Bitcoin is a decentralized cryptocurrency first proposed in 2008 and launched in 2009 by the pseudonymous Satoshi Nakamoto. There are many speculations as to what led to Bitcoin’s inception and for what purpose it was created. Encoded in the genesis block (i.e. the starting point of the network) is the news headline “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”. This suggests that Bitcoin was created as a response to the currently flawed fractional banking system, which contributed to the global financial crisis of 2008/2009. By creating a decentralized digital currency in which no private institution or central authority controls, elements such as inflation are governed solely by the law of mathematics, opposed to being susceptible to human error.
The code repository for Bitcoin can be found at:
Start: January 3rd 2009
Block Time: 10 Minutes
Current Block Reward: 12.5
Time stamping Scheme: Proof of Work
Hash Function: SHA-256