Tuesday, October 31, 2017

Happy virtual birthday: Nine years ago today at the height of the 2008 financial crash, Bitcoin was born

Halloween 2008.

On this day nine years ago, the mysterious Satoshi Nakamoto announced the creation of a peer-to-peer electronic payment system that would spawn the first cryptocurrency known as Bitcoin.  And on the 9th anniversary of this historic event, the value of Bitcoin is continuing to grow as it has risen in price from below a penny, to now being over $6300 per token in less than a decade.

Bitcoin is celebrating its ninth anniversary on Tuesday. On this day in 2008, an unknown person with the alias Satoshi Nakamoto announced the creation of the bitcoin “Peer-to-Peer Electronic Cash System.” 
At the very beginning, bitcoin had no value at all until March 2010 when it was worth $0.003. Now, one coin is worth over $6,000, and its market capitalization is greater than Goldman Sachs, Bayer or UPS. For an early investor, $1 in bitcoin nine years ago is worth over $2,000,000 today. 
The bitcoin whitepaper is still available on the original bitcoin.org wallpaper. 
“A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution,” it says. 
“Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network.” – Russia Today


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