Home Business “Bitcoin is not an investment,” said founder Satoshi Nakamoto

“Bitcoin is not an investment,” said founder Satoshi Nakamoto

“Bitcoin is not an investment,” said founder Satoshi Nakamoto

In recent months, the value of Bitcoin (BTC) has risen so quickly that the coin is now worth more than several large companies, including Tesla. Since then, the largest cryptocurrency has enjoyed great popularity again among investors. But Bitcoin inventor Sathoshi Nakamoto didn’t view the coin as an investment at all.

Satoshi: “Bitcoin is not an investment”

Early Bitcoin developer Martii Malmi, also known by the pseudonym Sirius, has archived email messages between him and Nakamoto on his Github page. As one of the most active members of the early Bitcoin community, he exchanged many emails directly with the inventor himself, which now provide a historical insight into both programmers’ work on Bitcoin.

For example, in November 2009, Satoshi wrote “This will be fun!”, which shows that he of course already had an eye on the potential of the project. It also appears that he didn’t code in his regular job because he was happy to be able to do so again when he worked on Bitcoin.

He was also aware that his anonymity could cause confusion and that he needed to be careful in this regard. Using the Bitcoin network itself is not necessarily completely anonymous, although he himself uses a pseudonym. The transparency was later proven by a 27-year-old student who revealed much of Bitcoin’s transaction history.

Additionally, he didn’t think it was a good idea to explicitly call Bitcoin an investment. He thought it was risky and people would have to draw their own conclusions about what exactly Bitcoin is.

Bitcoin success

An unknown member of the Bitcointalk forum referred to Bitcoin as a cryptocurrency – a word no one had used before. In one of the first emails with Malmi, he wrote about this new term. The word has not disappeared since then.

What’s also funny is that sending a transaction of 10,000 BTC wasn’t that strange back then. This was actually worth nothing in 2009 as there were no trading platforms where you could buy Bitcoins with fiat currency.

Sirius itself, along with community member NewLibertyStandard, was probably the first to trade the fiat currency Bitcoin, albeit in the form of a kind of test via PayPal. He then sold 5,050 BTC for $5.02, according to BuyBitcoinWorldwide. At the current Bitcoin price, 5,050 BTC would be worth almost $260 million.

The total market value of all Bitcoins is now just over $1 trillion. That’s almost as much as the entire Dutch economy; and therefore more than several other economies and even some full fiat currencies.

No Comments

Leave A Reply

Please enter your comment!
Please enter your name here

Exit mobile version