The Origins of Cryptocurrency
Satoshi Nakamoto is a fictional name provided as the inventor of the first ever cryptocurrency, Bitcoin. Some believe that Satoshi Nakamoto is, in fact, a pseudonym for a group of people. The community believes that Nakamoto started working on the project in 2007.
In 2008 the Bitcoin domain was registered on a site that allows the anonymous registration of domain names. Bitcoin.org was up and running a year after Satoshi started working on the concept.
Nakamoto then quickly moved to publish a piece that explained in full what Bitcoin was, how it worked and how double spending would be prevented. The first mining took place in January 2009 after the project was registered on SourceForge.net – a website focused on open source software. A few days later the first ever transaction using cryptocurrency was made on January 12th, 2009 by Bitcoin founder Satoshi Nakamoto, sending Hal Finney 100 bitcoins (which today would be worth well over $1 million).
Bitcoin was actually intended to be a peer-to-peer electronic cash system and not a currency. Many had tried and ultimately failed in their attempts to design digital money previously. He wanted to create a digital payment system that was decentralized in the same way files are shared over a peer-to-peer network.