Why Bitcoin Fair Launch Is Important

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Bitcoin is the world’s most secure and most decentralized cryptocurrency — but its fair launch is perhaps one of the most poorly-understood aspects of its history and one of the things that makes it so decentralized and unique.

Many altcoins will typically use a launch mechanism called “premining,” which is the creation of a quantity of blockchain-based tokens or coins prior to a cryptocurrency being made public. This is common practice in the world of centralized venture capital projects and initial coin offerings (ICOs).

Bitcoin Had No Premine

Bitcoin’s launch was not premined, and its pseudonymous creator, Satoshi Nakamoto, orchestrated a carefully-planned release that was instrumental to bitcoin being seen as a commodity in the eyes of regulators. The U.S. Commodity Futures Trading Commission (CFTC) has even published a brochure on Bitcoin, which states that it is a regulated commodity.

On October 31, 2008, Nakamoto published the Bitcoin white paper on the cypherpunk mailing list. Two months later, on January 3, 2009, Nakamoto mined the genesis block of the Bitcoin network and set in motion a force that would forever change the world. On January 8, 2009, Nakamoto emailed the cypherpunk mailing list, announcing Bitcoin’s public release.



Source link Bitcoin Magazine

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