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Monday, November 28, 2022

Bitcoin would have been named as Netcoin, sources say 

Historical data published by reports suggest that Satoshi Nakamoto, the creator of Bitcoin (BTC), had plans for a different naming scheme for the currency which didn’t make it to the whitepaper, as reported by Cointelegraph.

According to Cointelegraph, Bitcoin.org, the website domain related to the original Bitcoin, was established on August, 2008, under AnonymousSpeech, a Japan-based service which allowed users to buy domain names anonymously. Domain purchases made under AnonymousSpeech around same timelines unveiled the creation of Netcoin.org on August 17, 2008, a day before the creation of Bitcoin.org.

On the basis of information by Cointelegraph, post further research, cryptocurrency locksmith Or Weinberger made the confirmation that content was absent on the Netcoin.org domain except only after being repurchased by another person. The decision to apply the name of Bitcoin may have been necessary to the success due to the fact that members of the cryptocurrency members expressed their dislike towards the name of Netcoin. Through the finding, it was revealed that Bitcoin was distanced from the people who made the claims of being Satoshi Nakamoto. Later, the Netcoin.org domain was removed and re-registered to a subsidiary of Web.com in 2010.

Moreover, Cointelegraph noted that despite the speculations around the creation of Bitcoin, the asset is reportedly being a frontrunner in financial markets. BitPay has made the confirmation on the notion, as its data showed Bitcoin to be an important payment tool despite price volatility implications. Merrick Theobald, vice president, BitPay, stated that the sales volumes of Bitcoin-oriented payments on BitPay accounted for as much as 52% in the beginning quarter of 2022.

(With insights from Cointelegraph)

Also Read: Congress and SCOTUS members expected to be banned from cryptocurrency investments

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