Ten Years of Bitcoin


Ten Years

Ten years ago, Satoshi Nakamoto mined the Genesis Block of bitcoin. A few days later, he released the source code and other cypherpunks began extending the chain through proof-of-work mining. Today there are roughly 557,000 blocks, and the mining consensus continues to operate as intended. Around 17.5 million of the eventual 21 million bitcoins are in the circulating supply. The system has never been restarted.

For ten years, the world has known a decentralized source of truth. At all prior times in human history, we relied on centralized third parties to establish trust. Now everyone can independently verify the authenticity of their money via the Bitcoin blockchain.

The Bitcoin ecosystem has exploded, with thousands of exchanges, wallets, and services rising to meet consumer demands. As a base money settlement system, the blockchain is the anchor for a layered protocol topology. The Lightning Network exists atop the blockchain to provide a transactional layer and is growing exponentially in nodes, channels, and capacity.

True to form with other mass movements, Bitcoin has seen the rise of a new intellectual class. Authors, bloggers, economists, and podcasters are building a new theoretical base upon which to wage the war for hearts and minds. Unlike political movements, Bitcoin relies on persuasion and voluntary participation for growth. As the movement expands, it represents an ever-larger group of people choosing to opt-out of coercive monetary systems. The existence of Bitcoin has brought sound money and monetary inflation back into the discussion.

These past ten years might be the earliest days of a new golden era of human flourishing, built upon censorship-resistant, sound money.


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