Bitcoin, the world’s largest and most popular cryptocurrency and most successful use case for blockchain technology is officially 10 years old today.
On October 31, 2008, 10 years ago, Satoshi Nakamoto, who’s identity is still not known till today, put out a white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System.” The 9-page PDF document is regarded as the birth of the cryptocurrency and blockchain ecosystem that is currently worth over US$200 Billion, with over 2,000 types of cryptocurrencies, 15,000 exchanges, and the potential to overthrow the financial industry and beyond.
Bitcoin: A Peer-to-Peer Electronic Cash System
The white paper details the use of a peer-to-peer network to allow online payments to be sent from one party to another without relying on a financial institution.
The system works by allowing each user to transfer bitcoin to another using a unique digital signature and timestamp. All transactions are published on the network for all to see, but users privacy is maintained by keeping Bitcoin addresses anonymous.
It would be two months later, on January 2009, when Satoshi Nakamoto released the Bitcoin software as open source code. He also created the first 50 unspendable Bitcoin, known as the “genesis block”.
Over the years, we have seen Bitcoin and cryptocurrencies, including the underlying technology, the Blockchain, undergo iterations and changes that have given birth to an entirely new industry that looks to disrupt finance and other industries.
The new trust economy will no doubt see many more changes come along as acceptance and adoption of what was birthed 10 years ago continues across the globe.