BITCOIN’S MOST PROMINENT ORGANIZATIONS CONCEPTS AND INDIVIDUALS

(Approximate reading length: 7 minutes)

Organizations and individuals who helped Bitcoin grow will be introduced in this article. These will help us understand the creation process of Bitcoin, as a general outline.

Bitcoin’s Most Prominent Individuals

Satoshi Nakamoto: The creator of the Bitcoin system, the anonymous creator. (It is not exactly known whether Bitcoin was created by a single person or multiple people.)

Gavin Andressen: The developer who Satoshi Nakamoto trusted with creating the security aspect of Bitcoin.

Andreas Antonopoulus: Supporter of Bitcoin and crypto currencies, security expert and author.

Hal Finney: The first cryptograph who helped develop PGP (Pretty Good Privacy, an ID verification software.). He is also the first person to complete a Bitcoin transaction.

Mike Hearn: A Google employee who was also a Bitcoin developer.

Oliver Janssens: One of the first angel investors of Bitcoin. He invested on the software “Lighthouse” , which helped create Bitcoin’s main source code.

Mark Karpeles: He was the owner of Mt. Gox firm during the 2008 financial crisis.

Wladimir van der Laan: Bitcoin’s current lead developer.

Jed McCaleb: One of the founders of the crypto currencies Ripple and Stellar.

Dread Pirate Roberts: The owner and the leader of the infamous black market Silk Road. It is not known whether it is and alias of a single person, or of a group.

Amir Taaki: One of the founding partners of Dark Wallet.

Peter Todd: A member of Bitcoin’s lead development team.

Ross Ulbricht: He was accused to be the “Dread Pirate Robert”. He was found guilty and imprisoned.

Roger Ver: The president of management team of “Memorydealers.com” website, which also happens to be one of the first websites to accept Bitcoin as a method of payment.

Cody Wilson: One of the founding partners of Dark Wallet, and a member of a team which produced a functioning weapon with a 3D printer.

Craig Wright: One of the names which were considered as Satoshi Nakamoto’s real identity. Wired magazine had proposed this idea. After these developments, Wright tried to make it look like he was the developer of Bitcoin by publishing a message from an account which was related to Nakamoto’s account. This left more question marks for a lot of people. Some believed him, many did not.

Bitcoin’s Most Prominent Institutions and Organizations

Bitcoin Foundation: A trade organization which aims to fund Bitcoin’s main developers.

Digital Trade Organization: A lobbying group trying to prove that Bitcoin and crypto currencies are a beneficial process.

Bitcoin Related Terms that are Necessary to Know

Most Important Ones

Open Source: The codes that are open to public and which can be edited by anyone.

Altcoin: It stands for “Alternative crypto currencies”. Another type of Bitcoin-like currencies. There are approximately 1000 types of Bitcoin-like currencies. Although some of them may have tried to copy another one, some of them are truly unique.

BFGMiner:  The second most popular Bitcoin software.

Bitcoin/bitcoin: If the word “Bitcoin” starts with an uppercase “B”, it refers to the entirety of the Bitcoin system or the currency itself. But if it starts with a lowercase “b”, it refers to the amount you personally possess.

Bitcoin-Qt: It stands for “Bitcoin Core”. It is a main system to which all of the Bitcoin services and wallets are linked.

Block Guard Chain: A centralized log of accounts which makes Bitcoin work. All of the accounts and transactions are saved here. It is not a system that follows the same process as Blockchain. More broadly speaking, every process which saves a digital value can be defined as Block Guard Chain.

Block Traveller: A web site which allows users to follow their Bitcoin operations through Block Guard Chain. This definition is also valid for Altcoins.

Block: Block is required for Block Guard Chain operations. Although its digital size is limited to 1mb, it is highly expected for it to exceed the said size.

CGMiner: The most popular Bitcoin software currently available.

Wallet: A common name given to softwares which establish connection with the Bitcoin network in order to perform Bitcoin operations.

Deep Web: A network in which markets exist for illegal operations or bank informations, which cannot be viewed by ordinary users.

Other Concepts That Need to be Known

E-Cash/E-Currency: It is usually used for addressing pre-Bitcoin era digital currencies, it refers to every currency that is not linked to official currencies.

Hash: A measurement unit used for measuring how much computing power is needed to transfer to a network.

Hash Power: Another usage for referring to Hash rate.

Hash Rate: The total amount of hash transferred to a network.

Physical (Paper) Wallet: A special or organizational key code which can be printed or written down for preservation.

Dark Web: A sector of Deep web created for providing certain services. Dark web is a very broad entity, and anonymity is at its core principle.

Crypto Currency: Every cryptography based currency which keeps its users identities and accounts private, while also keeping the entire system secure.

Miner: It defines the individuals or firms who participate in Bitcoin network, which makes operations possible with cryptography and keeps the system secure with mathematical calculations.

Pre-mining: During the initial rise of Altcoins, the creators would create a certain amount of crypto currency and distribute them equally among the people. This process is prone to fraud, but on a small scale honesty can be provided.

Mining: The process of verifying the Bitcoin operations which are located in Blocks that are sent across the network, after solving complex mathematical algorithms.

Detailed and Advanced Terms

Mt. Gox: Originally created for selling cards, but later turned into a massive Bitcoin market. After some scamming occurred in 2014, it began to collapse.

Scrypt: An algorithm created for keeping crypto currencies secure, most notably Litecoin.

X11: An algorithm used for Dash and many more crypto currencies. It was given this name as it consists of 11 different algorithms.

Warm Wallet: A wallet which is preserved and connected in online web. If this wallet does not have a protected password, it can always be stolen. It is ideal for short-term Bitcoin preservation, but it is not advised for long-term preservation.

Cold Storage Wallet: A wallet located in an offline computer or flash disc. It can turn into a warm wallet by connecting it to online web for operations, for a short time. After the operation is complete, it can go offline again.

Local Wallet: Warm or Cold Storage wallet located in a computer.

Ümit Sönmez

My name is Umit Sonmez. I am studying a double major program in Istanbul University; my fields are Management and Tourism. I am an author for “sosyalvekulturelarastirmalar.com” and “hackyourdream.com” websites. I am a member of the board of management of Social and cultural research club. My enthusiasm about finance and crypto currencies keeps growing with each day. If you would like to contact me about ads, sponsorships, suggestions, ideas, or any other reason; you can contact me through the addresses below: Instagram: https://www.instagram.com/finansyardim/ Hotmail: [email protected] LinkedIn: https://www.linkedin.com/in/%C3%BCmit-s%C3%B6nmez/

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