After a tumultuous year and most importantly an unforgettable 2017, we can proudly say Happy 10th birthday Bitcoin!
While there are a lot of controversies about Bitcoin, we have to give it up to Bitcoin because through it we have seen many tech millionaires and entrepreneurs than any other industry has produced.
How Bitcoin Began 10 Years Ago
In 2007: Satoshi Nakamoto… the legend
According to legend, Satoshi Nakamoto began working on the Bitcoin concept in 2007.
We have been asking about who the true Legend is. Just recently some said is Craig is the true Nakamoto because he sunk over 300k Bitcoins to sink the market. But is it not true. I mean, there are no shred of evidence.
However, while the real Satoshi is on record as living in Japan, it is speculated that Nakamoto may be a collective pseudonym for more than one person.
In August 15, 2008: An Interesting Patent Application…
Neal Kin, Vladimir Oksman, and Charles Bry file an application for an encryption patent application.
All three individuals deny a connection to Satoshi Nakamoto, the alleged originator of the Bitcoin concept.
In August 18, 2008: Bitcoin.org was registered
In August 18, Bitcoin.org was born!
The domain was registered at anonymousspeech.com, a site that allows users to anonymously register domain names and currently accepts Bitcoins.
On the news:
October 31, 2008: The White Paper Is Published
Nakamoto published a design paper through a metzdowd.com cryptography mailing list that describes the Bitcoin currency and solves the problem of double spending so as to prevent the currency from being copied.
November 9, 2008: The Bitcoin Project hits SourceForge
The Bitcoin project is registered on SourceForge.net, a community collaboration website focused on the development and distribution of open source software.
January 3, 2009:The Genesis Block is mined
Block 0, the genesis block, is established at 18:15:05 GMT.
January 9, 2009: Version 0.1 is released
Version 0.1 of Bitcoin is released. Compiled with Microsoft Visual Studio for Windows, it lacks a command line interface and is so complete that it furthers speculation that it was developed by more than one person (or by an academic with little programming experience and a great deal of theoretical know-how).
It includes a Bitcoin generation system that would create a total of 21 million Bitcoins through the year 2040.
January 12, 2009: The first Bitcoin Transaction
The first transaction of Bitcoin currency, in block 170, takes place between Satoshi and Hal Finney, a developer and cryptographic activist.
October 5, 2009: An exchange rate is established
New Liberty Standard publishes a Bitcoin exchange rate that establishes the value of a Bitcoin at US$1 = 1,309.03 BTC, using an equation that includes the cost of electricity to run a computer that generated Bitcoins.
Read more about the sexy history of Bitcoin and all you did not know.
How It Grew Technically 10 Years Ago
10 years ago today, in an unknown location, a mysterious figure whose identity is still unknown, tapped a key on his keyboard, spurring his CPU into action.
In doing so, Satoshi reified his vision for a decentralized digital cash that he’d published 3 months earlier.
The fan in his computer began spinning to keep the CPU, burning from the burden of work it had been given, from overheating. The CPU in Satoshi’s computer was searching for a special pattern, much like a digital needle in a haystack, that would secure #Bitcoin‘s first block.
Here is that needle: 0x000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f It is the hash of Bitcoin’s “Genesis Block”, which created the first 50 bitcoins ever to be mined (by a quirk of Bitcoin’s protocol these 50 bitcoins can never be spent).
With a brilliant leap of imagination, Satoshi had done what no one else had been able to do, and which many thought impossible. He had ingeniously incorporated @adam3us‘s Hashcash design as a way of securing transactions on a network not controlled by anyone.
By burning energy in search of digital needles-in-haystacks, Satoshi’s proof-of-work design allowed, for the first time ever, scarcity to be brought to the digital realm: Satoshi Nakamoto built on the ideas pioneered by Szabo and Back to create the first truly scarce digital good: Bitcoins.
Nakamoto’s invention would never have been possible without the reframing of the seemingly simple concept of scarcity.
Those Bitcoin made Rich & Poor
The credit on the technical-evolution creation of Bitcoin goes to Vijay Boyapati. Learn more about it below.
1/ 10 years ago today, in an unknown location, a mysterious figure whose identity is still unknown, tapped a key on his keyboard, spurring his CPU into action.
In doing so, Satoshi reified his vision for a decentralized digital cash that he'd published 3 months earlier. pic.twitter.com/PST4Pm4MZN
— Vijay Boyapati (@real_vijay) January 3, 2019
The Growth of Bitcoin & Crypto
The statistic presents the market capitalization of Bitcoin from the first quarter of 2012 to the fourth quarter of 2018. Market capitalization is calculated by multiplying the total number of Bitcoins in circulation by the Bitcoin price.
The Bitcoin market capitalization increased from approximately 0.04 billion U.S. dollars in the first quarter of 2012 to approximately 237.62 billion U.S. dollars in the fourth quarter of 2017.
Talking about Bitcoin in particular,
Bitcoin, a type of mobile/virtual/crypto currency, is capitalizing on the market at a rapid pace. In five years, Bitcoin has increased its market capitalization from 0.06 billion U.S. dollars in the second quarter of 2012 to 237.62 billion U.S. dollars in the second quarter of 2017.
Without doubts, we can say that Bitcoin has grown considering the number of top exchanges you can get Bitcoin around you.
So, apart for Bitcoin, ETH and Tron are fighting hard to be the king.
To end it all. While it may be Bitcoins Birthday, DX and Blockchain are helping to enlarge the crypto usability and stretch.
Once again. Happy 10th Birthday Bitcoin! 😆
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