Bitcoin: Reflection 16 Years Since Satoshi Nakamoto's First Email

Bitcoin, a cryptocurrency created by Satoshi Nakamoto is now the number one crypto asset in the world based on the market cap. (Photo; Doc. Programming Insider)

JAKARTA - Exactly 16 years ago, the world of financial technology experienced an important turning point when Satoshi Nakamoto, the anonymous figure behind the creation of Bitcoin, sent his first email to Adam Back, a prominent cryptograph.

On August 20, 2008, this email marked the birth of a revolutionary idea that later developed into Bitcoin, the world's first decentralized digital currency. The move not only introduces blockchain technology, but also opens global discussions about the future of a safer and freer financial system from third-party control.

In his email, Satoshi introduced a basic Bitcoin concept that relies on cryptographic principles and decentralization. Adam Back, known as the creator of Hashcash, suggested Satoshi to study Wei Dei's B-money' paper, a well-known cryptograph. The ideas listed in this email series then became the main foundation of Bitcoin.

Their conversation continued until October 1, 2009, when Satoshi announced the launch of Bitcoin software. Adam Back, despite ignoring the project, only returned to paying attention to Bitcoin in late 2012, when Bitcoin began to attract wider attention.

Bitcoin Price Strengthens

Along with the reflection of the long journey of Bitcoin, the price of this digital currency rose again after weakening. In trading Tuesday, August 20, the price of Bitcoin jumped above $61,000, recording an increase of 2.78 percent to 60,541 US dollars (approximately Rp968.6 million) based on CoinMarketCap data.

This strengthening shows Bitcoin's ability to stay above the US$56,000 support level, which is an important lower limit so far this year.

In addition to Bitcoin, Ethereum also experienced a 2 percent increase to 2,640 US dollars (approximately IDR 42.2 million). Several other cryptocurrencies also strengthened, with Dogifhat's WIF token soaring 17 percent, and PEPE recorded an 11 percent increase in the last 24 hours. This positive trend shows that interest in cryptocurrencies remains high, driven by the history and development of technology behind these digital assets.