The Rise of Internet Money

The Rise of Internet Money


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It has only been 12 years since Satoshi Nakamoto published a nine-pager in late October 2008 describing what could be the internet of money. Dubbed “Bitcoin: A Peer-to-Peer Electronic Cash System,” the whitepaper detailed a purely peer-to-peer version of electronic cash that would allow online payments to be sent directly from one party to another without the use of a third party.

Just a few months later in early 2009, Nakamoto’s vision came to fruition. The Genesis Block was mined and the first-ever Bitcoin transaction took place. Roughly, 10 BTC were sent to renowned computer programmer Hal Finney, marking the beginning of the first decentralized financial system.

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Later on, an exchange rate was established, valuing 1,309.03 BTC for $1, which helped the cryptocurrency gain traction among the developer community. As the word spread about a new form of internet money, it was only a matter of time before someone actually used it. So

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