Sooner or later, every ecosystem undergoes a drastic shift. All it needs is the right precursor. And, for the financial ecosystem, the foundation must be cryptocurrency, led by the evolution of Bitcoin, way back in 2008. Despite thousands of crypto players trying to emulate what Bitcoin has achieved, it continues to be the most popular digital asset around, even in 2021. But that’s not all Bitcoin has achieved. It is also the first cryptocurrency to have its founder immortalized as a statue, a few days back in Hungary.
Invented by Satoshi Nakamoto, Bitcoin tapped into the potential of blockchain technology to make the concept of decentralized, virtual currencies, a reality. Led by a limited supply model, airtight security, and increasing liquidity, Bitcoin has steadily made a more permanent impression on an individual across the globe. According to platforms like CoinSwitch Kuber , the increasing investment-specific mindset is yet another reason for Bitcoin value to scale and hold.
Satoshi Immortalized Nonetheless…
As luck would have it, Satoshi Nakamoto was recently eternalized as a statue in Budapest, where Bitcoin is already getting the deserved popularity, courtesy of its ever-growing community. Although the community strength stands close to 30,000 for now, it is expanding at a remarkable rate.
From a financial perspective, the retracement strength and support levels exhibited by Bitcoin are some of the other reasons why people across the globe are willing to count on this virtual currency more than any other crypto player.
Coming back to the statue, representing Satoshi was exceedingly difficult considering the anonymity. However, the work of art came out to be rather perfect with the face being the most interesting element of the sculpture. According to Andras Gyorfi, a painter and one of the few individuals behind the honour, Satoshi’s face, made of a bronze-aluminium compound, implies something way deeper than the identity.
The reflective and stylized face mirrors the identity of any individual looking right into it. From a philosophical perspective, this approach sends forth a message that the crypto market isn’t just a bubble anymore. Instead, it involves every individual, directly or indirectly, without relating itself to a single identity.
Placed in Graphisoft Park, Budapest, the statue resonates with the Gen Y and Gen Z internet culture, a point validated further by the hooded structure.
Kudos to the Bitcoin originator…
Blockchain, as a concept, has been around for long but it was the invention of Bitcoin that commercialized the theory in the first place. While the theatrics behind Bitcoin’s origination is still a mystery of sorts, it wouldn’t be wrong to accredit Satoshi Nakamoto as the inventor, who did more than just unveiling something pathbreaking. Satoshi started a philosophical movement that would have cascading effects in the future.
Satoshi Nakamoto didn’t just make Bitcoin a reality but addressed the nitty-gritties of this crypto player in a whitepaper, citing implementation, roadmap, vision, and almost everything of relevance. But that’s not what makes Satoshi’s contribution to the crypto space notable enough.
Despite the temptations and possibilities of emerging as a key figure in the crypto space, Satoshi Nakamoto’s identity was never revealed. The Bitcoin founder, despite having a chance at symbolic immortality, Satoshi chose to maintain anonymity, precisely to uphold Bitcoin’s stance as a decentralized system and ensure that it cannot be linked to a single person.
Significance of the commemoration
Unveiling Satoshi’s faceless statue at this time of the year seems like a perfectly calibrated move to take Bitcoin’s popularity to the next level. In the wake of the events that took place in April, Bitcoin’s presence started waning out a bit, courtesy of a frenzied and uncontrolled sell-off. Despite the prices plummeting with force, the rates stabilized quickly, revealing Bitcoin’s strength and price-specific solidarity.
Not to mention the driving force behind Bitcoin, which, at present, is being maintained by 10,000, globally spread out, computing nodes. With more people joining the network, we might soon scale beyond the 150 million ‘Tera’ hash operations, each second, a point by which power generation and availability might be an issue.
If Bitcoin gets identified as a legal tender by other global authorities in time, the constraints put on electricity consumption will significantly reduce. Green electricity to keep the network up and running will be procured easily, making operations move forward, as expected. With Bitcoin getting recognized in El Salvador, Satoshi’s statue makes even more sense now and might just be the force needed to drive such a large-scale crypto adoption.
While Bitcoin’s supposed move beyond the ‘Early Majority’ phase means even more registrations and exposure for CoinSwitch Kuber and other credible exchanges, there is still a larger picture to look at. With Bitcoin or even Altcoins gaining popularity in the future, it would be safe to imagine a more investment-centric look-in at the crypto-space, courtesy of the pseudonymous transactions, decentralized layout, lower cross-border transaction fee, security, and other traits.
But then, it would take more than a statue and a few announcements to lend solidarity to Bitcoin’s value. What’s needed is a more targeted approach towards familiarizing novices with the concept, security standards, ease of usage, and investment-specific perks of cryptocurrencies, to ensure that this celebrated space becomes a permanent fixture in the existing financial landscape.