It was exactly a decade ago when tales of Bitcoin started making rounds. It was a time when investors were facing tremendous loss and companies closing down, owing to numerous policy-related reasons.
In 2008, a white paper ‘Bitcoin: A Peer-to-Peer Electronic Cash System’ was published by Satoshi Nakamoto (pseudonym), describing another P2P digital currency system that didn’t need any bank’s interference or control, in principle, while making payments.
A few weeks later, Nakamoto introduced the first Bitcoin block, known as the Genesis Block (also Block 0), mined over a period of 1 week. Currently, it boasts of 50 ‘unspendable’ Bitcoins in it.
Nakamoto also ensured that there is space of 80 characters in the log storage of the Bitcoin block – to enable traders to leave remarks and feedback while paying. The first message issued by him was: “The Times 03/Jan/2009 Chancellor on brink of the second bailout for banks.”
Even though 2018 had been tough for Cryptocurrencies, Bitcoin’s 10th anniversary is worth celebrating because eventually, the crypto world has progressed to a large extent. There are hundreds of cryptocurrencies (and the number keeps increasing) in existence currently and more countries are keen to adopt their digital currency.
Whether Bitcoin is dying or not, Nakamoto certainly provided an alternative currency to all.
India’s stand on regulating cryptocurrencies
Addressing a question raised on cryptocurrency, State Minister for Finance maintained that until an internationally acceptable and technically viable solution is devised, they will not make a move in regulating cryptocurrency or launch India’s bitcoin.