If 2017 has taught us anything, it’s that the price of a commodity has a massive influence on how the world values it.
As Bitcoin entered a phenomenal bull run in November, it was almost impossible not to get caught up in the hype of the ever-growing value of the cryptocurrency. The price continued to rise, breaking barrier after barrier with no consideration of naysayers or well-wishers.
Some people made a lot of money while others lost out in the eventual correction. However the financial success of Bitcoin has somewhat taken away from the 40-year journey towards its inception.
Happy birthday Bitcoin
Bitcoin celebrated it’s ninth birthday on Jan. 4 – marking another milestone since the original genesis block was mined in 2009.
Bitcoin’s birth is credited to its creator Satoshi Nakamoto, but the development of Bitcoin goes back as far as the 1970s. The cypherpunk movement deserves as much credit as Satoshi for laying down the foundational development of cryptography.
Speaking on RT’s Keiser Report, show host Max Keiser says people would be wise to research the history of cypherpunks before they invest in Bitcoin:
“The Satoshi whitepaper describes Bitcoin as system for the transmission of digital cash, which sets most enquiries into this to a skewed path because they’re looking at it in one use case – the payments-use case.”
“This leads us to ignore the entire history of the entire movement and ignore everything else Bitcoin can possibly do, including obvious references to gold as mentioned in the whitepaper. Store of value has always been key to this thing.”