Today, Bitcoin maintains a stable trading value well above $60k after
experiencing a gradual appreciation of 7,749,999,900% since its launch.
The iconic Bitcoin (BTC)
white paper celebrates thirteen years of financial disruption after
being first published on Oct. 31, 2008, by an anonymous person or entity
named Satoshi Nakamoto.
The white paper, titled
Bitcoin: A Peer-to-Peer Electronic Cash System, foresaw the need for a
peer-to-peer online payment system that is self-governing, secure and
limited in quantity. The Bitcoin network was launched on Jan. 3, 2009,
with each Bitcoin priced at $0.0008.
While
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 for the
internet age. Today, Bitcoin maintains a stable trading value well above
$60k after experiencing a gradual appreciation of 7,749,999,900% since
its launch.
The
Bitcoin white paper proposes a solution to prevent double-spending
without the risk of trusting a third party. To do this, it mentions the
use of "honest" nodes that confirm transactions by overpowering the bad
actors in terms of the raw central processing unit (CPU) power of
computers.
Interestingly enough, the Bitcoin white paper has 15
"honest" and one "dishonest" mentions, explaining the need for honest
nodes to ensure the credibility of each transaction. In the words of
Satoshi Nakamoto:
“We have proposed a system for
electronic transactions without relying on trust. They [honest nodes]
vote with their CPU power, expressing their acceptance of valid blocks
by working on extending them and rejecting invalid blocks by refusing to
work on them.”
The Bitcoin blockchain has mined block number 707542, which offered a mining reward of 6.25000000 BTC.
As
the Bitcoin ecosystem slowly approaches its hard cap, or maximum supply
of 21 million BTC, the developer community will need to modify the
existing rules to incentivize the miners that confirm Bitcoin
transactions on the blockchain. The white paper suggests:
“Any needed rules and incentives can be enforced with this consensus mechanism.”
Prominent entrepreneurs from Crypto Twitter such as Anthony Pompliano join in on the celebrations.
Despite the ongoing resistance from numerous governments and authorities, this year marks the beginning of Bitcoin’s legacy as a legal tender in El Salvador.
The long-term effect of Bitcoin on El Salvador’s inflated economy will
determine the asset’s mainstream adoption among other jurisdictions.
Related: Crypto is impossible to destroy, says Tesla CEO Elon Musk
The
success of Bitcoin and the crypto ecosystems as viable investments
continue to attract investors from all walks of life. One of the world’s
richest man, Tesla CEO Elon Musk, recently showed support for
cryptocurrencies at the Code Conference in California:
“It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement.”
Musk
also believes that “cryptocurrency is fundamentally aimed at reducing
the power of a centralized government,” which can be one of the main
reasons for Bitcoin’s slow mainstream adoption rate.
Musk has also been highly influential in affecting the market price of other cryptocurrencies such Dogecoin (DOGE).
source link : https://cointelegraph.com/news/satoshi-nakamoto-s-bitcoin-white-paper-is-now-a-13-year-old-teenager
