Bitcoin.org Over Netcoin.org: Did Satoshi Make the Right Decision in Naming?

Satoshi Nakamoto had a completely different name in mind for Bitcoin!

Do you also struggle over what name to give to your kids? Well, Satoshi Nakamoto is no different either! Bitcoin.org, the website domain linked to the original Bitcoin, was created on Aug. 18, 2008, under AnonymousSpeech, a service in Japan that allowed users to buy domain names anonymously. Domain purchases under AnonymousSpeech around similar timelines revealed the creation of Netcoin.org on Aug. 17, 2008, just a day before the creation of Bitcoin.org.

After further research, crypto locksmith Or Weinberger confirmed that no content was ever present on the Netcoin.org domain "except only after it was repurchased by another person later on." The finding further helps Bitcoin distance itself from those previously claimed to be Satoshi Nakamoto. The Netcoin.org domain was later deleted and re-registered to a subsidiary of Web.com in 2010. Despite the mysteries behind the creation of Bitcoin, the asset continues to dominate the financial markets. BitPay confirms this notion as its data showed Bitcoin to be a significant payment tool despite huge price volatility. Speaking to Cointelegraph, BitPay's vice president of marketing, Merrick Theobald, stated that the sales volumes of Bitcoin-based payments on BitPay accounted for as much as 52% in the first quarter of 2022.

When the cryptocurrency was launched at the beginning of 2009, as Satoshi Nakamoto mined the bitcoin genesis block (the first-ever block on the Bitcoin blockchain), 50 BTC entered circulation for $0.00. Fifty bitcoin continued to enter circulation every block (created once every 10 minutes) until the first halving event took place in November 2012 (see below). Halvings refer to bitcoin's issuance system, which was programmed into Bitcoin's code by Satoshi Nakamoto. It essentially involves automatically halving the number of new BTC entering circulation every 210,000 blocks. In February 2011, BTC's price reached parity with the U.S dollar for the first time. The milestone encouraged new investors into the market, and over the next four months, bitcoin's price continued to rise – peaking at over $30.

By early 2013, the leading cryptocurrency had recovered from a prolonged bearish episode and rose above $1,000, albeit only briefly. But with the infamous Mt Gox hack, China announced its first ban on crypto and other situations, it took a further four years for the BTC price to return to above $1,000 again. Once that level was passed, bitcoin's price continued to surge dramatically throughout 2017 until BTC peaked at its previous long-standing all-time high of $19,850. Over 2018, the entire crypto market plunged into what is now known as the "crypto winter" – a yearlong bear market. It wasn't until December 2020, when bitcoin returned to test the previous all-time high, that it eventually surpassed that historical level and rose a further 239% over the next 119 days to a new all-time high of $64,799.