U.Today – Adam Back, a huge figure in the crypto and blockchain world, recently shared something interesting: he didn’t own any (BTC) until 2013. Famous for inventing Hashcash in 1997 , a proof-of-work algorithm designed to combat spam and denial-of-service attacks, Back’s influence extends deeply to the development of modern blockchain systems.
Its Hashcash algorithm played an important role in setting up Bitcoin’s mining process and had a direct impact on the creation of the cryptocurrency’s proof-of-work model. Additionally, Back’s contributions were recognized in Satoshi Nakamoto’s 2008 white paper, which highlighted his role in shaping the fundamental elements of cryptocurrency. But even though he was involved, the original cypherpunk never actually got any Bitcoin in his early days.
It turns out that Back didn’t own any Bitcoin until 2013, when the leading cryptocurrency, currently worth more than $2 trillion in market cap, was first gaining traction outside of the small circle of cypherpunks.
So, in a recent conversation, Back admitted that he was “an idiot” and that he neither bought nor mined Bitcoin in 2009, when Nakamoto created it.
As a result, he took his first steps towards buying BTC cautiously in 2013. Over the next 11 years, the price of BTC increased by at least 50,000% and Back himself founded Blockstream, a blockchain technology company that develops infrastructure for Bitcoin and other decentralized systems. . Blockstream is known for its innovations such as sidechains, Liquid Network and the Bitcoin satellite network.
This article was originally published on U.Today
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