The Roots of Bitcoin

Rohan Mathew

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Today, Bitcoin and cryptocurrency, in general, are a revolutionary force sweeping the financial industry. People are investing and profiting from digital assets and alternative currencies with increasing frequency. It is easy to see the appeal. Cryptocurrency offers a greater degree of anonymity and security. Not to mention all the overnight millionaires who got their money from crypto trading.  

But, with this surge in popularity, many people are wondering about the history and roots of Bitcoin. Where did it come from? How long has it been around? Most importantly, who came up with it? All these questions and more will hopefully be answered in this article.  

The Invention of Bitcoin

Though Bitcoin got its start in 2008, when the domain name was first registered, and a paper titled Bitcoin: A Peer-To-Peer Electronic Cash System was published by author Satoshi Nakamoto, the official release of Bitcoin as a cryptocurrency can be traced to January 2009. The so-called genesis block was mined by Satoshi Nakamoto on 3 January 2009.

 A mere ten days later, Hal Finney, the creator of the first reusable proof-of-work system, became the recipient of ten bitcoins, the first bitcoin transaction. A year later, the first commercial transaction using Bitcoin occurred when a programmer exchanged ten thousand bitcoins for two Papa John’s pizzas.  

It is hard to believe that since then, Bitcoin has become such a dominant force, and the value of the humble cryptocurrency has skyrocketed. A single Bitcoin has been priced at around $60,000 in November 2021, and analysts are predicting another rise to a staggering $100,000.  

As the price of Bitcoin increases, many people are looking to get a slice of the pie. Trading sites have been flooded with new users looking to dip their toes into the world of crypto trading. 

Apps like the BitQL app are becoming more and more popular due to their ease of use, beginner-friendly interface, and focus on security, safety, and profit-maximizing. Most of these sites use Artificial Intelligence technology to read and predict the crypto market’s volatility, thus decreasing the number of bad investments and making sure their users will get a bigger bang for their buck. 

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The Inventor of Bitcoin

As stated before, the creator of bitcoin is Satoshi Nakamoto. Nothing is known about Nakamoto’s personal life. In fact, it isn’t even known whether Nakamoto is a man, woman, or even a single person. This, of course, has attracted many to concoct theories on the person’s identity and collect evidence to support their claims. In the little more than a decade of bitcoin’s existence, reputable news sources have claimed multiple times to have discovered the identity of Satoshi Nakamoto. Most of these claims were debunked. 

Satoshi Nakamoto has claimed in the past that he is a “37-year-old Japanese citizen”. A claim which has been heavily speculated on, as his use of English was consistent with native speakers. The only other time Nakamoto has addressed issues revolving around his identity has been when he expressed a desire for people to stop speculating on his personal life and focus on the possibilities and future that alternative currencies provide. 

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The Philosophy of Bitcoin

The history of Bitcoin is steeped in libertarian philosophy, the main tenets of which include self-reliance, freedom, minimal interference from governments, and individualism. These ideals can be easily identified in Bitcoin, as it is a decentralized currency, which provides anonymity in purchases, freedom from bank fees and government interferences, and can be traded by anyone. Though it can and perhaps should be argued that cryptocurrency has moved away from its philosophical roots, it cannot be argued that the origin of cryptocurrency stems from libertarian philosophy.