His Hashcash algorithm was a big part of how Bitcoin’s mining process was set up, and it had a direct impact on the creation of the cryptocurrency’s proof-of-work model. More to it, Back’s contributions have been acknowledged in Satoshi Nakamoto’s 2008 white paper, which highlights his role in shaping the foundational elements of the cryptocurrency. But even though he was involved, the original cypherpunk never actually got Bitcoin during its early days.
It turns out Back did not own any Bitcoin before 2013, when the leading cryptocurrency now worth over $2 trillion in market capitalization was first gaining traction outside the small circle of cypherpunks.
Thus, in a recent conversation Back admitted that he was “an idiot” and did not buy or mine Bitcoin in 2009, when it was created by Nakamoto.
As a result, the first steps into buying BTC he cautiously made in 2013. In 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 innovations like sidechains, Liquid Network and the Bitcoin satellite network.
This article was originally published on U.Today
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