• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Adam Back reveals he did not own Bitcoin until 2013

user avatar

by Giorgi Kostiuk

4 months ago


Adam Back, a renowned cryptographer and inventor of Hashcash, shared intriguing details about his Bitcoin ownership. Although his inventions impacted cryptocurrency's development, he didn’t acquire Bitcoin until 2013.

The History of Hashcash Invention

Hashcash was invented by Adam Back in 1997 as a proof-of-work algorithm to combat spam and denial-of-service attacks. This algorithm played a crucial role in the setup of Bitcoin's mining process and influenced the creation of its proof-of-work model. Back's contributions were mentioned in Satoshi Nakamoto's 2008 white paper.

Lack of Bitcoin Ownership until 2013

Despite his significant role in cryptographic systems development, Back did not own Bitcoin until 2013. He admitted it was a mistake, expressing regret over not purchasing or mining Bitcoin in 2009.

Correct.

Blockstream Company's Development

After his initial Bitcoin purchases in 2013, the cryptocurrency's price grew by more than 50,000%. In 2014, Back founded Blockstream, a company developing infrastructure for Bitcoin and other decentralized systems. Blockstream is known for innovations like sidechains, Liquid Network and the Bitcoin satellite network.

Despite contributing significantly to cryptocurrency's development, Adam Back only began owning Bitcoin in 2013. His subsequent work with Blockstream further advanced decentralized technology.

0

Share

Other news

Altcoin Market Overview: Shiba Inu, Hedera, and Emerging Player Web3 ai

Examining the current state of Shiba Inu and Hedera altcoins, along with the prospects of Web3 ai amidst market changes.

user avatarGiorgi Kostiuk

23 minutes ago

Troller Cat: A New Hope in the Meme Coin Market

Troller Cat may become the next successful meme coin amid the growing popularity of meme culture in the crypto industry.

user avatarGiorgi Kostiuk

24 minutes ago

Top Cryptocurrencies for April 2025: How to Make the Right Choice

Analysis of current cryptocurrencies: BlockDAG, Solana, Dogecoin, and TRUMP Coin, their potential and key features.

user avatarGiorgi Kostiuk

25 minutes ago

RCO Finance: Paving the Way in DeFi with Artificial Intelligence

RCO Finance will present an innovative DeFi platform focused on delivering access to cutting-edge technologies and services.

user avatarGiorgi Kostiuk

25 minutes ago

Filecoin vs Qubetics: Path to Successful Cryptocurrency Investments

A comparison of Filecoin and Qubetics, analyzing their potential, investment opportunities, and key features.

user avatarGiorgi Kostiuk

40 minutes ago

Qubetics Cryptocurrency: Chances and Opportunities in the Light of Cosmos's Success

Qubetics is rapidly developing alongside Cosmos's success, offering interesting opportunities for investors.

user avatarGiorgi Kostiuk

40 minutes ago

dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.