It has been 13 years since it first appeared, Bitcoin was shared by a mysterious person named Satoshi Nakamoto. At that time, he mentioned that Bitcoin became the first electronic money system in history.
The presence of Bitcoin
The presence of Bitcoin was predicted by Satoshi who believed in the need for an online payment system that is independent, secure, and limited in number. In fact, Satoshi’s ideas have been breaking new ground for decades, scientists claimed. “The traditional banking model achieves a level of privacy by limiting access to information to the individuals involved and trusted third parties,” Satoshi said in his white paper. “The need to publicly announce all transactions precludes this method, but privacy can still be maintained by cutting off the flow of information elsewhere: by keeping the public key anonymous,” he added.
Mocked its adoption in its early stages
In 2009, the Bitcoin network was launched, with each Bitcoin priced at just $0.0008 (about ₦0.33 in Nigeria). Bitcoin is seen as a threat by traditional financial institutions, while many even mock its adoption in its early stages. Whereas now, Bitcoin has turned into an asset with a market valuation of more than 1 trillion dollars (₦411 trillion) and also the launch of more than 10,000 types of cryptocurrencies that take advantage of the innovative concept created by Satoshi.
Where is Satoshi Nakamoto?
The creator of the cryptocurrency today remains one of the world’s greatest mysteries – no one really knows his true identity as he disappeared after the launch of Bitcoin in 2010. While there are many theories online claiming Satoshi is someone else or even dead, he continues to own more than a million bitcoins, which today’s valuation is worth more than $60 billion.
