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- The first known transactions were in May 2010 for 10,000 Bitcoins
- Ten years ago today, Bitcoin was born. Today October 31, 2018, marks the 10th Anniversary of Bitcoin. One of the most promising. But still widely misunderstood technological spread of the 21st century: Bitcoin.
“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.
That’s the introductory line in the first email that Satoshi Nakamoto sent. This may be a pseudonym for one or more programmers of Bitcoin. This pseudonym sent a mysterious cryptography email list.
It was Halloween 2008. Satoshi Nakamoto published a paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System.” He detailed how the system would mean online payments being sent directly between people. Without having to rely on a bank.
Did he, she or they had any feeling of what was being unleashed? Today, ten years after, the digital currency is valued at more than $6,250. Even with the wild fluctuations of the past year.
Since the first Bitcoins were sold privately, it’s not clear how to assign an original value.
The first known transactions were in May 2010 for 10,000 Bitcoins to indirectly buy two pizzas for about $30. Or less than a cent for each Bitcoin.
After 10 years on the 10th bitcoin anniversary, the size of the cryptocurrency market is estimated at more than $200 billion.
The mysterious Satoshi Nakamoto appeared out of nowhere. He invented a new form of currency that is 100% digital. Not under the control of any government or bank on earth.
And it is worth billions and billions of dollars.
Then he or she or they unexpected vanished.
Weird but true. Even bizarre!
The story is even more fascinating because Satoshi mined the first bitcoins. At the beginning when it was simple to mine Bitcoins quickly and easily. There is some estimate that Satoshi owns approximately 1 million Bitcoins.
A decade after, who uses it to trade? And why is Bitcoin itself which started trading at 30 cents apiece, nowadays costs thousands of dollars?
Bitcoin means freedom
With Bitcoin people get the liberty to exchange value without intermediaries. That leads to greater control of funds and lower fees. It’s faster, cheaper, more secure and immutable. So, cash is under control by banks while bitcoin has owners.
Bitcoin is very useful as service for fast remittances for the international system of payments, for example. Bitcoin can help us do online shopping too. It’s like an e-wallet which can be created blockchain technology to store, track and spend digital money.
Bitcoin’s influence on the finance industry
Bitcoin is making the biggest revolution in the finance industry in the last 200 years. Leading all cryptocurrencies, Bitcoin is at the forefront of the bleeding edge of blockchain innovation.
Bitcoin is celebrating 10 years anniversary. Over the past decade bitcoin’s popularity has soared. But so has the number of its critics. But, the market found the weakness: volatility of Bitcoin. The trading community lap up the wild price swings. Those pushing for mainstream use have had to withstand a collapse in the price of the No. 1 digital currency.
The future of bitcoin
One of the most vocal critics is prominent New York University economics professor, Nouriel Roubini, compared blockchain with a glorified excel spreadsheet. Roubini has called bitcoin ”the mother of all bubbles.” He criticized the crypto community as a bunch of “self-serving white men”. Claiming they are ”pretending to be messiahs for the world’s impoverished, marginalized, and unbanked masses.”
And now, coming upon 10 years since the inception of cryptocurrencies? The decentralizing technology began with bitcoin. It started a path where the so-called trusted third parties are mining bitcoin. Instead of printing money.
“I see bitcoin becoming the most important and most transacted currency in the world, not just for remittances, or cross-border transactions, but for every use currency. It won’t be long before bitcoin eclipses the dollar as the most popular currency,” said Tim Draper, founder and director of Draper Associates.
We think it is necessary to stay patient and witness history first hand.
Nothing can stop that!