14 Years On: Satoshi Nakamoto’s Vision for Bitcoin Payments Echoes

In a statement made exactly 14 years ago, pseudonymous Bitcoin creator Satoshi Nakamoto highlighted the potential of Bitcoin for everyday payments.

At that time, Bitcoin was valued at just $0.07, a far cry from its current price. Satoshi envisioned a world where Bitcoin could be used for payment transactions, bypassing traditional financial institutions and their associated fees.

In a recent tweet, Bitcoin historian Pete Rizzo reflected on Satoshi’s insights into Bitcoin’s use for payments, dating back to a time when Bitcoin was valued at just $0.07 per coin.

✨ Satoshi Nakamoto on #Bitcoin for payments at $0.07, exactly 14 years ago pic.twitter.com/rXCnJw6CdP

— The Bitcoin Historian (@pete_rizzo_) September 23, 2024

In a tweet, Rizzo wrote: Satoshi Nakamoto on Bitcoin for payments at $0.07, exactly 14 years ago.

Satoshi’s statement reads: “Bitcoin would be convenient for people who dont have a credit card or dont want to use the card they have, or (are) afraid of recurring billing.” This statement was reportedly made by Satoshi Nakamoto on Sept. 23, 2010.

Bitcoin seeing increasing acceptance

Launched in 2009, Bitcoin was intended to be used as a form of payment outside of legal tender. Since then, Bitcoin’s popularity has surged, and its blockchain uses have grown.

The first known real-world transaction made with Bitcoin was in 2010 when Laszlo Hanyecz, a software developer and early Bitcoin supporter, spent 10,000 Bitcoins for pizza. Today, the coins would be worth more than $580 million.

Bitcoin’s price has climbed over the last 14 years from $0.07 to trade in the thousands of dollars. Bitcoin reached its current all-time high of over $74,000 in mid-March this year. The rise in Bitcoin’s value might be a testament to its increasing acceptance and use in digital transactions worldwide.

At the time of writing, BTC was up 0.92% in the last 24 hours to $63,406. According to the most recent CoinShares report, digital asset investment products had a second consecutive week of inflows totaling $321 million. Bitcoin was the main focus, with $284 million in inflows.

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