Satoshi Nakamoto Considered Calling Bitcoin Netcoin
Content Marketing Team
In a world where Bitcoin is now worth tens of thousands of dollars per coin, it’s hard to imagine that there was ever a time when its creator, Satoshi Nakamoto, considered naming it something else entirely. In fact, before Nakamoto settled on the name “Bitcoin,” the pseudonymous creator toyed with the idea of calling it “Netcoin.”
Before the launch of Bitcoin in 2009, Satoshi Nakamoto created the official website domain under a platform called AnonymousSpeech. The platform is a service in Japan that allows users to anonymously buy domain names, which Satoshi Nakamoto used on August 18, 2008, to buy the domain name Bitcoin.org.
According to new data from AnonymousSpeech compiled by @orweinberger on Twitter, just one day before the creation of Bitcoin.org, was the creation of Netcoin.org. The now-viral tweet includes two photos showing the creation of netcoin.org and bitcoin.org, just one day apart.
Did you know? A day before the https://t.co/oDfOFzFVNi domain was first registered, someone purchased https://t.co/KLzoDxJjrz using the same registrar. Looks like Satoshi was contemplating between the two names and later dropped https://t.co/KLzoDxJjrz#Bitcoin pic.twitter.com/yqwZYRefvX— Or Weinberger (@orweinberger) September 23, 2022
This event has made many crypto enthusiasts worldwide wonder what could have been if Bitcoin had been called “Netcoin.” Unfortunately, the Netcoin.org domain was deleted soon after but was re-registered in 2010 as a subsidiary of Web.com.
The name “Netcoin” seems to have been inspired by another popular cryptocurrency at the time called Namecoin. Namecoin was a decentralized Domain Name System (DNS) that allowed for .bit domains. This alternative domain gives users a private way to be in control of their own domain names. While the project ultimately failed, it’s easy to see how Nakamoto could have been inspired by it. After all, the “net” in Netcoin could easily have referred to the decentralized network Nakamoto was looking to build.
In the end, Nakamoto decided against the name “Netcoin” and went with “Bitcoin” instead. It’s hard to say why they made this choice, but it’s likely because “Bitcoin” is a more recognizable word than “Netcoin.” Given that Bitcoin has gone on to become the most well-known and successful cryptocurrency in the world, it’s safe to say that Nakamoto made the right choice!
It’s fascinating to think about what could have been if Satoshi Nakamoto had decided to call Bitcoin something else entirely. Would it have been as successful as it is today? It’s impossible to say for sure, but one thing remains certain: the name “Bitcoin” has become synonymous with cryptocurrency, and there’s no going back now.
However, it’s not the end for Netcoin, as the dream lives on through Netcoins, Canada’s first publicly owned crypto trading platform to be fully regulated. Although not a cryptocurrency, Netcoins started out as a virtual Bitcoin ATM solution provider in 2014. Over the years, Netcoins quickly pivoted to become a cryptocurrency trading platform. At Netcoins, you can now trade over 30 cryptocurrencies 24/7 through both a web and mobile app.
Looking to buy and sell Bitcoin? Simply create an account with Netcoins, fund it with an e-Transfer (more funding options available) and head to the trade page to buy BTC. Sign up today!