BitMEX Thanked Satoshi Nakamoto on The 10th Anniversary of Bitcoin

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    On the 10th anniversary of Bitcoin, the cryptocurrency exchange and derivative trading platform, BitMEX thanked Satoshi Nakamoto for creating Bitcoin. The cryptocurrency exchange chose The Times front page to express its feelings. Ten years back on the same day, Satoshi Nakamoto quoted on the front page of the same publication the Bitcoin’s first block.

    People believe that the global financial crisis of the early 2000s was the main motivating factor for Satoshi Nakamoto in the development of Bitcoin. The first Bitcoin genesis block was mined on 3rd January 2009. 18:15 UTC or 1:15 PM EST is considered as the exact birthday of the Bitcoin blockchain. The first 50 Bitcoins received an additional 16+ BTC over time. In Bitcoin and other Satoshi Nakamoto-codebase cryptos, the founder or recipient cannot spend the first mining reward because of the way the code was originally written. It means if Satoshi wants to spend these coins he would not be able to do so.

    According to Satoshi Nakamoto,

    After the Bitcoin blockchain was up and running, Satoshi Nakamoto explained that Bitcoins are issued by the majority, in a limited, predetermined amount. According to Satoshi, there is no one who can act as a central bank or federal reserve to control the money supply as the number of users grows. Satoshi further added:

    The supply of Bitcoin is predetermined while the value changes. With a growing number of users the value of Bitcoin increase. The increasing value of Bitcoin may attract more users and they can take advantage of increasing value.

    Though Bitcoin solves several problems of central banks and fiat currencies, it still has been rejected by various economists and governments for varying reasons.

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