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Bitcoin [BTC]’s birthday marks first decade of decentralization

Priya

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Bitcoin [BTC]'s birthday marks first decade of decentralization
Source: Unsplash

Today, October 31, 2018, marks a special day for Bitcoin [BTC], the ruler of the cryptocurrency market. This is because the entire space is celebrating the 10th anniversary of Bitcoin whitepaper today. It also marks the first decade of decentralization as the main purpose of the coin is believed to be a liberation from governments, financial institutions, and banks and giving the power back to people.

Satoshi Nakamoto, the creator of Bitcoin, unveiled Bitcoin: A Peer-to-Peer Electronic Cash System, a nine-page whitepaper which is hailed to be the next revolution, on October 31, 2008. The white paper emphasized creating a digital cash enabling online payment, which can be sent directly from one person to another without any intermediary. Now, many believe that the coin is going to unite the entire world by setting foot as a global digital currency. More so, some people claim that Bitcoin is going to be salvation during the next recession.

The coin initially gained its momentum in the dark web, mainly Silk Road, the key catalyst for the rise of Bitcoin’s adoption. Bitcoin was the only means of payment to purchase drugs, weapons, and assassination contracts in the marketplace. However, Silk Road was bought to an end in 2013 by the FBI, which also resulted in the arrest of Ross Ulbricht.

The second most notable catalyst is Mt. Gox, which is now remembered for its hack. Mt. Gox was the biggest Bitcoin exchange platform, handing over 70% of Bitcoin transactions in the world. Apart from the hack, the exchange platform is also famous for “Painting The Tape”, which led to an increase of the entire market cap.

Painting the Tape is a sort of market manipulation Mt. Gox indulged in, an attempt to influence the price by trading amongst themselves. Moreover, Mt. Gox used to buy Bitcoin at its lower price through various accounts and later on sell Bitcoins at an inflated price, thereby increasing the trade volume and the closing price. This led to the increase of Bitcoins price to almost $1200. However, this scheme tumbled in the market after the exchange was hacked, resulting in losing almost 7% of their customers funds. This was also followed by the price of Bitcoin plummeting in the market as the coin was traded at an inflated price in the first place, left with no one to carry the scheme forward.

The whitepaper is also the reason for the existence of all the other coins and start-ups in the space. The whitepaper drew the attention of Brain Armstrong, Founder of Coinbase, Vitalik Buterin, co-founder of Ethereum, in the initial stage of Bitcoin. The other well-known people who joined the bandwagon in its early stage are Roger Ver, who is hailed as Bitcoin Jesus, Andreas Antonopoulos, author of Mastering Bitcoin, Litecoin creator, Charlie Lee, David Schwartz, creator of XRP ledger and Jed McCaleb, Founder of Mt. Gox.

The price of the coin has also had a significant impact on the market. Bitcoin reached its highest value in December 2017, reaching almost $20,000, drawing the attention of the entire world. The coin which was trading at $0.2 in July 2010, saw a huge spike in the coming year in the same month, with the price shooting to $31.9. The same year, the price also took a downward trend, hitting its lowest point for the year, $2 in November 2011.



This was followed by the coin making a massive comeback in November 2013 with its price reaching $1242. Post this, the coin gained a massive momentum in 2017, with the price climbing uphill throughout the year, only to stop at its current all-time high. However, this year seems to be quite contrary to 2017, as the price has been descending the hill.

Nonetheless, according to the community, the underlined rule for everyone interested in the cryptocurrency is – read the Bitcoin whitepaper.





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

Bitcoin [BTC]: 60 Minutes segment airs on CBS; market relieved over no FUD content

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Bitcoin [BTC]: 60 Minutes segment airs on CBS; market relieved over no FUD content
Source: Unsplash

Bitcoin [BTC], the largest cryptocurrency in the world has gained a lot of mainstream media attention over the years. However, most media houses have often failed to deliver the message to the masses, with the main reason being lack of research and knowledge of the subject. The cryptocurrency was thrown back into the spotlight after CBS released a teaser to their latest “60 Minutes” episode, unveiling a few influencers of the industry, speaking about their experience.

The episode, which released on 19 May 2019, immediately grabbed the attention of the cryptocurrency space, with a majority wondering whether the media channel would nail it or fail it. Interestingly, there was a poll conducted on Bitcoin Talk, where the question was ‘CBS 60 Minutes 5/19/19 on Bitcoin. Will it cause FOMO or FUD?’

Source: Bitcoin Talk

Source: Bitcoin Talk

60 Minutes, broadcast on the CBS Network is one of the oldest and most-watched American television programs, with the focus being “the real story on America’s most prevalent issues”. According to CBS, 60 Minutes has an average of 11.4 million viewers and about a million people who listen to its radio broadcast and podcast.

The show titled ‘Bitcoin’s Wild Ride’ aired hours ago, and covered the story of Charlie Shrem, the founder of BitInstant, Laszlo Hanyecz, the famous pizza guy who is recognized as the first person to make a real-world transaction with Bitcoin, and Marco Streng, the CEO of Genesis Mining. The segment also had Neha Narula, the Director of Digital Currency Initiative at MIT Media Lab, answering questions pertaining to the coin, and Lael Brainard, a member of the US Federal Reserve, speaking about why not Bitcoin.

The show was briefly explained by a Redditor, EternitySphere,

Source: Reddit

Source: Reddit

Unlike other mainstream Bitcoin segments, this segment was well-received by the Bitcoin community after a majority agreed that it did not spread FUD and that it was an unbiased episode, contrary to expectations. However, there were few concerns pertaining to a lack of content, with some believing that it failed to explain key information; which includes how it derives it value, albeit there was no FUD.



Franky1 commented on Bitcoin Talk,

“[…] next was the whole describing mining segment involving genesis mining.(facepalm) ASIC’s do not store records(asics have no hard drive).. so saying the mining done by genesis is the location where records are kept can be misguiding people to think genesis mining are ‘the bank’ and user software just ‘watches the numbers and letters'[…]”

Source: Reddit

Source: Reddit

Rdbase also remarked on the Bitcoin forum,

“The whole segment was about charlie shrem known as bitcoin moses and his fall into bad luck with taking a payment which was used to buy illegal things on the dark web. It did have some good points but overall it was just directed towards the public view about it. As a skeptical thing to use and banks were safer with its fiat financial system”





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