Title: Did bitcoin like systems already exist? Post by: Michel de Montaigne on January 23, 2017, 09:54:57 PM Have similar systems been tried before the bitcoin system emerged? Is the Bitcoin system the first in this area?
Was find the Blockchain system included with bitcoin? Was there any blockchain technology before? Title: Re: Did bitcoin like systems already exist? Post by: nara1892 on January 23, 2017, 11:19:53 PM yes it is.
Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. (from : bitcoin.org) while the other payment is centralized. Centralization of authority means the power of planning and decision making are exclusively in the hands of top management while in the case of Decentralization , the powers for the same has been disseminated by the top management to the middle or low-level management. Title: Re: Did bitcoin like systems already exist? Post by: achow101 on January 24, 2017, 12:08:33 AM There were (and still are) digital currency systems. However these are all centralized systems and relied on a central authority. Bitcoin is different from them as it is a decentralized system.
Title: Re: Did bitcoin like systems already exist? Post by: Roboabhishek on January 24, 2017, 01:18:13 AM What do you mean by bitcoin like system ?
There are some other virtual currencies like bitcoin are you talking about them ? Title: Re: Did bitcoin like systems already exist? Post by: MicroGuy on January 24, 2017, 01:20:45 AM Have similar systems been tried before the bitcoin system emerged? Is the Bitcoin system the first in this area? Was find the Blockchain system included with bitcoin? Was there any blockchain technology before? Satoshi Nakamoto was the first person to make P2P digital cash transactions possible without the requirement of a trusted third party. Title: Re: Did bitcoin like systems already exist? Post by: Ipwich on January 24, 2017, 05:00:41 AM Have similar systems been tried before the bitcoin system emerged? Is the Bitcoin system the first in this area? Was find the Blockchain system included with bitcoin? Was there any blockchain technology before? Satoshi Nakamoto was the first person to make P2P digital cash transactions possible without the requirement of a trusted third party. Title: Re: Did bitcoin like systems already exist? Post by: mobnepal on January 24, 2017, 05:05:32 AM Have similar systems been tried before the bitcoin system emerged? Is the Bitcoin system the first in this area? Cryptography was evolved long before bitcoin but blockchain system/tech has been evolved with bitcoin (by satoshi nakamoto). Was find the Blockchain system included with bitcoin? Was there any blockchain technology before? Bitcoin is the first p2p network without any central body to make cross border payments. I haven't heard anything based on blockchain technology before. But after bitcoin there are many other projects that are relied on blockchain tech. Title: Re: Did bitcoin like systems already exist? Post by: sherbyspark on January 24, 2017, 05:18:33 AM Nothing decentralized or transparent as the bitcoin infrastructure. I believe the blockchain was the biggest win for bitcoin.
Title: Re: Did bitcoin like systems already exist? Post by: Kakmakr on January 24, 2017, 05:23:45 AM The whole technology is actually a combination of old concepts that existed way before Bitcoin, but Satoshi managed to put them together in a way that works perfectly. He actually solved a age old problem, called The Byzantine General's Problem, which in it self is a huge accomplishment. ^smile^
Genius! Title: Re: Did bitcoin like systems already exist? Post by: Zadicar on January 24, 2017, 05:37:40 AM Have similar systems been tried before the bitcoin system emerged? Is the Bitcoin system the first in this area? Was find the Blockchain system included with bitcoin? Was there any blockchain technology before? Satoshi Nakamoto was the first person to make P2P digital cash transactions possible without the requirement of a trusted third party. Title: Re: Did bitcoin like systems already exist? Post by: shamzblueworld on January 24, 2017, 05:41:21 AM yes it is. Another thing is that this kind of idea of system was not even depicted in the movies either. That kinda made it quite an initiative. No matter whatever the thought behind it was, it is a genius work. Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. (from : bitcoin.org) while the other payment is centralized. Centralization of authority means the power of planning and decision making are exclusively in the hands of top management while in the case of Decentralization , the powers for the same has been disseminated by the top management to the middle or low-level management. And now almost every big company is trying their hand at it, mostly in vain though. For the sake of its uniqueness, goodness and freedom, I wish it to be successful even more and keep improving forever. Title: Re: Did bitcoin like systems already exist? Post by: delliaerd on January 24, 2017, 05:50:24 AM Have similar systems been tried before the bitcoin system emerged? Is the Bitcoin system the first in this area? Was find the Blockchain system included with bitcoin? Was there any blockchain technology before? Satoshi Nakamoto was the first person to make P2P digital cash transactions possible without the requirement of a trusted third party. Bitcoin is primary in the peer to peer system as far as I know the technology as it was previously undiscovered Bitcoin is the first and very innovative which is why bitcoin so big now. Currency decentralized peer to peer system was discovered in 2009 and previously I've never seen anything like this Title: Re: Did bitcoin like systems already exist? Post by: Kemarit on January 24, 2017, 06:19:53 AM Have similar systems been tried before the bitcoin system emerged? Is the Bitcoin system the first in this area? Was find the Blockchain system included with bitcoin? Was there any blockchain technology before? Satoshi Nakamoto was the first person to make P2P digital cash transactions possible without the requirement of a trusted third party. Bitcoin is primary in the peer to peer system as far as I know the technology as it was previously undiscovered Bitcoin is the first and very innovative which is why bitcoin so big now. Currency decentralized peer to peer system was discovered in 2009 and previously I've never seen anything like this I believe that there were other crypto-like currency system before, but the first implementation of blockhain technology was bitcoin. Bitcoin is a result of history, Satoshi put the final form together and we are somewhat reaping the rewards. Title: Re: Did bitcoin like systems already exist? Post by: Xester on January 24, 2017, 07:52:31 AM The first to use blockchain technology was bitcoin. After bitcoin there are copy cats that tried to use the technology and incorporate it in their own system. Banks are also trying to integrate this technology into their own banking processes and system. Blockchain technology is now going out of cryptocurrency since it it can also be applied not only to financial aspects but to other aspects of society as well. United Kingdom was inspired by blockchain technology and will make a public ledger wherein all government transactions as well as other transactions done in other sectors be converted into data and will be available for the public to view.
Title: Re: Did bitcoin like systems already exist? Post by: ASHLIUSZ on January 24, 2017, 08:50:22 AM As one of the mate quoted, several other systems got emerged same as the bitcoin's technology. Something which has a made our bitcoin to differ from other such systematic developments is avoiding the central authority and middle man for confirmations. Now people started to have trust on a system avoiding middlemen who used to be the profit maker.
Title: Re: Did bitcoin like systems already exist? Post by: 20kevin20 on January 24, 2017, 10:15:05 AM Bitcoin is the first system like it around, and the Altcoins have appeared after its release. But this doesn't mean similar ideas haven't been thought, there are many other ways through which for example drug dealers are transferring money from one to another.
Title: Re: Did bitcoin like systems already exist? Post by: calkob on January 24, 2017, 10:39:41 AM Bitcoin is the 1st of its kind, in that it was a decentralised distributed system. bitcoin is just a mash of a few different technologies that others came up with.
Title: Re: Did bitcoin like systems already exist? Post by: avatar_kiyoshi on January 24, 2017, 07:20:32 PM The whole technology is actually a combination of old concepts that existed way before Bitcoin, but Satoshi managed to put them together in a way that works perfectly. He actually solved a age old problem, called The Byzantine General's Problem, which in it self is a huge accomplishment. ^smile^ Genius! That's right, the old one I know is bit gold, but it's never implement and know as precursor to bitcoin architecture, by nick szabo. This is why I believe if SN such a group which szabo is the one of member (just speculation). Title: Re: Did bitcoin like systems already exist? Post by: e-coinomist on January 24, 2017, 07:32:14 PM Have similar systems been tried before the bitcoin system emerged? Is the Bitcoin system the first in this area? Was find the Blockchain system included with bitcoin? Was there any blockchain technology before? Satoshi Nakamoto was the first person to make P2P digital cash transactions possible without the requirement of a trusted third party. Honorable mentioning: Liberty Reserve, formerly located at Costa Rica. And there has been a gap left behind after their seizure by government. If you are looking at their shutdown date in Mai 2013 and compare a closeup of Bitcoin pricecharts from that period you can spot the effect. But decentralised, no they hadn't been. More like classical offshore bank. Title: Re: Did bitcoin like systems already exist? Post by: cryp24x on January 24, 2017, 07:50:43 PM Have similar systems been tried before the bitcoin system emerged? Is the Bitcoin system the first in this area? Was find the Blockchain system included with bitcoin? Was there any blockchain technology before? Bitcoin is the first decentralized blockchain but there are blockchain existed before Bitcoin and the difference is they is centralized. So we can say that Bitcoin is not the first one to use Blockchain technology but Bitcoin is the first to make blockchain decentralized, thus creating a changed to financial system. Title: Re: Did bitcoin like systems already exist? Post by: Michel de Montaigne on January 26, 2017, 05:05:15 PM What do you mean by bitcoin like system ? There are some other virtual currencies like bitcoin are you talking about them ? No. What I want to say is: Were the technologies that made up the bitcoin system already exist? Or Satoshi have each technology been cleverly integrated? Title: Re: Did bitcoin like systems already exist? Post by: Michel de Montaigne on January 26, 2017, 05:10:33 PM Have similar systems been tried before the bitcoin system emerged? Is the Bitcoin system the first in this area? Cryptography was evolved long before bitcoin but blockchain system/tech has been evolved with bitcoin (by satoshi nakamoto). Was find the Blockchain system included with bitcoin? Was there any blockchain technology before? Bitcoin is the first p2p network without any central body to make cross border payments. I haven't heard anything based on blockchain technology before. But after bitcoin there are many other projects that are relied on blockchain tech. I understand. Payment system with P2P technology was made for the first time. Blockchain technology developed by Satoshi. What other innovations are there? (In the sense of technology) |