Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: Niko on September 17, 2018, 09:38:50 PM
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THE HISTORY OF BITCOIN.
ctober 2008, Satoshi Nakamoto published the famous whitepaper entitled "Bitcoin: A Peer to Peer Electronic Cash System". In 2009, he released the first bitcoin software that powered the network, and it operated smoothly for several years with low fees, and fast, reliable transactions.
Unfortunately, from 2016 to 2017, Bitcoin became increasingly unreliable and expensive. This was because the community could not reach consensus on increasing the network capacity. Some of the developers did not understand and agree with Satoshi's plan. Instead, they preferred Bitcoin becoming a settlement layer.
By 2017, Bitcoin dominance had plummeted from 95% to as low as 40% as a direct result of the usability problems. Fortunately, a large portion of the Bitcoin community, including developers, investors, users, and businesses, still believed in the original vision of Bitcoin - a low fee, peer to peer electronic cash system that could have been used by all the people of the world.
On August 1st, 2017, we took the logical step of increasing the maximum block size, and Bitcoin Cash was born. Anyone who held Bitcoin at that time (block 478558) became an owner of Bitcoin Cash (BCH). The network now supports up to 32MB blocks with ungoing research to allow massive future increases.
DECENTRALIZED DEVELOPMENT
With multiple independent teams of developers providing software implementations, the future is secure. Bitcoin Cash is resistant to political and social attacks on protocol development. No single group or project can control it. Multiple implementations also provides redundancy to ensure that the network retains 100% uptime. he bitcoin-ml mailing list is a good venue for making proposals for changes that require coordination across #DevelopmentTeam s. Workgroups have been set up to assist developers to coordinate and seek peer-review. For those wishing to implement changes to the Bitcoin Cash protocol, it is recommended to seek early peer-review and engage collaboratively with other developers through the workgroups
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And bitcoin history records that the more day bitcoin is getting more valuable. Bitcoin is increasingly known and developing, and is even adopted by many countries as a payment system.
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One of the biggest financial stories of the past year has been the incredible rise of bitcoin. The virtual currency was designed to revolutionize peer-to-peer transactions; it doesn't require a go-between (like a bank or credit card network), the exchange of personal information, or transaction fees.
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The history of bitcoin starts when the price is still very low, which is 10 cent. And we can see that currently bitcoin has grown well and has high value. And because there are many governments in several countries that regulate bitcoin, I am sure that in the future the price of bitcoin will be higher and can run according to the original purpose created.