Satoshi Nakamoto is the creator of Bitcoin, the cryptocurrency currently in a frenzy because of valuation surpassing $16,000/BTC. Interestingly enough, Nakamoto is not actually a real person but a pen name. My guess is he’s a millennial.
Nakamoto created the currency in 2008 as an experiment. He created an internet protocol that could facilitate peer to peer transactions. Bitcoin is popular because it’s open source and decentralized. Anyone can own a Bitcoin and there is no government controlling it like the US Dollar. The blockchain makes it all possible. It’s a decentralized list that records every transaction ever made. Bitcoin basically makes the traditional ledger, found in a bank, public knowledge. If you want to spend Bitcoin, it can be sent to anyone on the network. These are where “miners” come into play. Sending Bitcoin requires solving a complex mathematical equation and the miners are the ones who process those transactions. This technology has the potential to open huge avenues for innovation. It solves one of the key problems to making transactions which is trust. Bitcoin takes the human element of trust and converts it into a mathematical formula. This technology is the first of its kind and I predict huge growth in the future.
It’s crazy how his experiment has become an international phenomenon. Even though Bitcoin has a lot of drawbacks it is interesting to read his original intentions for the cryptocurrency.
As I read the news of Bitcoin’s surge and then subsequent decline in the past weeks, I kept thinking about the innovation of such a concept. Instead of an official government’s physical money/electronic money backed by a valuable standard, Bitcoin is a virtual currency with no affiliation to a single government. I find this to be brilliant. This overcomes a variety of problems associated with traditional currency, lending to its innovation. I’m interested to see where Bitcoin goes in the future.
Bitcoin itself is such a crazy concept that has so many technical details that the average person cannot understand. I’m incredibly interested to see where cryptocurrency goes in the future. I’m not sure if this is necessarily the right timing for it now, but I do think it will be heading somewhere substantial.
This is the first time I have ever read about a crytocurrency and it is very interesting to see the power that it could potentially have in society. I am looking forward to seeing how this financial resource progresses in the future.
It’s crazy how Bitcoin has developed into a crazy popular thing now, despite being a total experiment in the beginning. It’ll be interesting to see what the outcome of the Bitcoin will be in the future.
Bitcoin has really taken off recently, and goes so far beyond the dark web. Such an innovative currency that I think not many people give a lot of credit to. Can’t wait to see where Bitcoins are in 20 years, whether their still around at all or even more popular than now.
Bitcoin really scares me – I don’t think it’s a wise investment – it’s so volatile and can be replaced so easily.
I like that you chose Bitcoin because it is such a hot topic right now. Nakamoto must have had a pretty brilliant mind to see that there was even a market for Bitcoin. When one thinks of currency, generally, they do not see an opportunity for business, but literally making money is his business! It is like the FED but hopefully less corrupt. God bless.
I have heard so much about bitcoin and never really knew what all the banter was about. That is crazy how Nakamoto was able to do such a thing. The whole concept is still kind of foreign to me.