On a day like today, 12 years ago (October 31, 2008) Satoshi Nakamoto published a whitepaper (white paper) of what would be the first decentralized virtual currency at a global level (Bitcoin), in this document the way to use the “Peer to Peer” network to create a decentralized system for conducting electronic transactions, based on cryptographic techniques and an underlying technology called a blockchain. While the term Bitcoin is well known today, it is important to note that it only appears twice in the said white paper, once in the title and once in its web domain.

First block record

As we saw in our previous article titled the history of Bitcoin, later in January 2009, Satoshi Nakamoto achieved the first block registration, which is known as the «genesis block», thus creating the Bitcoin network, the subsequent issuance of the first Bitcoins and the launch of the first open-source Bitcoin client.

Message from Satoshi Nakamoto embedded in the genesis block. Source: Wikipedia.org under the creative commons license. Author MikeG001

First transaction and purchase

It is important to note that the programmer Hal Finney is one of the first people to support, adopt, and contribute to Bitcoin. Finney downloaded the bitcoin software on the same day it was launched and received 10 Bitcoins from Nakamoto, thus making the world’s first Bitcoin transaction. At this stage, it is estimated that Satoshi mined around one million Bitcoins. Then, the first transactions in Bitcoins were made between individuals in the Bitcointalk forums, with a notorious transaction of 10,000 BTC, which were used to indirectly buy a couple of pizzas delivered by Papa John’s, achieving the first purchase made with this cryptocurrency.

Who is Satoshi Nakamoto?

The true identity of the creator (or creators) of the cryptocurrency Bitcoin has yet to be revealed and remains a mystery. So far, what is known is that behind Bitcoin there may be a person or groups of people who are experts in technological matters, who simply call themselves “Satoshi Nakamoto” to protect their identity.

There are rumors that Hal Finney is Satoshi himself, remember that Finney was a pioneer of Bitcoin (perhaps the first Bitcoin user that exists), before dedicating himself to the crypto world he worked for the company Mattel, which was dedicated to the toy store, and also dedicated to developing video game software for Atari. His relationship with Bitcoin perhaps makes him the first person interested in digital currency, Finney writes the term for the first time on Twitter and receives for the first time a transaction in BTC from Satoshi Nakamoto himself, unfortunately, Finney passed away in 2014, after an unsuccessful fight against Amyotrophic Lateral Sclerosis (ALS). It is important to note that over the years there have been different people who have claimed to be Satoshi Nakamoto, however to date there is no confirmation that these identities are true.

Acceptance of Bitcoin globally

As we saw in our previous article titled 10 advantages of Bitcoin compared to other cryptocurrencies in recent years, blockchain technology and cryptocurrencies have had a great diffusion globally, a good part of this merit goes to Bitcoin, since it is currently the cryptocurrency most popular and in demand in the market (which is demonstrated in its current price). Despite the constant fluctuations, compared to other cryptocurrencies, Bitcoin has greater stability, the problem is that many people focus only on its daily or weekly value and not on the variation of its price ranges over months or years, this “stability” is due to this price range in the long term, age of Bitcoin and support in blockchain technology since by following all the parameters of said technology, it generates more trust among users, which gives greater stability to its final price.

What do you think about the anniversary of Bitcoin? What another notable event would you mention about the history of Bitcoin?

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Top image from TheDigitalArtist via Pixabay.com under creative commons license.


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