bitcoin white paper in 2008 from where the technology had evolved and founded its way to be used in, many more applications beyond cryptocurrency. Although the official white paper released by Nakamoto is in 2009 in which they briefly described the blockchain technology, the paper consists of information like how blockchain technology formed and how it can be used in cryptocurrency and other applications.
After the introduction of bitcoin, the market for cryptocurrency starts rising. The commercial use of bitcoin was fist done to make a payment of pizza. You read it right, there was a man named “Lazlo Hanyecz” who makes the first transaction of bitcoin to buy two “Papa John’s pizzas for 10,000 Bitcoin. The date when this transaction is taking place is “22nd MAY” and this day is also crowned as Bitcoin Pizza Day.
Everything has both positive and negative phases and the same is with bitcoin as there was good popularity of bitcoin so it is also used for any illegal activities. In “FEBRUARY 2011” there was an online market known as “SILK ROAD” where people buy and sell illegal products through bitcoin. And that was the same time when the price of one bitcoin reaches to one dollar, and this attracts more investors to invest in bitcoin. As people are seeing profits in bitcoin so they start mining the bitcoin and this the phase when the blockchain is first searched in “Google”. The most important thing happened in 2011 is that “Satoshi Nakamoto” releases the code of bitcoin publically. As the code of cryptocurrency is now disclosed so the people are now making their cryptocurrency like Etherium, Ripple Litecoin, etc.
After the bitcoin got an important place in financial markets, so many big companies accept bitcoin as a means of transaction. The first big transaction comes into consideration when the big company named “Wordpress.com” accepts bitcoin. As all the illegal things come to an end and the same has happened with that online market called “SILK ROADS”, FBI closed that market and they also track the owner of that market and arrests him and charged a lifetime prison on him.
DECEMBER 31, 2019
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