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13 Years Ago Today, Satoshi Nakamoto Posted the First Bitcoin Forum Post

Satoshi Nakamoto, the person who made the Bitcoin network, made his first forum post on the P2P Foundation website 13 years ago today. “Bitcoin open source implementation of P2P currency” was the title of a post on a forum about peer-to-peer dynamics. It explained how the e-cash system works to members of the advocacy and research forum.

The first of three forum posts in February 2009 that talked about Bitcoin.

There were three times in February 2009 when Satoshi Nakamoto talked about the Bitcoin white paper and open source codebase with people on the P2P Foundation forum. The first time the creator of Bitcoin made the project public was on February 11, 2009. He used the P2P Foundation forum to do it. Before these events happened in February, Nakamoto used the email system that was linked to the cryptography mailing list at metzdowd.com.

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On February 11, 2009, Satoshi Nakamoto published the first introductory forum post about the Bitcoin network.

There is a lot to learn about in the first post on the forum. The creator also leaves a link to the software’s first version there. Nakamoto wrote this 13 years ago today: “I’ve made a new open source P2P e-cash system called Bitcoin. It’s called Bitcoin because I made it myself.” If you use crypto proof instead of trust, you don’t need a central server or any other people who you can rely on. Check out the screenshots and design paper to see what it looks like, or give it a go yourself.

Nakamoto is very detailed in the first post on the forum, and Bitcoin’s creator explains why traditional currencies don’t work. Nakamoto wrote that day: “The real problem with traditional money is all the trust that’s needed to make it work,” he said. There must be faith in the central bank not to weaken the currency, but the history of fiat currencies shows that this trust has been broken many times. Banks must be trusted to keep our money and send it electronically, but they lend it out in waves of credit bubbles with only a small amount of money in reserve.

Bitcoin’s inventor further stressed:

“We have to trust them with our privacy, trust them not to let identity thieves drain our accounts. Their massive overhead costs make micropayments impossible.”

Asked what he thought, Nakamoto said: “I think this is the first time we’ve tried a decentralised, trust-based system.”

First, Satoshi wrote a message on a message board. It says that he wants people to know about Bitcoin, so more people can try out the network in its early days. Until the next day, no one answered Nakamoto’s first P2P Foundation thread. Sepp Hasslberger was the first to do so, and he was the only person to do so.

Hasselberger wrote at the time: “Wow! This is really good.” First real change in money came when the Bank of England started issuing promissory notes for gold in the vaults, which became known as banknotes. This is the first real change in money since then.” There is so much that can be done with an open source currency, I think. He said that it was a little like Google becoming the search engine of choice for many people. A few other people in the post talked about “old Chaumian central stuff” and e-currency projects like e-gold that didn’t work out in the past, but now they work.

A few people asked questions in the thread. Satoshi responded to a few of them and said that the “old Chaumian central mint stuff” was all there was at the time. The creator of Bitcoin told the members of the P2P Foundation that the Bitcoin protocol was decentralised and different from other systems. “A lot of people think that e-currency isn’t worth their time because of all the companies that have failed since the 1990s.” Nakamoto responded to one of the thread’s replies on February 15, 2009. “I hope it’s clear that it was only the fact that these systems were controlled by a single person that killed them.” I think this is the first time we’ve tried a system that isn’t based on trust, the creator of the cryptocurrency said.

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Then on February 18, Nakamoto came back to the thread to answer a lot of questions that Sepp Hasslberger had asked at the time. In response to Hasslberger’s questions, Nakamoto told him about three interesting things about the Bitcoin network and said that the coins would be scarce. In this statement, Nakamoto said:

“It is a global distributed database, with additions to the database by consent of the majority, based on a set of rules they follow: [One] — Whenever someone finds proof-of-work to generate a block, they get some new coins. [Two] — The proof-of-work difficulty is adjusted every two weeks to target an average of 6 blocks per hour (for the whole network). [Three] — The coins given per block is cut in half every 4 years — You could say coins are issued by the majority. They are issued in a limited, predetermined amount.”

You can say that Satoshi Nakamoto’s system of electronic cash has caught on. So far, 18,954,937 bitcoins have been made, out of the 21 million that can be made. Bitcoin’s (BTC) market value is now more than $800 billion, and the network has been up and running 99.98713391230 percent of the time since it was started on January 3, 2009. Nakamoto’s invention has also led to the creation of a lot of different crypto coins, and there are now 12,523 crypto assets in the crypto market.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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