Bitcoin's Fame without a Founder
History of January 3, 2009, has it that Satoshi Nakamoto, the pseudonym for the inventor of Bitcoin, launched Bitcoin, a digital cryptocurrency built on blockchain technology. This was a completely new form of virtual money untethered to any government or financial institution. In 2011, Satoshi Nakamoto disappeared without a trace, leaving behind a personal stash of an estimated 1 million Bitcoins (valued at about $73 billion US at its peak).
Bitcoin remains a breakthrough as it operates entirely peer-to-peer, relinquishing the need for banks, governments, or intermediaries like PayPal or Visa to make monetary transactions. The creation of Bitcoin provides for the movement of money with no interference, no regulation, and no surveillance. We can summarize
Satoshi Nakamoto created Bitcoin in 2009. He mysteriously vanished in 2011, but today, the live price of Bitcoin is $ 35,607.10 per (BTC / USD) with a current market cap of $ 695.62B USD. 24-hour trading volume is $ 17.83B USD. All of these without a founder ID.
The above narrative leaves the author with the impression that Value will Always Win. Without a doubt, Nakamoto's invention is unquestionably significant. At first, Bitcoin was considered a volatile digital commodity, yet, it has gained such value that the financial establishment can no longer ignore it. Today, countries like Canada, the U.S., China, Japan, India, and the U.K. are struggling with how to categorize and regulate Bitcoin, while some countries like El Salvador have already made it legal tender.
Maybe you have read in the Bible that a city set on a hill cannot be hidden. That is what value does. It would market itself. Today, many other cryptocurrencies have been built, modeled after Bitcoin, a novel invention from the blue without an identified leader or founder. We cannot deny the fact that Bitcoin is already assuming the title of "digital gold" by many, and it could eventually become the world's most trusted currency, with many using it as a reserve currency. You say "It's not possible" but time will tell. There are a few salient lessons we can learn from Bitcoin's development, market acceptance, and growth toward building a Web3 product that would last.
1. Value Beyond Identity
I've read some pieces buttressing that the identity of a brand's founder or leader would go a long way to determine its acceptance. Not again! Web3 has emerged to change the narrative. It's not about the value that a brand or project offers and not about goodwill towards the project founder /leader. Web3 is the paradigm shift in the digital world that gives users greater control over their data and online experiences.
The unexpected rise of Bitcoin's market capitalization underscores the fact that the value of a technological innovation often transcends the need for a public face. The success of the Bitcoin project can be traced to its unique blockchain technology, decentralized nature, and the solution it is offering to a well-defined array of problems in the world of finance.
2. Community Support and Adoption
The growing community that is built around Bitcoin is a critical factor in Bitcoin's growth. The user base is growing in its ranks across all continents of the world. From the different fronts of adoption, developers, miners, traders, and enthusiasts all rally behind the cryptocurrency. Their commitment to Bitcoin's development and adoption has been a driving force behind Bitcoin's market capitalization.
It suffices to say that user participation on the other hand would depend solely on the value that the project or platform offers. Creating a product that can draw participation from different sects of people is key to its growth and sustainability.
The value defined by a project and/or platform is what determines the level of user ownership. This ownership is what would drive user-based marketing and BUIDLing. At a point that every user feels obliged to contribute his/her quota to the build of the project, we can say that the project is nearing a break-even point and heading towards sustainability.
3. Growing Utility
The technology underlying Bitcoin makes it possible for integration beyond the world of finance. Its use cases range from supply chain management and healthcare to voting systems, education, and more. This diversification showcases the versatility and potential impact of blockchain technology, further increasing its value. Every product that looks into the future must create an unending web of utility. This is what helps to retain old users while bringing in new ones. The project design must be scalable such that more can be built upon it.
4. Expanded Market
We'll agree that there is growing adoption of Bitcoin by mainstream financial institutions, businesses, and individual investors and this has propelled its value into the billions. Major corporations and businesses are now accepting Bitcoin as a form of payment, and institutional investors are including it in their portfolios. This is what gives value to money - acceptance. For any web3 product to head toward sustainability, there must be an intentional effort to expand its markets to allow fresh investors to jump in. This widespread acceptance of Bitcoin is a factor in its long-term potential, irrespective of its founder's hidden identity.
Final Words
While Satoshi Nakamoto has decided to remain anonymous, his creation has become the most popular thing in the finance world today. This highlights the power of innovative technology. Within this sphere of innovation, utility and real-world applications of an idea (use cases) matter more than the identity of its creator. If you are building a web3 product that should last, invest in creating utility and be sure you're building on an innovative technology.
If you found the article interesting or helpful, please hit the upvote button, and share for visibility to other hive friends to see. More importantly, drop a comment below. Thank you!
This post was created via INLEO, What is INLEO?
INLEO's mission is to build a sustainable creator economy that is centered around digital ownership, tokenization, and communities. It's Built on Hive, with linkages to BSC, ETH, and Polygon blockchains. The flagship application: Inleo.io allows users and creators to engage & share micro and long-form content on the Hive blockchain while earning cryptocurrency rewards.
Let's Connect
Hive: https://inleo.io/profile/uyobong/blog
Twitter: https://twitter.com/Uyobong3
Discord: uyobong#5966