Bitcoin was developed by Satoshi Nakamoto in October 2008. The developer of Bitcoin, Nakamoto, released a paper in which he explained the details of fully functional cryptocurrency. The benefit of this cryptocurrency was that it could enable people to perform financial transactions through a system that is completely decentralized. There is a trustless manner of sending and receiving value. Since then, Bitcoin has become so popular among its users.
The domain bitcoin.org was first registered on Aug 18, 2008. This concept was unknown to the first public indication of its creation was done when Satoshi Nakamoto began developing the concept of the blockchain and cryptocurrency.
Peer-To-Peer Cash System
A peer-to-peer electronic cash system for Bit-coin was published to the cryptography mailing list on October 31, 2008, by Satoshi. The motive of the paper was to show how Bitcoin would work and the description of the blockchain. After mining the first block of Bitcoin on January 3, 2009, after six days Sakoshi Nakamoto open-sourced the code for Bitcoin users. On January 12, 2009, Satoshi Nakamoto sent Hal Finney, a programmer and Bitcoin supporter, ten Bitcoins which was the first ever Bitcoin Transaction.
However, On August 6, 2010, an issue with the implementation code was discovered according to which transactions were vulnerable to an integer overflow attack. The major flaw was identified in the implementation of the Bitcoin Network.
Bitcoin could be used for money transfer from one country to anothe.