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On Oct. 31, 2008, Satoshi Nakamoto published his whitepaper called "Bitcoin: A Peer-to-Peer Electronic Cash System," announcing the invention of a technology that can be used digitally and remotely. Based on Blockchain, a distributed ledger technology, Bitcoin can be traded. Fraud, such as sending a coin twice, protects the technique by controlling the blockchain of all participants.
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Bitcoin inventor Satoshi Nakamoto anonymous until today
Who is the mysterious inventor of the most successful digital coin, is not known. That only one person is behind the pseudonym is just as possible as that a group brought the Bitcoin together on the way. During his work, Nakamoto always remained anonymous, then in 2010 he ended the contact with the crypto community and retired completely.
Since then, there is much speculation about who the ominous Bitcoin inventor is. For example, Australian entrepreneurs Craig Wright claimed to have designed the cryptocurrency, while the crypto community identified some other people as possible inventors – but without proof. In August, even launched a crowdfunding campaign, which has set itself the goal of Nakamoto to find and unmask. However, the desire to find out who Nakamoto is is also not entirely unegoistic. The Bitcoin inventor has about one million Bitcoin – which at a current price is worth about $ 6.3 billion. Should he throw this amount at once on the market, that would have immense consequences for the already highly volatile Bitcoin course.
10,000 Bitcoin for two pizzas vs. a bitcoin for almost $ 20,000
The Bitcoin has experienced high price fluctuations during its 10-year existence. In the beginning, it was a matter of a few dollars, which changed the listing, later on it was several hundred US dollar price differences. The crypto-euphoria peaked in December of last year, when a bitcoin cost almost $ 20,000 at times. It seems absolutely absurd that even in May 2010 the programmer Laszlo Hanyecz paid 10,000 Bitcoin for two pizzas – a legendary story in the crypt world.
But the Bitcoin was not only hyped, many are also afraid of illegal activities around crypto currencies, because as a payment method in the Darknet they are popular because of their anonymity. Many crypto-skeptics are also afraid of fraud. Recalling that some large crypto exchanges have been hacked in the past and hundreds of thousands of coins were looted, these concerns may not be entirely unfounded.
Future of Bitcoin still uncertain
One thing the Bitcoin has proven in its now ten-year life cycle, however, it contains enormous potential. If only the general public uses it as a means of payment and store of value and big banks accept it as well, in the future it could show what it is all about. But how could Bitcoin develop in the next ten years?
Experts disagree about this, depending on whether they belong to the camp of the Bitcoin disciples or that of the Bitcoin opponents. For example, the American economist Nouriel Roubini, who was also known as Dr. Doom once knew that Bitcoin was "the mother of all bubbles", calling the blockchain a "glorified Excel spreadsheet". But others predict the "digital gold" a glorious future. For example, Mike Novogratz, founder and head of a crypto-investment firm, expects Bitcoin to see a big rally next year, so prices will rise sharply.
How the Bitcoin will actually develop in the next ten years, you can currently say nothing specific. But one thing is certain: If only central banks are more deeply involved with the crypto topic and the stock exchange supervisory boards approve the long-awaited crypto-ETFs, there could be enormous potential for the crypto-currency Bitcoin. Whether the star on the crypto-heaven can continue to prevail against other large and successful crypto currencies such as Ethereum or Ripple, however, is another question. Maybe the digital money and the Bitcoin in ten years is only a footnote in various economic lexicon. But maybe even successful crypto investors laugh in ten years about those who thought that today.
Theresa Rauffmann / Editors finanzen.net
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