Today, on January 9, Bitcoin is officially 13 years old.
The peer-to-peer electronic cash system envisioned by Satoshi Nakamoto has been fully restored, and what a year for the original Bitcoin. Yes, it was a crazy ride with some unpredictable twists and turns, but finally, as it enters its teenage years, Bitcoin is expanding to hundreds of thousands of on-chain transactions per second and attracting a tsunami of sophistication as those who choose it teach themselves to realize the unlimited potential for BSV.
Quick Recap – The Epic Bitcoin Life So Far
For those who don’t know, or those who just want a quick refresher, here’s a summary of Bitcoin’s life so far.
- On January 9, Satoshi Nakamoto released Bitcoin v0.1 to the world. He made it clear that it was a peer-to-peer electronic cash system set in stone on delivery.
- However, on January 3rd, Satoshi actually tokenized the bitcoin formation block. Unlike others, this person was not mined. Most consider January 9 to be Bitcoin’s official birthday because this was the point where others could participate and mine blocks.
- In these early days, Satoshi answered some questions about bitcoin. He explained to Mike Hearn that it could indeed scale to rival Visa’s transaction limits using existing hardware. In this early period, he was convinced to implement a temporary 1MB block size limit to prevent a spam attack on the network.
- After patiently explaining nearly every element of Bitcoin, Satoshi left in 2010 and moved on to other things. Soon, malicious actors moved the source code from SourceForge to GitHub and shut down Satoshi and Gavin Andresen.
- Over the next few years, fundamental changes were made to the Bitcoin protocol. In 2012, Pay for Script Hash (P2SH) replaced multi-signature wallets. By 2016, the Replacement Fee (RBF) was introduced, disabling trusted instant transactions.
- By 2017, the Bitcoin Civil War, also known as the Block Size War, was in full swing. Satoshi, whose real name is Dr. Craig Wright, is back and has been defending the big blocks. However, this did not fit the agenda of the central core BTC developers. So, in August 2017, the Bitcoin network split, and Bitcoin Cash (BCH) continued with Satoshi’s original vision. At the same time, SegWit was introduced, removing digital signatures from Bitcoin transactions.
- Fundamental controversies within the BCH quickly subsided. On the one hand, Dr. Craig Wright was an advocate of unlimited blocks and keeping things legal, and on the other side was Roger Ver, a misguided anarchist who once again wanted to change the Bitcoin protocol and strengthen a system to facilitate crime. In November 2018, the network split again, as Satoshi and believers in his original vision continued work on BSV.
- In February 2020, BSV developers succeeded in completely restoring the original protocol. They called this momentous event “Genesis.” It removed the maximum block sizes and restored the original script language.
- Since then, BTC and BCH have descended into chaos, with a conflicting digital gold narrative, a chaotic monetary system to bring down governments, a Wall Street investment asset, and crypto-digital energy (thanks for the laughs, Mr. Saylor) all vying for airtime. Meanwhile, BSV continued to expand, successfully fended off illegal attacks on the network, and experienced a breakthrough in protocol development.
From now on – Bitcoin is unrestricted
It’s been 13 crazy years, but finally, as it enters life as a teenager, Bitcoin has shaken off the shackles of those who kept it ignorantly or maliciously, and it’s already flying high.
Where is BSV today as it enters its 14th year?
- It’s more processing 4 million daily transactions At the time of writing. And yes, these are all on-chain, and save transaction fees for miners competing for BSV blocks.
Another beautiful milestone but just another step on the way to achieving it # bitcoin see satoshi
Source: https://t.co/Hxbg9O4ooE pic.twitter.com/priYsK8YoR
– Jimmy Nguyen (@JimmyWinSV) January 2, 2022
- BSV certifies a Mass migration of developers Who wake up to repeated false promises from Vitalik Buterin, the Ethereum Foundation, and other non-scalable blockchains. Just ask Adam Kling and the team behind Crypto Fights.
- The fee is fixed at $0.0004 on average. That’s over 11,000 BSV transactions at a single cost on Ethereum, the alleged main competitor of BSV and the so-called global decentralized computer.
- BSV has already hacked 50,000 TPS in a public demonstration, and Teranode is set to make this look like child’s play. Before long, BSV will be able to handle millions of transactions per second.
And this is just the beginning. With the restoration of the original Bitcoin protocol and all the developments mentioned here, Satoshi has been proven right on everything. Bitcoin is running on the chain at scale, it’s a full Turing, and it’s going to be the only global chain he’s talking about.
Happy 13th birthday bitcoin. Things will get better a lot faster from here!
New to Bitcoin? Check out CoinGeek’s Bitcoin for beginners Section, The Ultimate Resource Guide to learn more about Bitcoin – as envisioned by Satoshi Nakamoto – and the blockchain.