Who started bitcoin

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What is Bitcoin? Who created Bitcoin? Who controls the Bitcoin network? How does Bitcoin work? Is Bitcoin really used by people? How does one acquire bitcoins? How difficult is it to make a Bitcoin payment? What are the advantages of Bitcoin? What are the disadvantages of Bitcoin? Why do people trust Bitcoin? Can I make money with Bitcoin? Is Bitcoin fully virtual and immaterial? Is Bitcoin anonymous? What happens when bitcoins are lost? Can Bitcoin scale to become a major payment network? Is Bitcoin legal? Is Bitcoin useful for illegal activities? Can Bitcoin be regulated? What about Bitcoin and taxes? What about Bitcoin and consumer protection? How are bitcoins created? Why do bitcoins have value? What determines bitcoin’s price? Can bitcoins become worthless? Is Bitcoin a bubble? Is Bitcoin a Ponzi scheme? Doesn t Bitcoin unfairly benefit early adopters? Won t the finite amount of bitcoins be a limitation? Won t Bitcoin fall in a deflationary spiral? Isn t speculation and volatilityBitcoin is different than what you know and use every day. Before you start using Bitcoin, there are a few things that you need to know in order to use it securely and avoid common pitfalls. 2.

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Choose your wallet You can bring a Bitcoin wallet in your everyday life with your mobile or you can have a wallet only for online payments on your computer. In any case, choosing your wallet can be done in a minute. 4.

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Spend bitcoins There is a growing number of services and merchants accepting Bitcoin all over the world. You can use Bitcoin to pay them and rate your experience to help honest businesses to gain more visibility. 1. Inform yourself Bitcoin does not require merchants to change their habits. However, Bitcoin is different than what you know and use every day. Before you start using Bitcoin, there are a few things that you need to know in order to use it securely and avoid common pitfalls. 2. Processing payments You can process payments and invoices by yourself or you can use merchantBitcoin, like all great fantasies, has a compelling creation myth: one Satoshi Nakamoto existed on the internet just long enough to give birth to everyone s favorite cryptocurrency before disappearing for six years. Theories abounded as to the man s true identity. No one could track him down. That is, until Newsweek apparently did just now. It turns out, according to the Newsweek report, that Satoshi Nakamoto is not an alias for Sinichi Mochizuki, or Wei Dai, or a shadowy European computer collective.

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Satoshi Nakamoto is Satoshi Nakamoto, and he lives in California and likes to play with trains. In fact, there s reportedly not all that much to say about Nakamoto other than that he seems like a pretty unassuming guy who d rather be left alone. If you want to read the story of how the Intrepid Reporter tracked him down, that s all here (spoiler: emails and phone calls!). But the basics are that Nakamoto is a 64-year old former defense contractor with six kids, a rumpled fellow who dNewsweek is returning to print, and it’s kicking things off with a big scoop: Leah McGrath Goodman’s investigation into the real-life identity of Satoshi Nakamoto, the shadowy creator of Bitcoin.

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She concludes that he’s a guy living near Los Angeles, using the name Dorian S. Nakamoto.

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A few thoughts: Sometimes the answer is right there in front of you: Satoshi hunting is the Bitcoin community’s version of snipe hunting.

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Many people assume he is a myth, or the name of a group of people working together. The New Yorker took a shot at it in 2011. In December, a researcher named Skye Grey said the culprit was probably Nick Szabo, a former economics professor at George Washington.

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Goodman’s investigation started with the premise that the creator was an actual person with the name Satoshi Nakamoto, and she seems to have found him. Dorian S. Nakamoto has a background working on technology for the military and is “very wary of the government, taxes, and people in charge,” according to hisEveryone knows who founded Bitcoin but nobody knows who he is.

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Satoshi Nakamoto invented the virtual currency. He wrote a big paper and hundreds of posts on it and everything. But Nakamoto doesn t really exist, as Joshua Davis wrote in this week s New Yorker.

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And yet Nakamoto himself was a cipher. Before the debut of Bitcoin there was no record of any coder with that name. He used an e-mail address and a Web site that were untraceable. Davis set out to find the real Nakamoto. He found the guy: Michael Clear. The problem: Clear denies it.

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And Fast Company s Adam Peneberg thinks he might have some ideas, pointing to three other possibilities. In the race to unmask the anonymous money s anonymous mastermind, here is what is know and where the speculation leads. Nakamoto s extensive postings are written in flawless English. Over the course of two years, he wrote about 80 thousand words and made only a few typos. He covered topics ranging from theories of the Austrian economist Ludwin vonIn November 2008, a paper proposing Bitcoin was sent out to an obscure cryptography list by Satoshi Nakamoto. On or about Jan. 3, 2009, five years ago Friday, Nakamoto mined the first 50 Bitcoins -- the genesis block from which all other Bitcoins have sprung. Nakamoto continued to comment on the development of Bitcoin until 2011 when he appears to have slowly backed away from the project. But Nakamoto almost certainly does not exist -- at least not as an individual named Satoshi Nakamoto.

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Most believe the moniker is a pseudonym for the actual anonymous Bitcoin creator -- or cabal of creators.

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And since Bitcoin has gained prominence numerous theories have been proposed by journalists and researchers alike. The Switch doesn t purport to offer any answers -- but that doesn t mean it isn t fun to review the speculation. Here are some of the most prominent theories that have cropped up over the years: Michael Clear or Vili Lehdronvirta. Joshua Davis, writing in the New Yorker in 2011, tookBitcoin is a cryptocurrency, a form of money that uses cryptography to control its creation and management, rather than relying on central authorities. However, not all of the technologies and concepts that make up Bitcoin are new; the presumed pseudonymous Satoshi Nakamoto (the creator of Bitcoin, see below) integrated many existing ideas from the cypherpunk community when creating bitcoin. Prior to the release of Bitcoin there were a number of digital cash technologies starting with the issuer based ecash protocols of David Chaum and Stefan Brands.

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Adam Back developed hashcash, a proof-of-work scheme for spam control. The first proposals for distributed digital scarcity based cryptocurrencies were Wei Dai s b-money and Nick Szabo s bit gold. Hal Finney developed RPOW. Bit gold, b-money and RPOW all used hashcash as their proof-of-work algorithm. Independently and at around the same time Wei Dai proposed b-money and Nick Szabo proposed bit gold.

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Subsequently Hal Finney implemented and.

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