The iconic Bitcoin (BTC) white paper turns thirteen of financial disruption after being published for the first time on October 31, 2008 by an anonymous person or entity named Satoshi Nakamoto.
The white paper, entitled Bitcoin: A Peer-to-Peer Electronic Cash System, envisioned the need for a peer-to-peer online payment system that was autonomous, secure, and limited in quantity. The Bitcoin network launched on January 3, 2009, and each Bitcoin was priced at $ 0.0008.
Although Bitcoin was initially perceived as a threat by traditional financial institutions, thirteen years of community support and a growing user base have made Bitcoin one of the most profitable investments of the internet age. Today, Bitcoin maintains a stable trading value well above $ 60,000 after experiencing a gradual appreciation of 7,749,999,900% since its launch..
The Bitcoin white paper proposes a solution to avoid double spending without the risk of relying on a third party. To do this, he mentions the use of “honest” nodes that confirm transactions by beating bad actors in terms of the raw power of the central processing unit (CPU, for its acronym in English) of computers.
Curiously, the Bitcoin white paper has 15 mentions of “honest” and one of “dishonest”, explaining the need for honest nodes to guarantee the credibility of each transaction. In the words of Satoshi Nakamoto:
“We have proposed a system of electronic transactions without relying on trust. They [los nodos honestos] they vote with their CPU power, expressing their acceptance of valid blocks by working on their expansion and rejecting invalid blocks by refusing to work on them. “
The Bitcoin blockchain has mined block number 707,542, which offered a mining reward of 6,2500,000 BTC.
As the Bitcoin ecosystem slowly approaches its hard cap, or maximum supply of 21 million BTC, the developer community will have to modify existing rules to incentivize miners confirming Bitcoin transactions on the blockchain. The white paper suggests:
“Any necessary rules and incentives can be applied with this consensus mechanism.”
Prominent Crypto Twitter entrepreneurs like Anthony Pompliano join the celebrations.
Tomorrow is the 13 year anniversary of the Bitcoin Whitepaper.
We are officially launching Bitcoin Pizza in 20 cities with almost 100 locations.
Every dollar of my profits goes to bitcoin developers pic.twitter.com/oh5gHnJ7iP
– Pomp (@APompliano) October 30, 2021
Tomorrow marks 13 years of the Bitcoin Whitepaper.
We are officially launching Bitcoin Pizza in 20 cities with almost 100 locations.
Every dollar of my earnings goes to the bitcoin developers.
Despite continued resistance from numerous governments and authorities, This year marks the beginning of the legacy of Bitcoin as legal tender in El Salvador. The long-term effect of Bitcoin on El Salvador’s bloated economy will determine the widespread adoption of the asset among other jurisdictions.
The success of Bitcoin and cryptocurrency ecosystems as viable investments continues to attract investors of all stripes. One of the richest men in the world, Tesla CEO Elon Musk recently showed his support for cryptocurrencies at the California Code Conference:
“It is not possible, I think, to destroy cryptocurrencies, but it is possible for governments to slow down their advance.”
Musk also considers that “cryptocurrency is fundamentally aimed at reducing the power of a centralized government“, which may be one of the main reasons for the slow rate of adoption of Bitcoin by the general public.
Bitcoin is my safe word
– Elon Musk (@elonmusk) December 20, 2020
Bitcoin is my safe word
Musk has also had a great influence on the market price of other cryptocurrencies such as Dogecoin (DOGE).
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