Bill & Ted’s Bitcoin Adventure

It’s been ten years since Abra’s Founder & CEO, Bill Barhydt, delivered the first TED Talk on Bitcoin. Let’s look back at Bitcoin in the early days and how it evolved. 

Bitcoin Price Today vs. Ten Years Ago

The price of Bitcoin is a testament to cryptocurrency’s adoption and the crypto market’s supply-side economics. During Bill’s TED Talk, he mentioned the price was currently “around $5.00”. Yes, you heard it right, $5.00!

As of October 12th, the price of Bitcoin is $19,156.91. Bitcoin’s price appreciation is due to the demand for Bitcoin and the crypto community’s belief in and adoption of blockchain technology. Today, some consider Bitcoin a store of value similar to commodities such as gold and silver.

Genesis Block & The Origins of Bitcoin 

Over the years, there has been much speculation on Satoshi’s inspiration for creating Bitcoin. Below is a short timeline of events leading up to Bitcoin’s launch:  

  • August 18, 2008: Registration date for the domain name.
  • October 31, 2008: Bitcoin whitepaper published on and circulated to a cryptography mailing list.
  • January 3, 2009: Genesis block, or block 0, creation

Satoshi left clues hidden in plain sight on the first 50 bitcoin blocks. As Bill mentioned in his TED Talk, Satoshi Nakamoto hard-coded: The Times 03/Jan/2009, “Chancellor on Brink of Second Bailout for Banks.”

Genesis Block Bitcoin with a cryptic message from Satoshi

Bitcoin Mining Complexity Over Time

In the very early days of Bitcoin, mining was relatively simple. Ten years ago, all you needed to get started as a home computer, internet access, and basic tech skills. Today, mining has become much more complex. As the degree of difficulty has increased, so has the need for advanced mining equipment such as ASIC miners and the need to join mining pools to improve returns. The block reward started at 50 BTC and is down to 6.25 BTC currently. In 2024, it will be down to 3.125 BTC with the next Bitcoin Halvening.

Some additional highlights from Bill’s TED Talk include:

  • Overview: State of Money Today
  • Federal Reserve Money Supply Management 
  • UN Survey calling for new world reserve currency

Watch the full TED Talk below to understand the future of Bitcoin and its impact on the cryptocurrency market. 

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About Abra

Established in 2014, Abra is on a mission to create a simple and honest platform that enables millions of cryptocurrency holders to maximize the potential of their assets. Abra enables both individuals and businesses to safely and securely buy, trade, and borrow against cryptocurrencies – all in one place. Abra’s vision is an open, global financial system that is easily accessible to everyone.

Why Abra

Based in the United States, Abra is available in over 150 countries and makes it easy to convert between crypto and a wide variety of local fiat currencies. With over 2MM customers, $7B in transactions processed, and $1.5B in assets under management, Abra continues to grow rapidly. Abra is widely loved and trusted – in April 2022, reviewed and rated Abra amongst the top 5 most popular crypto wallets in the market. Abra is backed by top-tier investors such as American Express Ventures and First Round Capital.

How Abra Protects Your Funds

Abra places clients’ financial objectives and security first. Abra practices a culture of risk management across all levels and functions within the organization.

Abra employs a state-of-the-art enterprise risk management framework that comprises a comprehensive set of policies, procedures, and practices detailing all applicable risk-related objectives and constraints for the entirety of the business. Abra has instituted a complete set of requisite systems and controls that continuously enforce these policies, procedures, and practices to manage all operations, including credit and lending. Abra’s independent Risk Committee comprises experienced compliance, risk, securities, and fraud operations professionals with backgrounds in industries ranging from traditional and digital assets banking, payments, remittance, to fintech.

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