Analysis of the development of the bitcoin and blockchain system
In this article, the author considers the development of bitcoin and blockchain cryptocurrencies. The author emphasizes that electronic payment systems and virtual currencies are a fairly new phenomenon that is rapidly capturing all countries. Bitcoin is the most popular cryptocurrency created in 2009. It is important to note that at first this currency was in very little demand among programmers and interested users. Also, this currency was common among arms and drug dealers and crypto anarchists, which negatively affected the development of bitcoin. Many countries saw it as a threat to the monopoly of national currencies and banned it. The article presents the main features of the bitcoin system. The author focuses on the fact that the first attempts to create electronic money were made back in 1998, but they were unsuccessful and were subsequently discontinued. The creator of the Bitcoin system is Satoshi Nakamoto (an organization under a pseudonym or a person). The active growth of the bitcoin exchange rate began in 2011 after the exchange service appeared - Bitcoin Market. Then, in 2012, the MtGox exchange was created, which made the exchange and withdrawal of virtual money into reality. The author also highlights 2013, which was both a period of collapse and explosive growth of the cryptocurrency. The relatively stable and measured development of bitcoin began in 2016. The author emphasizes that many people confuse bitcoin and the block chain. In this regard, the article provides a definition of these concepts, as well as their comparison. In the final part of the article, the author, as a result of the study, comes to the conclusion that the Bitcoin system is self-starting, self-reproducing and self-scaling.