Bitcoin 2008: Satoshi Nakamoto’s Busy Few Months Building the Revolutionary 'P2P Electronic Cash' Network

From Aug. 18, 2008 to Oct. 31 of the same year, Satoshi Nakamoto must have had a hectic few months. That summer day, Nakamoto had registered thedomain name, indicating perhaps the first time the pseudonymous cryptography expert realized he may be onto something.

“I actually did this kind of backwards. I had to write all the code before I could convince myself that I could solve every problem, then I wrote the paper,” Nakamoto. He was responding to cryptography mailing list subscriber Hal Finney, the receiver of the first bitcoin transaction, who in 2004 had built a reusable proof-of-work system that inspired Bitcoin.

At the time, Nakamoto discussed Bitcoin in a few narrow ways. Although he often responded to interested potential users, or did outreach himself trying to bring the revolutionary technology in front of cryptography fans, hardcore coders and libertarians Nakamoto presented Bitcoin as a fairly utilitarian and spartan project. When someone created the first Wikipedia page for Bitcoin in July 2010, Nakamoto said it was too “promotional” for his taste.

Bitcoin is, as Nakamoto described it, an electronic, peer-to-peer currency-like system. It could “become” a currency so long as people ascribe value to it, and that could happen for any number of reasons like wanting to collect interesting things or needing an alternative to using credit cards online, he had suggested. “Bitcoins have no dividend or potential future dividend, therefore not like a stock,” he wrote.” “More like a collectible or commodity.

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