Happy Birthday Bitcoin! – Geek corner

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It’s January 9, and those who know the history of Bitcoin know that it was on this day, 14 years ago in 2009, that the first version of the Bitcoin protocol was released and the Bitcoin blockchain was really started.

What was the world’s first peer-to-peer electronic payment system has changed dramatically over the years, but it lives on today as Bitcoin SV (BSV). Let’s take a quick trip down memory lane to recap the main events.

The nature of Bitcoin is such that once version 0.1 was released, the basic design was set in stone for the rest of its lifespan. – Satoshi Nakamoto

Wasn’t the Genesis Block built on January 3rd?

Yes it was. As a result, many refer to this as Bitcoins birthday, but due to the way the Genesis block was hard-coded into (unmined) Bitcoin software in the usual way, it’s more accurate to say the birthday of Bitcoins is January 9.

The first Bitcoin transaction, between Dr. Craig Wright and Hal Finney, would come later on January 12.

Bitcoin was not a cypherpunk project

In his early communications, Nakamoto was clear that nodes would eventually end up in data centers. He stated unequivocally that users running nodes at home was not the large-scale intended configuration. He also told Mike Hearn that he never hit a scaling cap and announced it on the crypto mailing list rather than one of the many cypherpunk forums or mailing lists in line at that time.

Looking at these facts, we can see that Nakamoto never intended Bitcoin to be a tool for criminals or a decentralized system in the sense that word is misunderstood today.

Who published Bitcoin?

Bitcoin was released by a pseudonymous computer programmer called Satoshi Nakamoto. Due to public doxxing and a litany of evidence in various court cases, we now know that Satoshi Nakamoto was Australian polymathDr. Craig Wright. While many deny this, the proof is undeniable for anyone with an open mind.

Did Dr. Wright create Bitcoin by himself? He credits his late friend, David Kleiman, and others, such as Hal Finney and Wei Dai, for contributing in various ways, but he argues that the design of the system was his and his alone. The HisTheory of Bitcoin series on YouTube explains the system in detail, showcasing his knowledge of the system he created.

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By listening to Dr. Wright, we can learn his intentions for Bitcoin and how it went so horribly wrong in the years that followed.

Bitcoin was hacked, but it’s back for good this time

While today is its 14th birthday, the original Bitcoin barely survived. Due to the mistaken ignorance and willful malice of BTC’s core developers, who deliberately kept the 1MB block size which was always meant to be temporary, Bitcoin was transformed into something it never would have. had to be, and basic features and capabilities were removed.

Thankfully, Bitcoin is alive and well today as Bitcoin SV – Dr. Wright’s original design has been restored. With the ability to process 100,000 transactions per second and an abundance of applications powering micropayments on the blockchain, the original treasury system he released is thriving. Understood.

Clearly, Bitcoin’s toughest years are behind it, and its future looks brighter than ever. As we celebrate its 14th anniversary, let’s reflect on how far we’ve come while realizing how far we still have to go.

Thanks for giving us the world’s first scalable peer-to-peer electronic payment system, Dr Wright, and happy 14th birthday, Bitcoin!

Watch: How Bitcoin Works as a Base Layer for Other Blockchains

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New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about the Bitcoinas originally envisioned by Satoshi Nakamoto and blockchain.

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