Iconic Bitcoin (Bitcoin) The white paper was first published on October 31, 2008 by an anonymous person or entity named Satoshi Nakamoto to celebrate 13 years of financial turmoil.
this white paper, Titled Bitcoin: Peer-to-peer electronic cash system, foresees the need for a self-managed, secure and limited number of peer-to-peer online payment systems. The Bitcoin network was launched on January 3, 2009, and the price of each Bitcoin was 0.0008 USD.
Although Bitcoin was initially seen 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 in the Internet era. Today, Bitcoin has gradually appreciated 7,749,999,900% since its launch, and has since maintained a stable transaction value well above $60,000.
The Bitcoin white paper proposes a solution that can prevent double payments without the risk of trusting a third party. To this end, it mentions the use of “honest” nodes to confirm transactions by overwhelming the bad guys in terms of the computer’s original central processing unit (CPU) capabilities.
Interestingly, 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 an electronic transaction system that does not rely on trust. They [honest nodes] Vote with their CPU power, express their acceptance of valid blocks by trying to expand them, and reject invalid blocks by refusing to process them. “
Bitcoin blockchain mined block number 707542, Provides a mining reward of 6.25 million BTC.
As the Bitcoin ecosystem gradually approaches its hard cap or the maximum supply of 21 million BTC, the developer community will need to modify existing rules to incentivize miners to confirm Bitcoin transactions on the blockchain. White paper recommendations:
“Any required rules and incentives can be implemented through this consensus mechanism.”
Famous entrepreneurs from Crypto Twitter, such as Anthony Pompliano, participated in the celebration.
Tomorrow is the 13th anniversary of the Bitcoin white paper.
We will officially launch Bitcoin Pizza in nearly 100 locations in 20 cities.
Every dollar of my profit is donated to Bitcoin developers pic.twitter.com/oh5gHnJ7iP
-Pump (@APompliano) October 30, 2021
Despite continued resistance from many governments As well as Chinese and other authorities, this year marked Bitcoin as the legacy of El Salvador’s legal tenderThe long-term impact of Bitcoin on El Salvador’s expanding economy will determine the mainstream adoption rate of the asset in other jurisdictions.
The success of Bitcoin and the crypto ecosystem as viable investments continues to attract investors from all walks of life. The world’s richest man and Tesla CEO Elon Musk recently demonstrated his support for cryptocurrency at the Code Conference in California:
“I think it is impossible to destroy cryptocurrency, but the government may slow down its development.”
Musk also believes that “cryptocurrency is fundamentally designed to weaken the power of the central government”, which may be one of the main reasons for the slow mainstream adoption of Bitcoin.
Bitcoin is my safe word
-Elon Musk (@elonmusk) December 20, 2020