Did bitcoin like systems already exist?

Michel de Montaigne

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Quote from: mobnepal on January 24, 2017, 01:05:32 AM

Quote from: Michel de Montaigne on January 23, 2017, 05:54:57 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?

Cryptography was evolved long before bitcoin but blockchain system/tech has been evolved with bitcoin (by satoshi nakamoto).
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)

Michel de Montaigne

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Quote from: Roboabhishek on January 23, 2017, 09:18:13 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?

cryp24x

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Quote from: Michel de Montaigne on January 23, 2017, 05:54:57 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?

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.

e-coinomist

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Money often costs too much.

Quote from: MicroGuy on January 23, 2017, 09:20:45 PM

Quote from: Michel de Montaigne on January 23, 2017, 05:54:57 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?

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.

avatar_kiyoshi

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Quote from: Kakmakr on January 24, 2017, 01:23:45 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!

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).

calkob

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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.

20kevin20

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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.

ASHLIUSZ

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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.

Xester

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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.

Kemarit

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Quote from: delliaerd on January 24, 2017, 01:50:24 AM

Quote from: Zadicar on January 24, 2017, 01:37:40 AM

Quote from: MicroGuy on January 23, 2017, 09:20:45 PM

Quote from: Michel de Montaigne on January 23, 2017, 05:54:57 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?

Satoshi Nakamoto was the first person to make P2P digital cash transactions possible without the requirement of a trusted third party.

Agree with this that satoshi invented the first p2p transactions which is decentralized but there are already this kind of system which is invented by the government and same as others member said here that the difference only is that those system is centralized by the government thats why bitcoin is different from those things.

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.

delliaerd

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Quote from: Zadicar on January 24, 2017, 01:37:40 AM

Quote from: MicroGuy on January 23, 2017, 09:20:45 PM

Quote from: Michel de Montaigne on January 23, 2017, 05:54:57 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?

Satoshi Nakamoto was the first person to make P2P digital cash transactions possible without the requirement of a trusted third party.

Agree with this that satoshi invented the first p2p transactions which is decentralized but there are already this kind of system which is invented by the government and same as others member said here that the difference only is that those system is centralized by the government thats why bitcoin is different from those things.

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

shamzblueworld

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Quote from: nara1892 on January 23, 2017, 07:19:53 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.

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.
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.

Zadicar

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Quote from: MicroGuy on January 23, 2017, 09:20:45 PM

Quote from: Michel de Montaigne on January 23, 2017, 05:54:57 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?

Satoshi Nakamoto was the first person to make P2P digital cash transactions possible without the requirement of a trusted third party.

Agree with this that satoshi invented the first p2p transactions which is decentralized but there are already this kind of system which is invented by the government and same as others member said here that the difference only is that those system is centralized by the government thats why bitcoin is different from those things.

Kakmakr

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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!

sherbyspark

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Nothing decentralized or transparent as the bitcoin infrastructure. I believe the blockchain was the biggest win for bitcoin.

mobnepal

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Quote from: Michel de Montaigne on January 23, 2017, 05:54:57 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?

Cryptography was evolved long before bitcoin but blockchain system/tech has been evolved with bitcoin (by satoshi nakamoto).
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.

Ipwich

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Quote from: MicroGuy on January 23, 2017, 09:20:45 PM

Quote from: Michel de Montaigne on January 23, 2017, 05:54:57 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?

Satoshi Nakamoto was the first person to make P2P digital cash transactions possible without the requirement of a trusted third party.

I agree with you,there's no other system can emitate just like what Satoshi Nakamoto innovated.I don't think and i don't even discover like system like bitcoin have been already existed.The bitcoin innovation is genuinely innovated and cannot be duplicated by other like system innovation.

MicroGuy

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Quote from: Michel de Montaigne on January 23, 2017, 05:54:57 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?

Satoshi Nakamoto was the first person to make P2P digital cash transactions possible without the requirement of a trusted third party.

Roboabhishek

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What do you mean by bitcoin like system ?
There are some other virtual currencies like bitcoin are you talking about them ?

achow101

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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.

Topic: Did bitcoin like systems already exist? (Read 931 times)