I still remember the moment I first learned about Bitcoin [BTC] and blockchain technology. I was finishing up college at Ohio State University and came across an article about Bitcoin and a White Paper [released: 31 October, 2008] written under the pseudonymous name, Satoshi Nakamoto.
It was later that day when I had my first conversation about this new technology with a friend. Each of us contemplated this proposal that value could be created through a protocol [language], math, & computer bits. It was one of those moments in time that a person never forgets where they were.
This moment changed my entire life. Immediately, I began to immerse myself in every article and online video that existed about this innovative tech. At the time, content about this profound socio-economic experiment was scarce. However, I had an inclination that this was going to change the world for the better even from the onset of my discovery.
Today, a decade has passed since the White Paper’s release to the public and Satoshi’s identity is still as much a mystery as it was then. Yet, by the nature of Bitcoin’s distributed system it doesn’t really matter who Satoshi is, or was, and fewer seem to care than ever.
Bitcoin has forged itself into the mainstream and just last week more than 30,000 retail stores announced they’ll be accepting Bitcoin for payments.
With less than 4 million BTC left to mine and the next halving 364 days away, it appears it is now in a new bull market cycle. These cycles vary in duration but typically can last for up to 3 years in cryptocurrency. Bitcoin has a finite supply of 21 million coins and every 3 years the block-reward is cut in half for the effort of mining new coins, validating transactions and therefore securing the network. This halving will reduce the block reward from 12.5 coins to 6.25 coins.
Bitcoin was borne out of a revolutionary spirit; you can feel the passion when you read the White Paper. The creator, Satoshi, even embedded the now infamous Times of London Article from 2008, ‘Chancellor on Brink of Second Bailout for Banks’.
Detailed in this paper is how peer to peer money would be the first application of the Bitcoin blockchain and how for the first time in human history the Byzantine Generals Problem in relation to digital transactions had been mastered. This entails how future application of this protocol would deny the ability to double-spend a transaction; moreover, Satoshi had created the first trust-less system of digital value transfer with no third-party mediate.
I’m going to use this space to educate and keep the readers of this site up to date on the most important and life altering innovations of this technology and its’ applications. We are only in the first inning of what this experiment holds but already it is saving lives.
Today in Venezuela, their people are suffering from hyperinflation from state failures in monetary policy. There, citizens are using Bitcoin and other cryptocurrencies not only as a medium of exchange but also a store of value. Bitcoin is already saving lives.
Though the space is merely 10 years old, the promise is vast. This innovative technology has the power to create truly free-markets again and return society to productive levels not seen in the U.S. since the Industrial Revolution. It has the potential to improve humanity and societies world-over.
The first decade was to prove this experiment could work. Over the next decade this will all become very obvious looking back, much like the internet does today. I look forward to documenting the advancements of this technology and I’m happy to be onboard CD Media to share my take on this monetary revolution with everyone.