Dug Campbell

Bitcoin: Six Years Old Today

Six years ago today, someone using the pseudonym of Satoshi Nakamoto mined the Genesis Block and was rewarded with the first ever bitcoins. Embedded within the code was a headline taken from The Times that day. In the midst of a worsening financial crisis, Bitcoin had been launched as an experiment in provide an alternative to the current system which was proving itself to be fatally flawed.

Headline embedded in Genesis Block
Headline embedded in Genesis Block

Six years on and we have a nascent financial system that is rapidly filling up with some of the brightest thinkers from across a wide range of disciplines. During that time, we’ve seen little to no innovation within fiat systems around the world which remain moribund despite rescue attempts that have bordered on desperation at times. The result is that the world’s economy is in a worse place to deal with the next financial crisis than it was in 2007-2008.

Bitcoin isn’t perfect. Challenges remain. 2014 was arguably the most torrid year for Bitcoin so far in some respects. But the fundamental innovation that was introduced first in Satoshi’s White Paper before being made reality six years ago on January 3rd 2008 remains just as valuable today. And importantly, people are coming together around the world to try to reimagine a system that works in the modern day. Because there’s little doubt that the one we currently have is broken.

Happy Birthday Bitcoin. No doubt we’re in for another wild ride in 2015 but whatever happens, we’re learning and making progress. So please, over the next twelve months – bring your ideas and an open mind and get involved with the building.