"I'm working on a new electronic cash system that is completely peer-to-peer, without any third-party trust," said an unknown user in a list of online encryption discussion, on 1 November 2008. His name was Satoshi Nakamoto. "The monograph is available in link http: //www.bitcoin.org/bitcoin.pdf" wrote the author.

Until then, Nakamoto had never written anything on the internet. He had never published a monograph. Nor had participated in any discussion of any kind. Much less designed or created any computer program. It was a strange illustrious, announcing to the world an unoriginal idea, already attempted in the past, and whose success rate was rather questionable. Invariably, almost all intents digital private currencies failed, sooner or later.

The innovation of Bitcoin, according to its creator, was in decentralized P2P network, through which users would validate transactions and would issue new coins without any intermediary.

One day after Nakamoto message came the first reply on the mailing list. "We need very much of a system like this," said James A. Donald, "but as I understand your proposal, does not seem to go reach the required size." John Levine, the second to contribute to the topic started by Nakamoto, showed the same skepticism.

Other users have started to participate in the discussion, however, abounded doubts and disbelief was general. The programmer hitherto unknown answered all, and exchange messages lasted over two weeks until Nakamoto say: "I've worked all these small details over the last year, while I was writing the code, and there were many. The functional details are not covered in the monograph, but the source code will be available soon. " The next day, the moderator of the discussion list closed the thread.

At that moment, mid-November 2008, the Bitcoin was just a bold idea with very small chances of success. Neither the experts in the field took faith. The idea of ​​a digital currency was not unique, but the way Nakamoto claimed to have designed was rather an innovative either. But will that work? If any programmer that list had to bet, most would say no.

But against all odds, in January 2009, Nakamoto fulfilled his promise and released the software to anyone who wanted to download it to start building the Bitcoin network. Although now it were a fact of software, not just a bold idea, skepticism still prevailed.

Hal Finney, one of the few enthusiastic about the invention of Nakamoto, raised pertinent points regarding the enormous obstacles that the project would have to take off: "An immediate problem with any new currency is to assess this one. Even ignoring the practical problem that virtually no one will accept in the beginning, there is still the difficulty of inventing a reasonable argument for any value above zero for the coins. "

But Hal also speculated something provocative: "As a fun thought experiment, imagine that the Bitcoin succeed and become the dominant payment system worldwide. The total value of the currency, then, should be equal to the total value of all wealth on Earth. Recent estimates put the total world wealth between $ 100 trillion and $ 300 trillion. With 20 million coins, would give a value of US $ 10 million per bitcoin. "

Nakamoto did not pay much attention to the mental experiment Hal, but suggested that "may make sense to get some [bitcoins] if the technology gain traction."

Throughout 2009, there was no market price for the digital currency. A bitcoin unit was worth exactly zero. But more than a year after the start of Precisely protocol in May 2010 - the user "lazlo" made history when buying a pizza with bitcoins, thus realizing the first exchange of digital currency by a real product. The price? No less than 10,000 BTC. That would put the value of a bitcoin drive around US $ 0.001, less than one cent. Little? Almost anything, really. But since it was something above zero.

Using the current market price - about $ 380 / BTC - the pizza would cost the equivalent of US $ 3,800,000.00. Was it a bad deal? In retrospect, it is easy to say yes. But the reality in May 2010 was completely different from what we have today.

Six years ago, many did mine with a simple PC, accumulating hundreds or thousands of bitcoins in a matter of weeks. But when a digital well worth zero, so do have a balance of 50 or 10,000 BTC. The probability that this amount remained worth nothing - or very little - for a long time was still very high. At that time, we did not know even if the project would last a week. Each day of life blockchain, each new block mined, it was a victory.

Looking back there at the beginning of Bitcoin in 2009 and putting into perspective the size of the barriers that need to overcome to have any chance of success, the easiest and prudent would be to ally with skeptical, "the idea is great, but hardly would work. "

For what was the Bitcoin at that time? No more than a mere project mysteriously created by an unknown programmer probably no formal funding, with no support from any government, company or entity; one of computer science innovation without academic support, whose economic principles contradict the teaching much of the economics courses around the globe. Anyway, it was a work of technology with almost nothing in his favor unless the merits of the invention itself.

However, against all odds, the Bitcoin took off.

Seven years after the publication of the monograph of Satoshi Nakamoto, Bitcoin the technology is now appreciated and revered by the major financial institutions in the world, which have sought ways to incorporate the registration of distributed innovation blockchain to its operations. Exchanges like NYSE and Nasdaq invest in startups and test pilot projects, recognizing the promising potential to revolutionize the financial markets.

Started as an obscure computing project with a handful of interested, Bitcoin is now the largest network of distributed computing in the world, with an unmatched processing power of more than 450 million GH / s (or 450 PH / s).

For some, the huge potential lies in blockchain, the distributed recording technology. For others it is a digital currency bitcoin the great protagonist. In reality, this is a false dichotomy, because both are inseparable. There is no bitcoin blockchain, and vice versa. Both parties are intrinsic to the technology. Bitcoin is the name of the invention.

It is true that the application of a distributed logging technology are endless, and so the financial market as a whole has endeavored to understand and enter the blockchain in their business.

For some enthusiasts, what is missing for the Bitcoin really take off and get to the mainstream is a killer app. Honestly, I disagree. The killer app Bitcoin is the big elephant in the room that all have refused to see: an apolitical digital money and without borders. This is the original function of the Nakamoto of invention and is the first application of distributed registration technology.

But then why, despite all odds, the Bitcoin worked?

Because it is simply a brilliant invention. Nakamoto has not created the algorithms used by the protocol. Not conceived the peer-to-peer network architecture. Nor invented hashcash working trial system, critical to the inviolability of the historical record of the transactions. But he knew join each of these parts, adding a set of rules and incentives - applying masterfully game theory concepts and economics - making the whole a simple structure system, however, incredibly robust and nothing fragile.

Reversed the traditional model of network security - centralized, closed and with access control - for a model in which trust is achieved by consensus through the computing power in an open and distributed network.

This combination of different technologies with concepts of game theory and economics makes Bitcoin a revolutionary invention, unprecedented and transformative implications.

Nakamoto conceived and became reality a purely digital currency, whose ballast are their mathematical properties encryption, based on a global network without borders, which does not depend on governments or financial institutions; an open, transparent and incredibly safe system, where transactions take place directly between two parties without the involvement of intermediaries.

Stop for a moment and think about done Nakamoto. The idea itself is sensational, but putting it into practice and make it real is chilling. And when we consider the way in which the project was developed - anonymously, without funding, without formal support some based on voluntarism - the advent of Bitcoin is a feat even more remarkable.

It is no less than the creation of Nakamoto antagonizes so many economists, because it is much more than just a theory, or some econometric model with no practical use; Bitcoin is proof that a private currency may arise from the market through the free choice of individuals, without the slightest need for a government decree - something that goes against the prevailing monetary theories in academia.

The technology Bitcoin perplexing even among economists of the Austrian school of economics - many thought unthinkable a cash not material, a non-physical commodity, a digital currency, abstract. The tangibility, according to them, was an inalienable prerequisite for a healthy and sound currency.

The undeniable fact is that a number of computer nerd, a mysterious programmer showed that many economists are wrong: money can emerge from the free market, and materiality is not a vital attribute for a good currency.

Because of that, the professor of UCLA Bhagwan Chowdhry finance Nakamoto named for the Nobel Prize in Economics in 2016. Deserving definitely not lacking; Bitcoin is nothing less than the greatest invention since the Internet. But this distinction hardly it will be granted; It is highly unlikely. This in no way belittles his work, however. Because Nakamoto is not interested in credits; he is not looking for fame or applause. Its creation is not for own consumption, is a legacy to the world.

In about 10 or 15 years, Bitcoin will be seen as one of the great inventions of this century, and Satoshi Nakamoto name will be next to Johannes Gutenberg, Isaac Newton, Samuel Morse, Thomas Edison, Alexander Graham Bell, Albert Einstein, Tim Berners -lee; Finally, in the company of the brightest minds of mankind.