Hip hip hodl! Bitcoin turns ten years old today

Hip hip hodl! Bitcoin turns ten years old today.

Image source: Shutterstock / Trijo News

Tim Haldorsson

tim.haldorsson@trijo.co

Today, ten years ago, bitcoin's whitepaper was introduced to the world. Over the years since then, the use of bitcoin as a digital currency has grown sharply and today there are over 22 million bitcoin wallets.

Bitcoin was created when a mysterious person or group of people named Satoshi Nakamoto released a so-called “white paper”, a document describing the idea behind bitcoin. In the document, the founder or founders writes that the world needs a system that does not need to rely on intermediaries, such as banks or financial institutions, to make a value transaction over the internet.

Today, on October 31th 2018, it is ten years ago since Satoshi Nakamoto introduced the whitepaper for bitcoin to the world. During these years, bitcoin has grown and attracted more people. Today, bitcoin is valued at around $109 billion.

In addition, more than 22 million bitcoin wallets have been created, and it is estimated that between 2.9 million and 5.8 million people actively use their wallets, according to Bitcoin Market Journal.

“The one thing that’s missing, but that will soon be developed, is a reliable e-cash”

Ideas similar to bitcoin was already there before the cryptocurrency was created. Among other ideas, the well-known economist Milton Friedman described in 1999 a system similar to bitcoin and that it was one thing that the internet was missing at the time.

“The one thing that’s missing, but that will soon be developed, is a reliable e-cash, a method whereby on the internet you can transfer funds from A to B, without A knowing B or B knowing A”, Milton Friedman said back in 1999, according to Coindesk.

Electronic money without intermediary

Some would say that bitcoin is this electronic money that Milton Friedman predicted nearly 20 years ago, especially if you look at this sentence from bitcoin’s whitepaper:

“A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution”, writes Satoshi Nakamoto in the introduction to bitcoin’s whitepaper.

You can’t stop things like bitcoin

After bitcoin has been in existence for ten years, many people still disagree about the future of the cryptocurrency. Some describe bitcoin as the future currency that can not be stopped, while others are not as positive.

“You can’t stop things like Bitcoin. It will be everywhere, and the world will have to readjust. World governments will have to readjust”, said John Mcafee, founder of antivirus company Mcafee, according to Forbes.

Read more: Bitcoin could take global warming over two degrees.

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