Undoubtedly you are familiar with cryptocurrency. Bitcoin, Litecoin, and Ethereum are a few common crypto coins you have likely heard of. You have probably seen mixed statements in headlines. Some very high profits from well timed investments made in crypto markets have resulted in new millionaires all over the world in the last few years. There have been devastating losses for many as well, because crypto is a volatile ride thus far.
Even so, we have arrived in the era of widespread blockchain and cryptocurrency adoption. Evidence of this can be found on hundreds of digital exchanges where numerous coins have strong presence and actual value trading for national fiat currencies. You can also see blockchain implementations in almost every top retailer in the world. Try a simple web search and you will be surprised to see the United States Postal Service is on the first few results when the search term is “blockchain”.
The massive adoption of blockchain technology isn’t surprising, because of its clever features and numerous benefits. Before jumping into WHAT a blockchain is and all the reasons that it is so special lets recap on some history.
I bring your attention to 2008 when a programmer known only by his pseudonym, Satoshi Nakamoto released a Whitepaper for the worlds first blockchain and its centerpiece, the digital currency we know and enjoy as Bitcoin. The neat and concise words on the cover were a glimpse of what some people say is the only perfect money that existed up until it’s invention. The words on the cover were simple. “Bitcoin. A peer-to-peer Electronic Cash System.” The project outlined inside that whitepaper changed the way human kind transacts — forever.
“With e-currency based on cryptographic proof, without the need to trust a third party middleman, money can be secure and transactions effortless.” Satoshi Nakamoto Bitcoin Developer (source)
The above video is great because about half way in the narrator mentions the price of bitcoin- which at the time of the video’s creation was only $100.00. At the time of writing this piece Bitcoin has a value of $9,700.00.
Fast forward to 2010 when Satoshi has seen his Bitcoin project gain lots of users, and it worked very well for the intended purpose- to transfer value between people without the need for a bank or a third party. Satoshi publicly turned over various responsibilities to people within the online community who he had worked with.
The brilliant inventor sent a message to a few remote colleagues that indicated that he felt like he had completed the work and that he would walk away without returning to the forum or to the project. Nobody has seen or heard of him since the puzzling departure.
His known wallet address with a visible, large balance has not moved since the day he relinquished his responsibility for Bitcoin.
Some speculated that he fled in a panicked state after being hassled by some federal agents.
Rumors also still circulate widely in forums that law enforcement was pressuring him for his role in creating a currency that directly endangered the value and control government had. If crypto became a viable replacement for fiat or traditional money- it could render the Federal Reserve obsolete (in theory).
Some people have theories that he was a victim of something more sinister or violent.
The thing is … Satoshi Nakamoto is probably still active in the crypto community. I like to imagine that he is reading this, right now and smiling.
It seems very basic to me now — but if I had not seen this page and read its helpful articles — I would have been scammed many times. Check this page out if you are new BEFORE making a purchase. Be safe, be cautious, and have fun.