The Bitcoin “Birth” Story Everyone knows.
In 2008 Bitcoin creator Satoshi Nakamoto (pseudonym) a computer programmer or many programmers sent out a 9-page white paper named: A peer to peer electronic cash system.
Releasing the first decentralized cryptocurrency, Bitcoin software, and changing history forever gifting the world with a cryptocurrency. In 2011 after collaborating with other developers, Nakamoto vanished.
Eventually, everyone wanted to know who this man or group was, although he never once referred to a group, instead he always wrote on his emails in the first person as “I”.
Anyhow, soon enough reporters found Dorian Satoshi Nakamoto and truly thought he was Nakamoto, but he wasn’t.
No one knows why Nakamoto disappeared, some believe he vanished to allow Bitcoin to create its own wings, and others believe once he realized how big of a deal Bitcoin was he simply decided to remain anonymous.
It is believed that he holds enough power to control the industry, with about 1 million bitcoins worth about 7 billion in today´s market. But, no matter what the facts are and whatever has happened to Satoshi Nakamoto, he certainly has changed the world forever.
Bitcoin was designed to work as a medium of exchange using cryptograph to manage its creation instead of relying in central authorities.
Over the years it has gone through rapid growth to become a significant currency, making its way in to businesses all around the world which started accepting cryptos in addition to fiat.
It´s 2019 and Bitcoin is celebrating 10 years of existence! What a Journey!
A cryptocurrency experiment that turned out to make headlines and news. It became a hot topic captivating developers, economists, investors, computer scientists, bankers and more, all because crypto is an impressive technology, it is doing what many didn’t think it could.
It gives freedom to money, my money, your money, our money, their money, everyone´s money.
“Bitcoin is for money, what the internet was for information.”
October 31st 2008 — BTC PRICE: $0
- A link to a whitepaper authored by Satoshi Nakamoto titled Bitcoin: a peer to peer electronic cash system was posted to a cryptography mailing list.
‘I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party’ — Satoshi Nakamoto, Oct. 31, 2008, 06:10:00 PM
Here is a list of all of Satoshi´s emails.
January 12th, 2009 — BTC PRICE: pretty much nothing.
- First Bitcoin transaction happened on block #170, the sender was Satoshi Nakamoto, and the receiver was Hal Finney.
February 6th 2010 — BTC PRICE: $0.003 USD
- The first official cryptocurrency stock exchange is launched, and the bitcoin market is born.
February 9th 2011- BTC PRICE: $ 1.00
- Bitcoin reaches the USD price the exchange rate was one BTC to the USD.
February 27th 2012- BTC PRICE: $2.00
- The Bitcoin magazine is launched with Bitcoin and crypto articles. This is also the magazine Vitalik Buterin the creator of Ethereum worked as a writer.
April 1st 2013- BTC PRICE: $266
- The exchange rate of Bitcoin reaches 100 USD to 1 BTC
December 2014- BTC PRICE: $630
- Microsoft began accepting bitcoin to buy Xbox games and Windows software.
March 2015- BTC PRICE: $300
- Bitcoin startup 21 Inc. published it had amassed to 116 million USD in venture funding, the highest amount for any digital currency-related organizations.
September 2016- BTC PRICE: $630
- Over the last 18 months, Bitcoin ATMs doubled reaching 771 ATMs worldwide.
December 2017- BTC PRICE: $7,300
- Bitcoin price exceeds USD 19,000 by mid-month of December 2017.
February 5th 2018- BTC PRICE: $6,200
- Bitcoin´s price drops a drastic 50% in about 16 days below the 7,000 line.
January 2019- BTC PRICE: $3,820
Bitcoin today April 9th, 2019, costs $5,256 USD
Today there are over 2,000 different cryptos and at least 1,000 dead coinsalready which either failed or have ceased operation.
But even with all the volatility and all the coins which didn’t work out Bitcoin is still going strong, it´s not just the first crypto it is still the strongest crypto at the moment.
The events that surround bitcoin are endless, between extremely high prices and extreme lows, businesses embracing it worldwide, bitcoin saving nations from crisis, scams, frauds, ups, and downs.
Aforementioned a is part of something new, something necessary which we are all still testing to see and comprehend how it will fully affect our communities and nations as a whole.
So what is in store for Bitcoin and other cryptos?
Some will say that the future of BTC is to become the new USD, others might say it is on its way to becoming digital gold, and others like Warren Buffettone of the most successful investors in the world will say — “Delusional!” or “You can’t value bitcoin because it’s not a value-producing asset.”
According to Chamath Palihapitiya, a venture capitalist, Bitcoin and cryptocurrencies are the future and he says it is imperative to have a least 1% of your portfolio in cryptos as a hedge because it is a representation of the generation we are in now and especially the ones to come. He goes on to explain that in fact, this generation doesn’t want anything to do with gold or traditional ways of investing, they want something that represents them, who they are and what they believe.
In other words, cryptocurrency is the future of money and we should all be smart enough to take at least a small entrance in it. Even though exceptional investors like Warren Buffett disagree.
While Buffett established a net worth of 87 billion with his investments, he admits that he is completely out of touch when it comes to technology. “Warren Buffett is exceptional at what he does.” — Chamath Palihapitiya said this in reply to the fact, Mr. Buffett, dislikes cryptos, to say that although he admires him, his opinion is not absolute and even irrelevant to the crypto industry because he cannot understand it, it is not a part of his generation, and therefore with all due respect he cannot give a valid opinion.
Aside from the fact that cryptos are the future because this generation wants it to be, one of the biggest reasons bitcoin and cryptos are also relevant for the future is the need for increased security.
This generation doesn’t trust banks, don’t trust centralized authorities, credit cards, etc., identity theft is growing daily, and consequently, it all cooperates to guarantee a place for cryptos in the future.
And last but not least, Harvard economists are saying bitcoin and cryptos will go down to zero!
Oh wow, well I guess we will have to wait and see…
The criminality (money laundering, drug dealing, human trafficking, etc.) accusations towards bitcoin and other cryptos continue to be irrelevant since the same things are done with fiat currency and have been for centuries.
Or else we would have to blame them all, wouldn’t we? But we are not, why not? Because it doesn’t make sense.
It seems as though for those who cannot grasp a clear understanding of the technology that they make up limited analyses for not accepting what they cannot understand, and that´s agreeable as Mr. Buffett says “only invest in companies you understand”.
Let us know in the comments what are your thoughts about Bitcoin reaching this far in the game, and what do you believe is reserved for the future of Bitcoin and other cryptos!
Disclaimer: Our team works hard to bring you the best content in the cryptocurrency market, but it is only our point of view and not legal advice, and may be divergent from other opinions, so please do not make any decisions without concluding studies of your own to understand the profit possibilities and uncertainties involved at your own risk.