cryptocurrency and Blockchain as the new technology to back such

a currency. Within a year, Nakamoto released the first version of

Bitcoin in the market that was also associated with the first

implementation of the Blockchain so far. The first block called the

“Genesis Block” was added to the Blockchain network on 3rd

January 2009, and the first Bitcoin transaction happened on 12th

January 2009. By year 2010, Satoshi vanished from the scene totally

stopping his involvement in the associated activities. The price of the

Bitcoin as well as the demand of the Blockchain as a technology,

however, never looked back. In just over a decade, Bitcoin has

observed exponential growth from zero to roughly $2+ trillion which

is approximately 0.5% of the global wealth. The person behind the

name, Satoshi Nakamoto, the father of Bitcoin, still remains a

mystery. Was he a man, a woman, a group of people, an alien, or

even a time traveller from the future, who gifted us this superior

technology, and then simply vanished? The genius always prefers to

stay away from the limelight, or does he?

1.4 Bitcoin vs. Previous Generation Electronic

Money

Bitcoin is not the first digital money, nor will it be the last. Since the

1980s, many people have tried their hands on digital or electronic

currencies but have failed due to technical or regulatory reasons.

Organizations such as PayPal, eCash, WebMoney, Liberty Reserve,

Payoneer, cashU etc., tried to achieve similar results but through

centralized ecosystems which come with their own shortcomings

such as the following:

Possibility of mass hacking

Single point of failure

High transaction fees

What made Bitcoin a shining star in the space of electronic funds

transfer was its unique features. A few surprising benefits because of

which Bitcoin became a milestone in payments are as follows:

Immunity to Fraud