Satoshi Nakamoto Makes First Bitcoin Transfer 17 Years Ago Today

The cryptocurrency community has been reminded of a milestone event in the history of digital transactions. Notably, exactly 17 years ago, on Jan. 12, 2009, the first-ever peer-to-peer (P2P) Bitcoin (BTC) transaction was completed.

First Bitcoin transaction that validated digital cash

As highlighted by CoinGecko on X, Bitcoin’s pseudonymous creator, Satoshi Nakamoto, performed the milestone transaction shortly after Bitcoin’s launch. On that historic occasion, Satoshi transferred 10 BTC to renowned cryptographer Hal Finney.

The transaction was significant as it was the first real demonstration that Bitcoin could function as digital cash. Satoshi sent the coin directly without any intermediary, as designed by himself, to Hal Finney over the internet.

It is worth mentioning that the 10 BTC at the time had no market value, as it was just an experiment to show what is possible in the digital space. Today, that same 10 BTC is valued at $903,700 at the current market value.

The unique identifier for that transaction, “f418…9e16,” remains accessible and can still be verified on the Bitcoin blockchain. This emphasizes Bitcoin’s immutability and transparency, confirming the network’s unchanged principle over almost 20 years.

From 10 BTC test transfer to $1.8 trillion asset

Within this time frame, Bitcoin has grown into a $1.8 trillion entity in valuation. This indicates that the coin has not only survived, but it is thriving in the broader financial industry.

As a mark of acceptability, the New York Stock Exchange (NYSE) has installed a statue of Satoshi Nakamoto in the U.S. Italian artist Valentina Picozzi sculpted the statue, with the installation prepared as part of the exchange’s first week.

Beyond the U.S., similar statutes of Satoshi have been unveiled in Vietnam, Lugano, Switzerland, Japan and El Salvador.

Meanwhile, YoungHoon Kim, noted for holding the highest IQ scores in the world, has hailed Satoshi Nakamoto as the smartest man in history. This is due to the impact of his creation in the financial space and its catalytic effect in the cryptocurrency sector.