The famous Bitcoin White Paper (BTC) marks thirteen years of financial turmoil after it was first published on October 31, 2008 by an anonymous person or organization named Satoshi Nakamoto.
The White Paper, titled “Bitcoin: A Peer-to-Peer Electronic Money System,” envisioned the need for a peer-to-peer online payment system that was autonomous, secure and limited in quantity. The Bitcoin network was launched on January 3, 2009, each bitcoin was valued at $ 0.0008.
Although Bitcoin was initially viewed as a threat to traditional financial institutions, thirteen years of community support and a growing user base have made Bitcoin one of the most lucrative investments in the Internet era. Today, Bitcoin maintains a stable trading value well above $ 60K after gradually increasing by 7,749,999,900% since its launch.
The Bitcoin White Paper offers a solution to prevent double consumption without the risk of relying on a third party. To do this, he mentions the use of “fair” nodes that validate transactions, defeating bad players when it comes to the raw CPU power of computers.
Interestingly, the Bitcoin White Paper contains 15 “honest” and one “dishonest” reviews that explain the need for honest nodes to ensure the reliability of every transaction. According to Satoshi Nakamoto:
We have proposed an electronic transaction system without relying on trust. They [honest nodes] agree with their processor power and express their agreement with valid blocks by working to expand them, and reject invalid blocks by refusing to work with them. ”
The Bitcoin blockchain has extracted block number 707542, which offers a mining reward of 6.25 million BTC.
As the Bitcoin ecosystem gradually approaches its tight hold or maximum supply of 21 million BTC, the developer community will have to adjust existing regulations to encourage miners to confirm Bitcoin transactions on the blockchain. The White Paper suggests:
“All the necessary rules and incentives can be implemented through this consensus mechanism.”
The celebrations include prominent Crypto Twitter entrepreneurs like Anthony Pompliano.
Despite continued opposition from many governments and governments, Bitcoin has become legal tender in El Salvador this year. Bitcoin’s long-term impact on the bloated economy of El Salvador will determine the acceptance of a dominant asset among other jurisdictions.
On the subject: Cryptocurrency cannot be destroyed, says Tesla CEO Elon Musk
The success of Bitcoin and cryptocurrency ecosystems as viable investments continues to attract investors from all walks of life. One of the richest people in the world, Tesla CEO Elon Musk, recently showed his support for cryptocurrencies at a code conference in California:
“I don’t think cryptocurrencies can be destroyed, but governments can slow down their progress.”
Musk also believes that “cryptocurrency is primarily intended to reduce the power of the central government,” which may be one of the main reasons for the weak mass adoption of bitcoin.
Musk has also had a big impact on the market value of other cryptocurrencies such as Dogecoin (DOGE).