It’s been ten years since Abra’s Founder & CEO, Bill Barhydt, delivered the first TED Talk on Bitcoin. Let’s look back at Bitcoin in the early days and how it evolved.
Bitcoin Price Today vs. Ten Years Ago
The price of Bitcoin is a testament to cryptocurrency’s adoption and the crypto market’s supply-side economics. During Bill’s TED Talk, he mentioned the price was currently “around $5.00”. Yes, you heard it right, $5.00!
As of October 12th, the price of Bitcoin is $19,156.91. Bitcoin’s price appreciation is due to the demand for Bitcoin and the crypto community’s belief in and adoption of blockchain technology. Today, some consider Bitcoin a store of value similar to commodities such as gold and silver.
Genesis Block & The Origins of Bitcoin
Over the years, there has been much speculation on Satoshi’s inspiration for creating Bitcoin. Below is a short timeline of events leading up to Bitcoin’s launch:
- August 18, 2008: Registration date for the Bitcoin.org domain name.
- October 31, 2008: Bitcoin whitepaper published on Bitcoin.org and circulated to a cryptography mailing list.
- January 3, 2009: Genesis block, or block 0, creation
Satoshi left clues hidden in plain sight on the first 50 bitcoin blocks. As Bill mentioned in his TED Talk, Satoshi Nakamoto hard-coded: The Times 03/Jan/2009, “Chancellor on Brink of Second Bailout for Banks.”
Genesis Block Bitcoin with a cryptic message from Satoshi
Bitcoin Mining Complexity Over Time
In the very early days of Bitcoin, mining was relatively simple. Ten years ago, all you needed to get started as a home computer, internet access, and basic tech skills. Today, mining has become much more complex. As the degree of difficulty has increased, so has the need for advanced mining equipment such as ASIC miners and the need to join mining pools to improve returns. The block reward started at 50 BTC and is down to 6.25 BTC currently. In 2024, it will be down to 3.125 BTC with the next Bitcoin Halvening.
Some additional highlights from Bill’s TED Talk include:
- Overview: State of Money Today
- Federal Reserve Money Supply Management
- UN Survey calling for new world reserve currency
Watch the full TED Talk below to understand the future of Bitcoin and its impact on the cryptocurrency market.
The post Bill & Ted’s Bitcoin Adventure appeared first on Abra.
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