Happy Birthday to Satoshi Nakamoto crypto Baby!
October 31, 2018, is the 10th anniversary of the creation by Satoshi Nakamoto of his famous “Bitcoin White Paper.” The white paper describing the fundamental concepts of Bitcoin currency and its Blockchain, which have become certain phenomena worldwide.
Ten years ago, a man still unknown until then, published a message in an online forum, under the pseudonym Satoshi Nakamoto. He explained his plan to set up an electronic cash system, operating as a peer-to-peer network. Peer and without an intermediary. He added a link to the full document in PDF format.
Bitcoin currency, comeback on its creation
Before the Bitcoin currency, most of its components already existed individually, at least theoretically. But the product of their convergence had never been organized. So far, the insurmountable difficulty has been the notion of value transfer without the necessary trust between the parties or central authority.
Bitcoin’s white paper outlined how to make this technology achievable. Concise and clear it paved the way for the digital money. Satoshi Nakamoto’s white paper was both a technical and political. Even philosophical journal.
In a brief time, we have witnessed significant developments and great leaps. But whatever the field, it is difficult to reach real maturity in a decade. To take stock, it is interesting to introspect and remember where we come from. And what is that we were doing ten years ago, our projects and our hopes of the time.
2008 was also the release of “Slumdog Millionaire,” the election of Barack Obama to the US presidential election, and “Single Ladies” of Beyoncé. Technology level, these same last ten years were born the iPad, the browser Chrome, Airbnb, Spotify, Instagram, Uber, WhatsApp, and the 4G.
Ten years was yesterday, and it is an eternity. Bitcoin currency went from a relatively simple concept to complex and robust technology. More and more spread across continents, cultures, socio-economic categories, growing and reinforcing as newcomers join the network.
The long way to the success
Since its birth, Bitcoin currency has received the death sentence at least 315 times. According to the parody website “Bitcoin Obituaries.” Which lists pessimistic newspaper articles about it.
It was associated with all kinds of illegal traffic, to be connected (often wrongly and in a very whimsical way) to all the immoral and dangerous activities. From terrorism to corruption, to an ecological catastrophe, to always come out soon afterward with the head held high, having convinced even more followers on the way, and annoying a little more his detractors.
Economists and central banks generally do not like Bitcoin currency, while programmers in Silicon Valley feel an irresistible attraction to it. As with any new technology, some industries will have to follow and adapt.
The complete social metamorphosis will not be done in a year, probably not even in ten, but the machine is launched, and as with the Internet, the automobile, or electricity, the future will be built with and around the new ways of exchange and communication provided by Bitcoin and its Blockchain.
Ten years of revolutionary innovations, technology evolving and constantly changing and at a speed that is difficult to follow, concepts that challenge our individual habits and even some of the pillars of our societies. Yet, we are closer to the first prototype of Apple built in a garage than the last iPhone. Rome was not made in a day, sweeps in depth of monetary theories or management of information flow either.
Ten years, it seems a lot, yet Bitcoin is hardly at its prehistory. A vast majority of people have never heard of it or vaguely, and related technologies often remain inaccessible to the uninitiated.
Bitcoin currency features
Like most technological or societal developments, Bitcoin currency grew organically. First with a handful of geeks specialists followed by hackers and enthusiasts ready to put their hands in the grease. Then came the marginalized and curious at the forefront, the idealists, the speculators.
An entire ecosystem that has rapidly but delicately crystallized around its simple concepts. Indeed, understand and explain its exponential opportunities, to finally attract the attention of multinationals in multiple industries, from finance to agribusiness and luxury, and finally, policies of all kinds and the general public.
Many critics were about the volatility of Bitcoin’s price. But it is precisely its youth and organic growth that paradoxically also gives it strength. The real value of Bitcoin currency is to have survived and strengthened during all these years. Moreover despite the attacks and doubts And thanks to a growing network of determined and convinced enthusiasts. It is also to have imposed and kept its position of leader and reference despite the countless copies and imitations.
Its greatest strength is perhaps the wisdom of its creator to have been anonymous from the beginning. Then to have erased in 2010. Precisely to preserve the fundamental notion of peer-to-peer without an intermediary of trust or central authority. Bitcoin currency remains a collaborative project that has not from the beginning any company or foundation at its head. Nor leader in charge, nor even official postal address.