Bitcoin (BTC)

Bitcoin is the first decentralised, open source cryptocurrency that runs on a global peer-to-peer network without the need for middlemen and a centralised issuer. Bitcoin was created by Satoshi Nakamoto, a pseudonym used by the developer(s), who published the invention on October 31, 2008 to a cryptography mailing list in a research paper called ‘Bitcoin: A Peer-to-Peer Electronic Cash System’.

On just 8 pages (9 including the references) he writes it as kind of a response to the financial crisis at the time. Do you already know the story behind today's largest and probably best-known cryptocurrency protocol Bitcoin? 

After Bitcoin's white paper was published on October 31 2008 by an anonymous author named Satoshi Nakamoto (not clear if it is a group of people or only one person), the foundation was laid for this and other digital currencies. The whitepaper describes how a peer-to-peer network can be used to send and receive payments without the need for a central intermediary.

According to Satoshi Nakamoto's original vision, Bitcoin was to be a currency that individuals could control and regulate, which can be interpreted as "his (or their)" answer to the financial regulations and manipulations that took place before the 2008 financial crisis. From a technical point of view, it is a protocol that allows users to store and transmit information on a secure network, without being prone to the double-spending problem.

Satoshi Nakamoto generated the first 50 Bitcoins in January 2009, i.e. "Block 0", the so-called Genesis Block, and thus launched the network. Of course, over time more and more people downloaded the programme, helped improve it and thus strengthened the network in the long term. In the first few years, Bitcoin was seen more as a hobby project for enthusiasts, but over time the awareness and benefits of this network increased steadily. According to wikipedia, in January 2009, Hal Finney was the Bitcoin network's first transaction recipient. On February 24 2010, according to the Wikipedia entry (link), the Bitcoin logo was introduced by Satoshi Nakamoto in its current form ₿. The first the first publicly-known exchange of goods for Bitcoin took place on 22 May 2010 when Kevin Knitterscheidt paid for two pizzas for 10,000 BTC. 

In the following years, Bitcoin developed more and more into a legitimate alternative to inflationary currencies such as the Argentine peso or Venezuelan bolívar.  More and more companies have started to accept Bitcoin and other cryptocurrencies as a means of payment.  

Various governments around the world have also been working since then to regulate the implementation of cryptocurrencies and accept them as an alternative currency. Since February 2021, natural and legal persons who are liable to pay taxes in the canton of Zug (Switzerland) can even pay their tax bill with the cryptocurrencies Bitcoin (BTC) and Ether (ETH) and also it is possible to establish a corporation with in-kind contributions of cryptocurrencies. As the first country in the world to introduce Bitcoin (BTC) as a currency and legal tender, El Salvador did so in the beginning of September 2021. After El Salvador, the Central African Republic has introduced Bitcoin as an official means of payment in 2022. On the island of Roatán in the Caribbean state of Honduras, Bitcoin has also been declared legal tender also in 2022. Panama is also taking steps (draft legislation, end of 2022) to make all cryptocurrencies marketable at once. Cuba, Mexico and other countries are also toying with this idea. 

More details about the story of Bitcoin you can find on Wikipedia