Bitcoin History (BTC) Part 1: Beginning


In October, when the tenth anniversary of the release of Bitcoin whitepaper was celebrated, the network, as expected, was filled with many articles, retrospectives and thoughts. While October 31, 2008 is proclaimed a key point in monetary history, at that time few people noticed the publication of Bitcoin Paper on the cryptography mailing list. Like all revolutions, it will take time to germinate.

Read the same: Bitcoin History (BTC) Part 2: Bitcoin Symbol

Mighty Oaks grow from tiny acorns

It is difficult to understand when Bitcoin turned from an idea into a movement. Was this when Satoshi Nakamoto extracted the genesis block on January 3, 2009?Or when he sent the first transaction to Hal Finney in a few days? Or did it happen unnoticed during the year when the conversation moved from the mailing list, where it started, to Sourceforge, where the first Bitcoin forum was created?

This is one of the things that experts are thinking about in the chair. What is beyond doubt is that by November 22, 2009, when Satoshi welcomed the participants to the new bitcoin forum hosted on bitcointalk.org, his idea was rooted, and now a small group of believers helping to cultivate the land has appeared. “Hello to all forum participants and Bitcoin users!” - read the first answer to Satoshi’s first bitcoiner post. “Thank you for developing bitcoin. Anonymous digital currency / e-currency P2P is long overdue. I am very impressed, and this project has a lot of potential. ”

Bitcoin History Part 1: In the Beginning

It could be different.

When writing a story, it is easy to assign events of inevitability;to assume that things happened in a certain way, because that was how they should have happened. The truth is that Bitcoin, like all seismic movements, was not predetermined to play, as it were. If it were not for the stubbornness of those ultra-early followers who supported Satoshi’s brainchild during the weakest hours, combined with intuitive insight and increased geopolitical events, Bitcoin may never have moved off dead center. His survival and modern reliability can be attributed to the power of Satoshi's ideas combined with the efforts of amateurs who worked late into the night to correct critical errors and nurture Bitcoin, until the nascent network was strong enough to survive.

Bitcoin History Part 1: In the Beginning

In Bitcoin history, starting today, Crypto-Hunter.info will chronicle a series of mini-episodes from the early years of cryptocurrency, with an emphasis on the events that started life, like most of the Bitcoin history, on the forum started by Satoshi. Although Bitcointalk was not the only repository of original ideas, it formed the center in the pre-middle and early period of Twitter, where the main participants gathered to exchange ideas. At the time, as today, there was much controversy, but less tribalism and virtue signals. Unable to fight, the first task of the first Bitcoin users was to create a world in which the ideas contained in the official document could be implemented.

“One immediate problem with any new currency,” thought Hal Finney, January 11, 2009, is how to evaluate it. Even ignoring the practical problem, which consists in the fact that at first practically no one will accept it, it is still difficult to come up with a reasonable argument for a specific non-zero value for coins. ” He concluded:

As a fun thought experiment, imagine that Bitcoin is successful and becoming the dominant payment system used all over the world ... the ability to generate coins today with a few cents of computational time can be a good bet with paying about 100 million to 1! Even if the chances of success for Bitcoin to this extent are small, are they really 100 million against one?Something to think about ...

Continued: Bitcoin History (BTC) Part 2: Bitcoin Symbol

Do you think Bitcoin was destined to survive, or did luck and perseverance play a part in the early days? Let us know in the comments below.

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