Hal Finney – the first Bitcoin adopter
Hal Finney was one of the first Bitcoin pioneers and the receiver of the first BTC transaction from Satoshi Nakamoto. BTCMEX tracks his contribution to the crypto industry in today’s Throwback.
His complete name is Harold Thomas Finney II. So who is he? He is considered to be the pioneer and developer of Bitcoin – the first successful currency. Back in 2009, after the Bitcoin block 1 was mined, Satoshi Nakamoto sent the first 10 BTC to Finney on January 12.
Yet beyond his role in the history of digital currency, Finney was also a cryptographic master, a veteran of Bitcoin mining and a devoted cypherpunk activist. Born in California in 1956, Hal Finney acquired his professional education from the California Institute of Technology. He completed his degree in Engineering in 1979.
A year prior to his graduation, Hal was hired by APh Technology Consultants. He was initially assigned to work on their cash register software. Later on, he was developing video games independently. Apart from games, he also developed a number of other software as well.
Because of his intuition for encryption, Hal started working with Phil Zimmermann in the development of PGP (Pretty Good Privacy). When Phil set up the PGP Corporation in 1996, he joined him immediately. Finney remained in that organization right up to his retirement in 2011.
Hal Finney was the first person to download the Bitcoin software and start “Running bitcoin”, as his Twitter post dated January 10, 2009, stated. He operated as one of the first miners of the Bitcoins network and improved the Bitcoin software significantly.
Finney expressed the opinion that mining Bitcoin should not be too profitable. “Ultimately it’s good for the network for mining to be expensive. It makes it that much harder for a well-financed attacker to dominate the network.”
In a post from December 2010, Finney suggested that the traditional banking system might one day embrace bitcoin. He wrote: “I see Bitcoin as ultimately becoming a reserve currency for banks, playing much the same role as gold did in the early days of banking. Banks could issue digital cash with greater anonymity and lighter weight, more efficient transactions.” As we can see today his words are coming true with the global economic reset.
Ultimately, Finney was a firm believer in the blockchain technology and developer of the Reusable Proof of Work system (RPoW), very similar to the Bitcoin PoW technology.
Hal Finney breathed his last on August 28, 2014. Right up to his last, he continued programming and writing codes and accomplishing his self-allocated targets.