A Momentous Occasion
The real-world events all began in 2008, when an enigmatic individual named Satoshi Nakamoto published a whitepaper titled “Bitcoin: A Peer-to-Peer Electronic Cash System.” This document, which was less than 10 pages long, served as the foundation for the cryptocurrency industry.
In it, Satoshi Nakamoto declared the creation of a completely decentralized digital currency system that would not require a third party. According to him, this type of currency would have several advantages, including the prevention of double-spending fraud without the involvement of intermediaries, and each Bitcoin would be minted through a “proof-of-work mechanism similar to Hashcash.” At that time, Satoshi Nakamoto’s idea of eliminating intermediaries sparked intense debates.
On January 3, 2009, Satoshi Nakamoto mined the first block in the Bitcoin Blockchain, earning a reward of 50 BTC. At that time, the price of Bitcoin was less than 1 US cent. Little did anyone know that this event would lay the foundation for a cryptocurrency market currently valued in the trillions of dollars.
As of January 3 (US time), Bitcoin is hovering around $43,000 and has a total market capitalization of $846 billion.
From a relatively unknown currency that faced ridicule from many experts, Bitcoin has now become a globally recognized digital currency. The technology behind it has also paved the way for a multitude of technological trends, from Blockchain, NFTs, Web3, to the Metaverse, DeFi, and DAOs.
On Account X, Binance celebrates along with the cryptocurrency community on Bitcoin’s 15th birthday.
“Today marks 15 years since Satoshi Nakamoto created the Bitcoin genesis block. One of the most significant moments in the history of cryptocurrency. Happy birthday, Bitcoin!” Binance shares.
