Technology

Who designed the Bitcoin icon?


Satoshi Nakamoto, the creator of Bitcoin did not design the current symbol of this digital currency.

The bright orange Bitcoin (BTC) symbol used for over a decade was designed by user @bitboy. Unlike the mysteries surrounding Bitcoin, the development of the world’s largest digital currency icon is well documented on the Internet.

Released 13 years ago by Satoshi Nakamoto, the first design of the Bitcoin logo was an image of a gold coin with the two letters “BC” placed in the center. On February 24, 2010, Nakamoto announced a new Bitcoin symbol, replacing the two letters “BC” with the symbol “₿”, placed on the gold coin.

The Bitcoin icon was edited by Satoshi Nakamoto according to user feedback. Image: bitcointalk.org.

Based on community feedback, Satoshi changed the new icon and released the copyright free images. After that, this symbol was used officially, but only for a short time.

The decentralized nature of the Bitcoin ecosystem allows users to contribute to the network in a variety of ways. At the same time, these contributions need to be based on community approval, including the design of the Bitcoin icon.

On November 1, 2010, the account @bitboy, an active member of the BitcoinTalk forum released a new Bitcoin icon, inspired by Satoshi’s design. However, @bitboy chose to replace the gold coin with an orange circle, with the symbol “₿” lying 14 degrees clockwise.

Who is a Bitcoin enthusiast?  brother 2

Bitcoin’s current icon was designed by user @bitboy. Image: bitcointalk.org.

This design is supported by the community, the orange Bitcoin logo has become the official symbol of Bitcoin for the past 12 years. After releasing the finished version of the Bitcoin logo, @bitboy also provides free copyright similar to Satoshi.

“Now everyone can use the Bitcoin symbol freely, even for commercial purposes,” wrote @bitboy.

Recently, the cryptocurrency market had a strong plunge, Bitcoin lost the mark 18,000 USD. Whales have increased the frequency of activity on the blockchain. Data from CryptoQuant shows that the amount of BTC transferred from the wallet to the exchange has increased. Most of the assets were transferred by whales to the Binance and FTX exchanges. This is considered the highest level in more than 3 years.

On June 14, about 59,376 BTC coins were pushed to the exchange. At that time, Bitcoin was trading around the . mark 22,115 USD/copper. By June 16, Bitcoin price plummeted to 20,372 USD/copper. Analysts believe that this “discharge” may be caused by Bitcoin whales.

Follow Glassnodeinvestor behavior has now had a positive change when the price of BTC plunges below 30,000 USD. This is a notable change from the intermittent Bitcoin accumulation behavior before the LUNA crash. At the same time, investor confidence and spending also change when Bitcoin price is below 30,000 USD.

Based on data on times when Bitcoin plunges to the milestone 30,000 USD (May-July 2021 and present), users’ buying psychology of Bitcoin is stronger when the largest digital currency in the market at this price. However, the demand to buy Bitcoin is still not strong enough to create a price support level.

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