Analysis | Key questions you need answered about bitcoin
Bitcoin has dominated the financial pages over the past few weeks – here’s everything you need to know about it, and so called cryptocurrencies
Cryptocurrencies, the best known of which is bitcoin, have again dominated the financial pages over the past few weeks, especially following the mainland Chinese government’s crackdown on initial coin offerings.These are crowdsourced fundraising schemes that use virtual currencies to secure transactions.
While regulators are concerned with the risks associated with bitcoin and other cryptocurrencies, blockchain – the digital ledger technology underpinning all of these virtual money – is now being tested and deployed outside the financial services industry, with the goal of disrupting staid processes in sectors like trade, property and education.
Who invented bitcoin?
In October 2008, a white paper called Bitcoin: A Peer-to-Peer Electronic Cash System was published by a person or persons using the name Satoshi Nakamoto, who is credited with creating the original software standard, the initial blockchain network and first units of the cryptocurrency.
The real identity of Nakamoto remains unknown today, despite wide speculation and various efforts to expose persons thought to be the bitcoin inventor. There have also been no attempt made by Nakamoto to publicly claim credit for bitcoin.
Is bitcoin really a currency?