On January 3, 2009, the enigmatic and still anonymous Satoshi Nakamoto released the Genesis Block containing the first 50 bitcoins onto Sourceforge. He also left a message on the blockchain at the time quoting a headline from the U.K.’s Times newspaper:Nakamoto began working on the whitepaper in 2008,The concept behind the anonymous, trustless, decentralized currency came about in the aftermath of the 2008 financial crisis, which they blamed the banks for.
Satoshi was not a fan of the modern banking system, and they had particular umbrage with fractional-reserve banking. This is when a bank accepts deposits and makes loans or investments but is required to hold reserves equal to only a fraction of its deposit liabilities. The bank is essentially using money that it doesn’t hold.
He wanted to cut out the banks and shady middlemen which he viewed as corrupt and unreliable, electing to create a more community-driven digital currency. Thirteen years later, Bitcoin is still going strong with an almost $900 billion market capitalization. It is now held by billionaires, banks, celebrities, governments, and corporations, which is a testament to how far BTC has come in its short lifespan.On Genesis Day last year, BTC was changing hands for a little over $32,000. Since then, it has gained around 47% to current prices at aboutThe asset is still consolidating in this range where it has been since a fall below $50K on December 28.
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