Facts about crypto and the evolution of Bitcoin as cash [update]

There are many people who are entering the market of cryptocurrencies and have no idea that they were being created long before Satoshi Nakamoto created the Bitcoin Core.

In 1998, a Chinese computer engineer named Wei Dai, who graduated from the University of Washington, introduced the world for the first time to a type of electronic system he dubbed 'B Money' that worked anonymously.

It didn't take long for another study to emerge, conducted by a jurist and cryptographer named Nick Szabo, which aimed to create BitGold. In the study, Szabo researched about digital contracts and digital currencies that in the end came the concept of smart contracts, this led to further developments which he called practices to be applied in electronic commerce.

In his opinion e-commerce concepts could allow individuals to trade with strangers on the internet, smart contracts are an important part of creating decentralized currencies.

BitGold created and developed by Nick Szabo was already in its time creation a cryptocurrency that required users (such as Bitcoin Core and others) to complete proof of work and beyond, that transactions were computed and publicly listed.

The emergence of bitcoin core (BTC)

The digital product created by Satoshi Nakamoto only had its issue in 2009 and, following the same criteria as BitGold, it is a proof of work using decentralized cryptographic function.

Although Bitcoin Core (BTC) was mined from its block in 2009, signs of its creation date back to 2008, precisely on October 31, when Satoshi Nakamoto sent an e-mail to figures interested in its transaction currency, the Bitcoin in this case. In that email, Satoshi described in detail the project he had been working on, his peer-to-peer electronic cash payment system.

Not only that, he also sent a link to his whitepaper summarizing what this 9-page brochure was all about, highlighting the highlights of Bitcoin Core (BTC):

Peer-to-peer electronic payment currency, no third party intermediaries like financial institutions and banks; an anonymous money system and a system that requires proof of work, the famous mining and prevents double spending.

In short, these were the main fundamentals that the creator of Bitcoin Core detailed in that whitepaper, the "bible" of Bitcoin.

Other details appearing in the whitepaper (Bitcoin manual)

The whitepaper is practically the 'bible' of the entire Bitcoin Core and should be followed to the letter. That 'bible' also contained the total number of coins that Bitcoin has and must be mined until year 2140, which are 21 million and so far, 18 million have been issued.

In the Genesis block, which was generated on January 3, 2009 Nakamoto recorded a message in encryption with the following content:

The Times Jan 03, 2009 Chancellor on brink of second bailout for banks-source.

This message was the birth of a technology that in 13 years is already shaking the world with an efficient centralized economy that moves billions of dollars.

From the year 2014 onwards the first second generation cryptocurrencies appear

Before the year 2014, however, and with a growing need to have an internet with less censorship, Litecoin was born in 2011 being the first currency to successfully use the scrypt as a hash function.

Another one, Peercoin, used hybrid in proof of work and also in proof of participation. But, it was from 2014 onwards where innovative currencies such as Monero, Ethereum or even NXT gave the air of their grace with more advanced and innovative technologies such as hidden and anonymous addresses (Monero) as well as smart contracts (Ethereum) emerged.

It was also in this year of 2014 that the Nano currency appeared, which in practice solved the problems that were long needed to be solved in the Bitcoin Core (BTC) blockchain, as it is instantaneous and does not require transaction fees. At its birth Nano was called RaiBlocks which was renamed Nano 4 years later in 2018.

Bitcoin Cash as Digital Money

As we can see above, cryptocurrencies have come a long way, but it was only in 2009 with the creation of Bitcoin Core (BTC) that the weight of the Crypto market began to have a more accentuated visibility and with the depressions in the traditional economic market it had a very remarkable impact.

It was possible to see that the economy could at any time have an irreversible breaking point and those who suffer most in this process are the people involved in society. With the crash in the world economy in 2008 it was a wake-up call to more open minds that there was a basic need to have another way to set aside money.

That's where Bitcoin Core played a very important role in this discovery phase, a new form of payment and also a store of value that worked well following the model established in its whitepaper. But, that didn't last!

As a pioneer currency, Bitcoin Core had to stand firm as a peer-to-peer electronic cash payment and thus allow everyone to be included in the decentralized economy, as that was Nakamoto's idea. A system that allows people to participate in peer-to-peer payments without intermediaries, to be their own bank and to be able to safely store their money in their cryptographic wallet.

And in that requirement, Bitcoin Core has failed drastically and purposefully!

There was some greed with supporters who opposed an increase in blocks to host more transactions and reduce fees as well as process transactions much faster. And it is here that a Bitcoin more similar to the one Satoshi Nakamoto engendered in the beginning of Bitcoin, and Bitcoin is reborn as CASH!

Bitcoin Cash is the Bitcoin that is on the whitepaper and although many say otherwise it has the biggest block, transacts faster almost instantly and can be used in peer-to-peer e-commerce without third party intermediaries. That's why the chain of merchants accepting the currency is growing daily and borderless.

Today entrepreneurs can only make payments conveniently without having to travel and have their product delivered in record time paying using Bitcoin Cash at low rates anywhere on the globe.

Quotes from crypto History that remained during the years

The first Bitcoin ATM was launched in 2014 in the United States and its owner was the North American Jordan Kelley who is also the founder of Robocoin.

Central banks think Bitcoin and other cryptocurrencies are a danger to their sovereign status, as they say, they can cast doubt on fiat money by making them bet more and more on the decentralized world. This assertion is based on the banks' inability not to influence the price of cryptographic assets, so their use and popular dissemination can compromise the confidence that consumers have in state money!

In 2010 Bitcoin recorded the first official commercial transaction when Laszlo Hanyecz bought a pizza at Papa John's Pizza paying 10,000 BTC.

Summary,

As we can see, cryptocurrencies have always existed and in more and more numbers, but what really counts is their power of use. Of course, those that will be easier to use and with low rates, as if they were using their own national currency, will be the most accepted and adopted.

Currencies like Bitcoin Cash will gain more and more adoption as it works as decentralized digital money and everyone could buy or pay for services without detriment to the consumer's money.

Due to its peer-to-peer capability and decentralization Bitcoin Cash is operated by the blockchain without interruptions every day of the year, banks can fail or have a system crash but Bitcoin Cash will never have it as it has a verification system spread around the world beyond making confidence more remarkable. This property guarantees that everything can be recorded in real time and everyone can follow them, except when using anonymity and the record can never be changed.

Bitcoin Cash is decentralized digital money issued without human intervention and which is inclusive for everyone.