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The History of Bitcoin





Bitcoin is a decentralized digital currency that was created in 2009 by an anonymous individual or group of individuals known as Satoshi Nakamoto. The identity of Satoshi Nakamoto is still unknown, and the concept of Bitcoin has been shrouded in mystery since its inception.

The first mention of Bitcoin can be traced back to a whitepaper published in 2008 by Satoshi Nakamoto, in which the concept of a decentralized digital currency was introduced. The whitepaper described a new electronic cash system that would allow for secure, direct transactions without the need for a central authority.

On January 3, 2009, the first block of Bitcoin, known as the Genesis Block, was mined. This marked the beginning of the Bitcoin blockchain, a decentralized public ledger that records all Bitcoin transactions.

In the years following the creation of Bitcoin, the cryptocurrency gained a small, but dedicated, following. However, it was not until 2013 that Bitcoin began to gain mainstream attention. This was largely due to a number of high-profile media stories, as well as a dramatic increase in the price of Bitcoin.

In 2013, the price of Bitcoin soared from around $13 to over $1,100, making it one of the most profitable investments of the year. This surge in price attracted a wave of new investors and speculators, and Bitcoin became a hot topic in the financial world.

Mt. Gox Exchange Hack

Since its inception, Bitcoin has faced a number of challenges. The most significant of these was the collapse of the Mt. Gox exchange in 2014, which resulted in the loss of millions of dollars worth of Bitcoin. This event shook the confidence of many investors and led to a sharp decline in the price of Bitcoin.

Mt. Gox was a cryptocurrency exchange based in Japan that was launched in 2010. At its peak, it was the largest Bitcoin exchange in the world, handling over 70% of all Bitcoin transactions.

In February 2014, Mt. Gox announced that it had suffered a major hack and had lost approximately 850,000 Bitcoins belonging to its customers. The value of the lost Bitcoins at the time was around $450 million. The hack was one of the largest in the history of Bitcoin and had a significant impact on the cryptocurrency market.

The hack and subsequent collapse of Mt. Gox shook the confidence of many Bitcoin users and led to a sharp decline in the price of the cryptocurrency. It also raised concerns about the security of Bitcoin exchanges and the ability of these platforms to protect the assets of their customers.

Bitcoin Cash

As a result of long-standing debate within Bitcoin community in 2017 about how to scale the Bitcoin network to meet the increasing demand, Bitcoin Cash was created. A group of influential members of the Bitcoin community, led by Roger Ver and Jihan Wu, proposed a solution called a “block size increase.” This solution would have increased the size of the blocks on the Bitcoin blockchain, allowing for more transactions to be processed in each block. However, this proposal was met with resistance from other members of the community, who argued that it would centralize the network and make it more vulnerable to attacks.

As a result of this disagreement, the group of proponents of the block size increase decided to create their own version of the Bitcoin blockchain, called Bitcoin Cash. Bitcoin Cash increased the block size to 8 MB, allowing for more transactions to be processed in each block.

The hard fork that created Bitcoin Cash was controversial, and it led to a split in the Bitcoin community. Some members of the community supported the creation of Bitcoin Cash, while others opposed it and continued to support the original Bitcoin blockchain. Today, both Bitcoin and Bitcoin Cash continue to exist as separate cryptocurrencies, with their own communities and markets.

Bitcoin Today

Despite these challenges, Bitcoin has continued to grow and evolve. Today, it is considered to be the most successful and well-known cryptocurrency, with a market capitalization of over $319 billion (As of January 5, 2022). Bitcoin is used by millions of people around the world and is accepted by a growing number of merchants and businesses.

The future of Bitcoin is uncertain, but it has proven to be a resilient and innovative technology that has the potential to revolutionize the financial industry. Only time will tell what the future holds for Bitcoin and the world of cryptocurrency.

Daily cryptocurrency trader, miner, technology enthusiast and a full time IT and security consultant. If you have any questions or comments please feel free to email him at [email protected]


Craig Wright’s “Satoshi Nakamoto” Claim Debunked in UK Court Ruling

June G. Bauer



The mysterious identity of Satoshi Nakamoto, the inventor of Bitcoin, has been a burning question in the crypto world for over a decade. Several self-proclaimed candidates have stepped forward claiming to be Nakamoto, but their assertions have been widely doubted or disproven. One of the most vocal Nakamoto claimants is Australian computer scientist Craig Wright, but a recent UK court ruling has decisively undermined his case.

In a lawsuit brought by the Crypto Open Patent Alliance (COPA), a group representing crypto companies, the British High Court judge firmly rejected Wright’s claim to be the creator of Bitcoin. The evidence presented in court exposed critical flaws and deception in Wright’s story.

According to the lawyer representing COPA, Jonathan Hough, Wright’s insistence on being Satoshi Nakamoto amounted to “a brazen lie and an elaborate false narrative supported by forgery on an industrial scale.” Hough argued that Wright had provided fabricated documents, backdated file edits, and even indications of using AI language models like ChatGPT years before they were publicly available.

The judge, Justice Mellor, found the evidence overwhelmingly against Wright’s claims. In an unusually swift ruling, he stated unequivocally: “Dr. Wright is not the inventor of Bitcoin” and “Dr. Wright is not the author of the Bitcoin white paper, and he is not the person who adopted the name Satoshi Nakamoto.”

This legal setback is just the latest blow to Wright’s efforts to establish himself as the elusive Bitcoin creator. In a separate case in 2018, Wright was sued for fraud by the estate of the late Dave Kleiman, an American computer scientist considered by some to be a potential Nakamoto candidate. Wright lost that lawsuit as well and was ordered to pay $100 million in damages.

As the crypto community continues to speculate about Satoshi Nakamoto’s true identity, Craig Wright’s claims have been definitively dismissed by the UK court. The mystery endures, leaving open the question – who was the brilliant mind behind the revolutionary blockchain technology and the world’s first cryptocurrency? Only time may unravel the details shrouding Bitcoin’s enigmatic origins.

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Former IcomTech CEO Admits Guilt in Cryptocurrency Ponzi Scheme




In a recent development, Marco Ochoa, the former CEO of IcomTech, has pleaded guilty to a conspiracy to commit wire fraud charge in the United States District Court for the Southern District of New York. This admission of guilt is tied to the infamous Ponzi scheme orchestrated by IcomTech during Ochoa’s tenure as CEO, which lasted from the company’s inception in 2018 until 2019.

The U.S. Department of Justice, in an official statement, revealed that IcomTech enticed investors with the promise of daily returns on investment products, all under the guise of being a cryptocurrency mining and trading enterprise. To attract unsuspecting customers, the company went to great lengths, including hosting extravagant expos and community events on a global scale. Additionally, IcomTech introduced its own digital token, known as an “Icom.”

However, the shocking truth emerged that the company did not engage in cryptocurrency mining activities as claimed. Worse yet, investors found themselves unable to access the profits they believed were accumulating in their accounts. This deceitful scheme eventually unraveled, leading to the company’s collapse in late 2019.

In the aftermath, legal charges were filed against Marco Ochoa and other high-ranking IcomTech executives in November 2022. As a result of his guilty plea, Ochoa now faces a maximum prison sentence of 20 years.

This latest revelation serves as a stark reminder of the importance of due diligence when investing in the cryptocurrency space. It highlights the need for investors to exercise caution and skepticism, especially when confronted with promises of unrealistically high returns. As the cryptocurrency market continues to evolve, staying informed and making informed decisions remains paramount to protect oneself from fraudulent schemes like the one perpetrated by IcomTech.

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Robert Kiyosaki’s Bold Prediction: Citibank Tokens vs. Bitcoin and the US Dollar




In a recent tweet that sent shockwaves through the cryptocurrency community, renowned author and financial literacy advocate Robert Kiyosaki ignited a spirited debate about the future of Bitcoin and the US dollar. The tweet read:

This bold statement has raised questions about the impact of traditional financial institutions like Citibank embracing blockchain technology and its potential implications for both Bitcoin and the US dollar.

Citibank, one of the world’s leading financial institutions, made headlines by announcing its entry into the blockchain arena. The bank revealed its plans to leverage blockchain technology to create Citibank tokens, which will be backed by institutional savings. These tokens aim to facilitate instantaneous cross-border transactions, operating 24/7 without the limitations of traditional banking hours or international borders.

Bitcoin, often hailed as “digital gold” and a store of value, has faced both optimism and skepticism since its inception. While some see it as the future of global finance, others view it as a speculative asset prone to volatility. Citibank’s move to introduce its blockchain-based tokens could potentially challenge Bitcoin’s status as the premier digital asset.

Citibank’s tokens, backed by the credibility and stability of a major financial institution, may attract investors seeking a more secure and regulated digital asset. This development could lead to increased competition between Bitcoin and Citibank’s blockchain-based tokens, potentially impacting Bitcoin’s market dominance.

The US dollar, long considered the world’s primary reserve currency, has faced its share of challenges in recent years, including inflation concerns and geopolitical uncertainties. Citibank’s blockchain technology could potentially offer an alternative means for cross-border transactions that is not reliant on the US dollar.

As more institutions adopt blockchain-based solutions like Citibank’s, the traditional financial system’s reliance on the US dollar may gradually diminish. This could have far-reaching consequences for the global financial landscape, including potential shifts in currency preferences and a reduced role for the US dollar in international trade.

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