Topic: BITCOIN is not the first, but the COMPLETED one. (Read 68 times)

Everybody chooses what suits them best.
If somebody likes apples instead of pineapples - that's alright. But BTC would still remain the king for many reasons that were spoken out loud too many times.
 

I agree that Bitcoin didn’t come out of nowhere; it is the result of decades of innovation and experimentation. Those other technologies that existed were like the foundation based on the fact that they introduced the idea of cryptography, distributed systems, and earlier failures which Bitcoin learned from.

A king who is not crowned can only be regarded as a prince and is no king. Let me put it this way. There may have been related digital money technologies before Bitcoin with potential, but they were like princes, very promising but never ruled. Bitcoin is the only one that wore the crown. At first, people think it was about being the first digital technology to exist, but it isn't. Mainly, it was about being acceptable and recognized in the digital space.

Yes, devs are still improving him as we have people assign to it, but the very core remains as it is. And then when we have others coins who some says are better that Bitcoin itself in terms of technology, but still though, even if we call Bitcoin as dinosaur, it remain as the top crypto.

Although I will agree that there are precursor, and Satoshi admitted it. So that is the good thing about Satoshi, he didn't take full credit of Bitcoin, he acknowledge the cyber punk movement as his inspiration.

Agreed.
A coin without devs and improvements would become a dinosaur in perspective.
So BTC is a coin that evolves as time goes on - it doesn't stagnate. As the view of it in people's minds.

What do you mean by "completed"? Nothing in this universe is completed. Nothing is perfect. Nothing lasts forever. Everything has a beginning and an end. Everything has imperfections Only God is perfect and completed. Saying that a cryptocurrency is "completed" is simply not true.
Bitcoin was invented as a peer-to-peer electronic currency, but it turned out to be a speculative volatile "digital gold" type of financial asset.
People like you might claim that Bitcoin is "completed", while others will claim that Bitcoin is a giant financial bubble with no intrinsic value and almost not utility. Who is right and who is wrong? We are about to see the truth in the upcoming several years.

I think Bitcoin isn't the "completed one". Bitcoin, as a matter of fact, is a continuing project. That's why it's actually in its beta phase of development. As such, it remains to have developers and contributors because it isn't perfect yet. It can be improved. It is improving. And it can't stop improving. Otherwise, it gets stuck and become obsolete.

It isn't the first and, most likely, it won't be the last. For now, however, it's probably the best form of money available right now. Despite being the best, however, it has its shortcomings and downsides.

Bitcoin is not the first, not the last, and it is not the completed one too. You love Bitcoin and want to make it like a completed, perfect one, but fact is Bitcoin isn't completed. It needs to be improved a lot since its Genesis block and will need more developments and upgrades in future. A completed one does not need these things.

Bitcoin prehistory. (Saylor Academy).

Many Bitcoin forks as altcoins died, don't care about them. Bitcoin is the best and don't let any promise from developers of Bitcoin forks mislead you and lose your bitcoin like selling bitcoin to buy Bitcoin forks.
https://forkdrop.io/how-many-bitcoin-forks-are-there

Bitcoin is not a new invention. Bitcoin was created through various ideas and thoughts that existed long before 1970. Bitcoin combines various ideas such as cryptography, distributed ledger, Light Encryption Device, and many more. In the 1970s, cryptography was used mainly in the military world for military communications and secret intelligence agencies. After the publication of data encryption standards and new directions of cryptography, people saw that cryptography could be used for other things, including creating digital money.

Doctor David Chou, an American computer scientist and cryptographer, began writing various topics on how to use cryptography in money, such as digital cash and pseudonymous reputation systems. Founding the company DigiCash in 1989, DigiCash allowed people to make transactions without giving any information or identity, very good for personal privacy. This idea inspired the Cypherpunks movement, a group of people who wanted to use strong cryptography for privacy and personal freedom. Unfortunately, DigiCash did not last long. In 1998, the company behind DigiCash declared bankruptcy.



In late 1992, Eric Hughes, Timothy C. May, and John Gilmore released the Cypherpunks Manifesto. This was a vision of a society that used cryptography in every aspect of their lives to ensure their privacy and freedom. This is especially relevant considering that in the 1990s, the United States government created the Clipper Chip, a chipset to secure voice and data messages. However, the Clipper Chip received a lot of backlash for being a government surveillance tool and for having security vulnerabilities.

The 1990s saw the development of cryptographic special functions. A special function is a mathematical function that always produces the same output given the same input. The function is one-way; you can almost never find or guess the original input from the special output alone. Special functions are useful for creating a secure and private society. In 1997, Adam Back created Hashcash, an anti-spam mechanism. He intended Hashcash to be used not only as an anti-spam mechanism, but also as a digital cash. Hashcash is a special anonymous system, users do not need to create accounts to transact with each other. Adam Back also tried to solve the problem of double spending in digital money through Hashcash. Double spending is a risk when digital money can be spent twice or more because digital files can be easily duplicated or forged.



In 1998, Wei Dai published a proposal called b-money. This proposal has similarities to Bitcoin because all transactions will be broadcast openly and there is a server system that functions to check the balance of money and is incentivized to remain honest. In 2004, this gave birth to Reusable Proof of Work, a unique cryptographic token that can only be used once. Reusable Proof of Work is the first public server implementation designed to allow users from all over the world to verify the integrity and correctness of data in real-time. This invention increases the ultimate privacy of users.

A year later, Nick Szabo published a proposal called Bitgold. This is a proposal to create a digital collectible token built on Reusable Proof of Work, similar in terms of immutability in the Bitcoin blockchain. The only difference between Bitgold and Bitcoin is that Nick Szabo does not limit the total number of Bitgold units.

Bitcoin did not appear overnight. It was a collective idea that was refined over time. In 2007, a pseudonymous person named Satoshi Nakamoto posted an idea on a cryptography mailing list about a peer-to-peer payment system called Bitcoin. Later, Satoshi released the Bitcoin white paper to explain his idea further. Satoshi also mentioned Hashcash and b-money in his white paper. Bitcoin came at the right time, in 2008 the world experienced the worst global economic crisis that caused many banks to fail. Many people lost their jobs and became pessimistic about the economic system at that time. Bitcoin provided an alternative monetary network outside the traditional system. Satoshi coded for Bitcoin and on January 3, 2009, Satoshi created the first Bitcoin block called the Genesis Block. This block is very famous because it is considered the birth of Bitcoin. Satoshi also added a note on the block referring to a news story in The Times of London newspaper with the headline "Chancellor on brink of second bailout for banks", to clarify that no Bitcoins were reserved for himself or produced before the Genesis block. Everyone has the same starting point for mining Bitcoin.



Satoshi made his first Bitcoin transaction to Hal Finney for the amount 10 Bitcoins on January 12, 2009. Another famous transaction occurred on May 22, 2010, when Laszlo Hanyecz posted on a forum that he was willing to trade his Bitcoins for two boxes of Papa John's pizzas. At the time, the pizzas were worth 10,000 Bitcoins, or about $25. A man from the UK accepted his offer and bought him the pizzas in exchange for 10,000 Bitcoins. This marked the first Bitcoin transaction with a tangible item. Since then, May 22 has been celebrated as Bitcoin Pizza Day among Bitcoiners.

Because of Bitcoin program is open source, early contributors joined Satoshi Nakamoto to create Bitcoin using Linux and MacOS. They actively contributed to Bitcoin's development until 2010. No one knows why Satoshi decided to step down from the project, but Satoshi's departure may have been the biggest gift to Bitcoin. Open source projects became decentralized, and even without Satoshi's involvement, developers are still working on Bitcoin to this day.



In 2010 to 2014, Bitcoin received a bad reputation and went through a tortuous path. In early 2010 to 2012, Mt. Gox, the largest Bitcoin exchange at that time, was hacked in 2014 and lost 744,408 Bitcoins. That year was also the year when many startups funded by crypto companies were founded, such as Coinbase, Bitfinex, Blockstream, and others. Although accepted by institutions, fake Satoshis and bull runs occurred.

In 2014 to 2017, despite the scandals that tarnished Bitcoin's reputation, Bitcoin continued to grow. In 2014, marking the beginning of institutional acceptance, large companies such as Microsoft and Wikipedia began accepting payments in Bitcoin. Small business owners, especially in tourist areas, also accepted Bitcoin as a payment method. Bitcoin gained its popularity, but many were still skeptical about it. Japan accepted Bitcoin as legal tender, but many countries also banned Bitcoin as legal tender. Bitcoin became popular among retail investors because after the halving event in 2016, Bitcoin entered a bull market. The price of Bitcoin rose from $600 to $20,000. Although the price dropped 80% from its peak, Bitcoin grew 500% from its low. This period also marked the growth of cryptocurrency, with hundreds of new cryptocurrencies and ICOs being created during this period.

Since Satoshi's disappearance, many have tried to claim to be Satoshi Nakamoto. A man named Dorian Nakamoto was revealed as Satoshi Nakamoto through a Newsweek article. Dorian Nakamoto denied any involvement in Bitcoin and did not even know about cryptography. Others have taken a different stance. Craig Wright, an Australian entrepreneur, claimed to be Satoshi Nakamoto and the inventor of Bitcoin. He filed a copyright lawsuit on the Bitcoin white paper. Another person who filed a copyright lawsuit is Welio, who claims that he wrote the Bitcoin white paper under the pseudonym Satoshi Nakamoto. None of these claims have been proven because no one has been able to prove Satoshi Nakamoto's private key.

Without Satoshi telling people what to do, the community needed to find its own consensus on how to move Bitcoin forward. There were years of debate about Bitcoin’s scalability. Bitcoin eventually forked, or split, into two different directions. Some wanted to optimize Bitcoin using SegWit to remain as Bitcoin, and others wanted to increase the block size, forking into Bitcoin Cash. Shortly after, Bitcoin also faced another fork into Bitcoin Gold in 2017.

By January 2018, 80% of Bitcoin had been mined. South Korea passed a regulation requiring all crypto traders to identify themselves. Kraken, a crypto exchange in the US, became the first digital asset company to receive a bank charter. The pandemic hit the world in 2020, causing economic stagnation globally. The US government printed trillions of dollars to stimulate the economy. This policy was followed by many other countries. During this period, people invested heavily in the stock market and cryptocurrencies. The price of Bitcoin soared to several all-time highs as more people joined the Bitcoin network. Bitcoin gained more credibility when big investors like Paul Tudor Jones invested in Bitcoin. Institutions are starting to warm to the idea of ​​holding some of their cash reserves in Bitcoin. Companies like Square, BlackRock, MicroStrategy, and Tesla are buying Bitcoin for their reserves, RECENTLY MICROSOFT WAS ALSO RUMORED, BUT IT DOES NOT SEEMS TO BE HAPPENED, because of Microsoft shareholders voted to reject a proposal to invest in or add Bitcoin as part of its balance sheet reserves.

*Well, it might be only part of the story related to Bitcoin, because I know that there are still many stories that I haven't gotten, but I hope this short story can add insight and knowledge to all of us.