Happy Birthday Bitcoin: From Pizza to $100K in 16 Years

On January 3, 2009, Bitcoin was launched by its anonymous
creator, Satoshi Nakamoto. The first block of the blockchain, known as the
genesis block, was mined on that day, producing 50 BTC.

Embedded within the block was a reference to contemporary
financial turmoil: “The Times 03/Jan/2009 Chancellor on brink of second bailout
for banks.” These coins remain unspendable, symbolizing Bitcoin’s foundation.

Notable Developments

Sixteen years later, Bitcoin has transformed from an obscure
digital experiment into a significant financial instrument. Its 21-million coin
cap, encoded in its design, contributes to its perceived value as a scarce
digital asset.

The first Bitcoin ATM was installed in Vancouver, Canada, in
2013. Since then, Bitcoin ATMs have become commonplace globally. In 2021, El
Salvador became the first country to adopt Bitcoin as legal tender,
currently holding over 6,000 BTC as of December 2024.

Today marks 16 years since the Bitcoin Genesis Block was mined!On Jan 3, 2009, Satoshi Nakamoto launched Bitcoin by mining Block 0. It rewarded 50 BTC, which can never be spent, and included this message: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks. pic.twitter.com/eEysdDBnFp

— SandwichCat ($SACA) ( 🥪, 😼 ) (@SandwichCatCoin) January 3, 2025

Bitcoin’s early days were marked by experimental
transactions. According to Investopedia, in 2009, Martti Malmi sold 5,050 BTC
at $0.0009 per coin. In 2010, Laszlo Hanyecz used 10,000 BTC to buy two pizzas,
an event now commemorated annually as Bitcoin Pizza Day.

The cryptocurrency’s valuation milestones followed, with
Bitcoin reaching $1 in 2011, $10 shortly after, and $30 within the same year.
By 2013, it surpassed $1,000 per token.

Today is an important day for the crypto world — Bitcoin turns 16 years old 🥳On January 3, 2009, Satoshi Nakamoto launched the bitcoin network by mining a genesis block with 50 BTC. Since then, BTC has come a long way from being a little-known digital currency to a global… pic.twitter.com/7F6fQ6CmU5

— CryptoRobotics (@cryptorobotics) January 3, 2025

Bitcoin has faced volatility and regulatory challenges but
remains a central figure in the global financial landscape. It symbolizes
innovation and continues to shape discussions on digital currencies and
decentralized systems.

BTCUSD Shows Potential for Bullish Continuation

After
breaching the 100K level, BTCUSD has experienced a bearish correction and
has been trading below 100K for some time. The 92K level has acted as strong
support. Following the formation of two Spinning Tops on the daily chart, the
cryptocurrency made a notable upward move. Today’s price action on the intraday
charts has been choppy, but there is potential for further bullish movement if
it breaks yesterday’s higher high.

Bitcoin Creator’s Identity Remains Unsolved

Bitcoin’s creator, Satoshi
Nakamoto, remains unidentified despite numerous claims over the years.
Recently, HBO aired a documentary alleging Canadian developer Peter Todd as
Nakamoto, which Todd denied, as reported by Finance Magnates. Separately,
Stephen Mollah held a London press conference declaring himself as Bitcoin’s
creator.

The event drew scepticism, with journalists paying fees to
attend and question Mollah, who provided no evidence. Organizers faced
backlash, and fraud allegations against Mollah further undermined his claim.
Similar assertions have emerged before, including from Dorian Nakamoto and
Craig Wright, both of whom failed to substantiate their claims. The true
identity of Satoshi Nakamoto remains a mystery.

This article was written by Tareq Sikder at www.financemagnates.com.
Credit: Source link