Innovation and inventions has been a driver for advancement in technology from the early days. The world remembers the people who make a breakthrough in any field that could prove to be helpful for the whole society. History is filled with inventors who have dedicated their entire life to a goal that they are able to achieve finally. Today, we will shed some light on one such innovator who made an impact on business and trading.

Background

As we entered into the 21^st century, the internet turned into a necessity from being a luxury. Initially, no one thought it could bring about a significant change in many different fields. As time passed, many applications started to trickle in and some of them created an impact in different fields. The internet gained popularity among the masses. After this, businesses also started to take it more seriously. The internet penetrated every field you can think of and now it has become an integral part of several different industries.

The impact of the internet can be seen everywhere, from healthcare to business, sports to entertainment. When you talk about the business world, paper currency was replaced by credit and debit cards but many security issues created doubts in the mind of users. Even today, many people are still reluctant to share their credit card details online. Although online payment security has improved significantly, there still are security breaches being reported.

This created a vacuum and the need for a universal online payment solution that could ensure secure transactions online. This gave rise to the concept of digital currency. Many researchers and scientists put in their effort to develop a solution that could facilitate users who want to buy things online. This need was further fueled by the popularity of E-commerce. Finally, the wait came to an end when Bitcoins were developed.

Satoshi Nakamoto

The credit for developing the first crypto-currency commonly, known as Bitcoins, goes to Satoshi Nakamoto. A 64-year old Japanese by origin who lives in California, USA, in a strange turn of events, he was denied credit for being the creator of Bitcoins and hired a lawyer to ensure he received the criedt. Basically, Nakamoto developed the Bitcoin protocol in 2008 and then went on to launch Bitcoin software client in 2009. He also published a paper to support his Bitcoin protocol in 2008.

There is not much information about him known publicly because he used to be reserved and doesn’t discuss  his personal life with anyone. He worked on other projects with open source teams. His future plans are to explore the different domains and sideline himself from the digital currency business. He developed the algorithm that changed the world of business and money forever. There are many misconceptions about his personality and many people have made many false claims about him.

Other People Involved

It is still unclear that whether Santoshi developed Bitcoins or some other person deserves the crown. Some of the names that are taken in this regard are Michael Clear, Martii Malmi, Jed McCeleb, Michael Weber, Hal Finney, Nick Szabo and many more have been named in place of Satoshi as the founder of the first digital currency known as Bitcoins.

Michael Clear, a cryptography graduate has denied any such claims publicly. Joshua Davis, New Yorker journalist has made this prediction about Michael Clear after analyzing Nakamoto’s writings. Martii Malmi has been involved with cryptocurrency from the early days which made some people vote in his favor. Jed McCeleb, cofounder of Rapple and founder of Mt Gox, was also been given preference over Satoshi Nakamoto.

According to another popular belief which tilts the scale in the favor of a computer scientist by the name of Donal O’Mahony purely based on a paper he published on Digital Payments. In May 2013, Ted Nelson, who is an internet veteran named Professor Shinchi Mochizuki, but he also admitted there is not much evidence to prove him as the main person behind Bitcoins. Who really is the founder of Bitcoins is still a mystery that needs to be solved. Irrespective of the creator, the innovation has certainly made a huge impact on ecommerce, in fact any business which operates online regardless of industry.

Market Place

MKTPlace is a leading digital and social media platform for traders and investors. MKTPlace offers premiere resources for trading and investing education, digital resources for personal finance, news about IoT, AI, Blockchain, Business, market analysis and education resources and guides.

Technology has brought about a big change in many different fields and business is no exception to that. It started when paper money was replaced by credit and debit cards. Now, we have more than a dozen varieties of digital currencies at our disposal. Although they may have to overcome many issues before they can replace traditional money, they have made already a huge impact.

Bitcoins

Among many different currencies, Bitcoins is the most popular and is already being used in some places. It is also traded. It is a form of electronic money that is supported by a software-based payment system. There is no central regulatory authority and the system works on peer to peer basis. It is the first crypto currency that is fully implemented. It uses strong cryptographic techniques to secure the transactions but still it had to face some security issues in the past.

Bitcoins are stored on a computer system and this process is known as mining. Users can trade bitcoins to purchase a product or service, and even exchange it for real money. Sending and receiving Bitcoins has not been an issue for some time but you will have to pay a fee for that. The rates of Bitcoins fluctuate regularly and are made known publicly. The transactions are recorded in a ledger known as block chain. It is also distributed pubicly to authenticate ownership.

Mining

Mining is a process to store Bitcoins and keep the records of the transaction. Another duty of miners is to keep the block chain consistent and complete. They have to record every new transaction made and combine similar ones to form a block. Information in the new block is used to connect the new block with older blocks. SHA-256 cryptography is used by Bitcoins of the previous blocks.

Miners who are able to find the next block successfully are rewarded with a transactional fee and newly created Bitcoins. A special transaction needs to be made to receive the reward, which is known as Coinbase. These Coinbase transactions play an important role in tracking all the Bitcoins in circulation at any given time.

Bitcoin ATM

Similar to paper currency, Bitcoins can also be withdrawn through ATMs but they are specialized ones and different from normal ATMs. Basically, it is an electronic device which helps you to conduct a transaction using Bitcoins without the need for any human involvement. Some Bitcoins ATMs also offer the facility to purchase Bitcoins by paying cash.

It is a recent phenomenon with the first Bitcoin ATM starting operation late last year in Vancouver, Canada. Since then, many Bitcoin ATMs have stated to crop up in different parts of the world. The Number of Bitcoin ATMs is still quite low and you will have to see a map to find one. The map which shows Bitcoin ATMs is known as Bitcoin maps.

Laws Governing Bitcoin ATM

These machines operate under different laws. There are different laws applicable in different countries regarding the operations of Bitcoin ATM. Laws are still in its development stage in many countries but they are fully implemented in a few countries, such as the US. Different bodies responsible for regulating and monitoring money are responsible to make the laws regarding Bitcoin ATM which can be implemented regularly.

Future

The popularity of Bitcoins cannot be denied but some issues, such as security issues and no regulatory authority to monitor and manage the digital currency are some of the biggest hurdles in its growth as the future of business. Bitcoin ATMs can take cross border e-commerce to the next level and it has the potential to do that

It could prove to be helpful for those who want to shop online but don’t have a bank account or credit card to make payments. They could use Bitcoins to make payments anywhere in the world because it is accepted everywhere. Travelers who visit different countries will not have to face any issues regarding converting currencies.

They will not need a bank account or credit card for that matter. If they have some cash to spare, they can also convert it into Bitcoins. There are many other uses of Bitcoin ATM but before it could control and find a solution to security and other issues that plagues Bitcoins, things mentioned above could not become a reality.

Market Place

MKTPlace is a leading digital and social media platform for traders and investors. MKTPlace offers premiere resources for trading and investing education, digital resources for personal finance, news about IoT, AI, Blockchain, Business, market analysis and education resources and guides.