Bitcoin · lesson 2 of 20

The birth of bitcoin

On 31 October 2008 an author using a pseudonym published a nine-page paper describing bitcoin, a peer-to-peer electronic cash system. The author's real identity has never been established.

On 3 January 2009 the first block of the network was created, known as the genesis block. Since then the network has run without interruption and is operated by participants all over the world.

Bitcoin is not issued by a state or a company. Its rules are written in open source software, meaning the code is public, and they change only if most participants adopt the new version.

Questions

1. When was the paper describing bitcoin published?

On 31 October 2008

The genesis block came two months later, on 3 January 2009.

2. Who issues bitcoin?

No state or company: the rules are in the network's software

Issuance follows automatic rules shared by the participants.

3. How do bitcoin's rules change?

Only if most participants adopt the new version of the software

The software is open source and changes require broad adoption.

Next lesson: The blockchain

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The birth of bitcoin

Questions

Continue from lesson 4

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