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October 2, 2022
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Today is the 12th Anniversary of the Bitcoin Genesis Block

A brief history of Bitcoin

Precisely on the day October 31, 2008, Satoshi Nakamoto published his paper, “Bitcoin: the Peer-to-Peer Electronic Cash System”, on an online encryption mailing list. Based on the simple idea of ​​a “Fully decentralized and peer-to-peer electronic money, without the need for a fiduciary third party”, the system designed by Satoshi emerged as a new experiment in the financial and banking fields.

For a lay person, Satoshi’s whitepaper may be less enlightening. It may seem somewhat technical and not very conceptual. And almost nothing reveals about the ideological reasons behind Bitcoin. Luckily, after making the idea of ​​Bitcoin public, Satoshi began to answer the questions of the other participants in the discussion list, clarifying from technical and conceptual topics to political and economic issues; it is exactly there that we find the evidence of Satoshi’s political-philosophical thought.

But perhaps the most interesting trace about Satoshi’s critical view of the current monetary and banking systems is recorded precisely in the genesis block, the first block of the blockchain. At 6:15 pm on January 3, 2009, Bitcoin was officially born, with the first transaction in its history, transmitted to the network by Satoshi, registered in the genesis block and accompanied by the following message:

The Times 03 / Jan / 2009 Chancellor on brink of second bailout for banks

“The Times 03 / Jan / 2009 Chancellor on the verge of the second bailout for banks.”
The reference to the headline in the British newspaper The Times of that day is not accidental. It is, in fact, a clear indication of Satoshi’s critical view of the banking system and the prevailing financial disorder. In this context, the Bitcoin project came to be an attempt to respond to the financial instability caused by decades of state currency monopoly and a fractional reserve banking system.

A few days after the transmission of the genesis block, it was made available free of charge for download the Bitcoin v0.1 client. It was the beginning of the great monetary and banking experiment of the new millennium.

On the Anniversary of the Bitcoin Genesis Block, a history of price developments

Bitcoin price data per year starts with the commercial opening of values ​​when buying 2 large pizzas in 2010 – the famous Pizza Day – and then we use Bitstamp’s closing data for the last day of the year, see:

2010 – $ 0.04
2011 – $ 4.58
2012 – $ 13.24
2013 – $ 732.00
2014 – $ 321.00
2015 – $ 430.72
2016 – $ 936.66
2017 – $ 14,112.20
2018 – $ 3,693.30
2019 – $ 7,168.36
2020 – $ 28,992, 79
2021 – ???

The evolution of Digital Currency in just 12 years of life is impressive!

Now let’s see how it evolved in the year that passed in 2020.

BTC in 2020 - Anniversary of the Bitcoin Genesis Block

The evolution of Bitcoin is impressive, but for those who understand what Bitcoin is, what the proposal is, what problems it solves; the advancement of the world’s leading crypto is just the beginning.

Many think (still) that BTC is the currency of the future, others think it is a store of value, some still think that it can be the backing of other assets … Others think that it is all of that; some, even seeing the evolution, say it’s a bubble, etc.

And you, what do you think?
Let’s chat. Write here in the comments!

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