Bitcoin Birthday– Today marks Ten years (Halloween 2008) when Satoshi Nakamoto published the famous white paper that gave birth to Bitcoin.
On this day in 2008, the future of the financial system based on digital currency was drafted. Satoshi proposed a decentralized system and titled his white paper; “Bitcoin: A Peer-to-Peer Electronic Cash System“. In his paper, Satoshi remarked:
I propose a purely Peer-to-Peer version of the electronic cash system which would allow online payments to be sent directly from one party to another without going through a financial institution…A lot of people automatically dismiss e-currency as a lost cause because of all the companies that failed at it; I hope it is obvious it was only the ‘centrally controlled nature’ of those systems that doomed them. I think this is the first time we’re trying a decentralized, non-trust based system.
Ten years after, Bitcoin enthusiasts and holders have experienced huge benefits and freedom to control their money.
Satoshi’s Bitcoin white paper was born out if his dislike for the current financial system and its third party practices. Ten years after, his white paper has revolutionized the financial system and bore over 1,000 other cryptocurrencies with his pioneer Bitcoin remaining number 1.
Despite increasing calls for regulation and varying views on Satoshi’s noble creation; the government, traditional financial institutions and industry players are all being compelled to understand, embrace and adopt Bitcoin (cryptocurrency) and its underlying Blockchain Technology due to the huge potential of both entities.
Amidst negative predictions, price dips and FUD, Ten years on Bitcoin still thrives. With a level head maturity and less volatility, Bitcoin seems to have found its base price and is currently valued at $6309 with the largest cap on the crypto market .
With the first ten years under Bitcoin’s belt, what can we expect in this ever evolving and advancing crypto space?
Crypto Enthusiasts look forward to another decade of scaling technology, decentralization, privacy, improved infrastructure and most important at this time, mass adoption.
Bitcoin has endured yearly lows and price dips, yet always bouncing back to reward its faithful with due profits.
Bitcoin is here to stay.
Long Live Satoshi Nakamoto!!!
Long Live Bitcoin!!!
See Satoshi Nakamoto’s complete Bitcoin white paper: www.bitcoin.org/bitcoin.pdf
Note: Some other enthusiasts see 3rd January 2009 ‘the Genesis Block’ as the birthday of Bitcoin, it is actually the day the first block was mined on the Bitcoin network.
Opinions expressed are solely of the author.