Is the World’s Financial System Ready to Take on the Challenge of Crypto Currencies?

The Strange History Of How Bitcoin Became An “Overnight Success”

With the price of a single Bitcoin rocketing up to a record high of $63,346 on April 16th, 2021 (a six-fold increase from 2020), many may consider Bitcoin to be a proverbial overnight success.

Many Early Advocates Of Digital Money Had A Strong Distrust Of Government, Some Were Even Promoting An Anarchist Political Agenda

Even more perplexing is that quite a few of the early digital currency advocates, such as the members of the influential Cyberphunk group, took inspiration from a 1999 dystopian science fiction novel Cryptonomicon, and, much like the characters in the book, saw themselves as political anarchists fomenting an international revolution by creating an anonymous digital currency to undermine the control of the financial systems held by national governments.

The Early Days Of Bitcoin: An Audacious Project With Little Chance Of Success

In 2008, the Bitcoin technical “manifesto” was released.

  • Transactions
  • Timestamp Server
  • Proof-of-Work
  • Network
  • Incentive
  • Reclaiming Disk Space
  • Simplified Payment Verification
  • Combining and Splitting Value
  • Privacy
  • Calculations

The Bitcoin Project Is Saved By Take-Out Pizza Orders

Satoshi Nakamoto launched Bitcoin to the world on January 3, 2009, with the first block on the ledger offering a reward of 50 coins.

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Mt. Gox Takes Bitcoin Trading To The Masses, But Its Ultimate Collapse Brings Bitcoin To Its Knees

The solution was to create a Bitcoin / Dollar exchange, which founder Jeb McCaleb christened Mt. Gox, an acronym derived from the role-playing game Magic: The Gathering with “online exchange” appended to the end.

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