Bitcoin 11 years
Happy Birthday, Bitcoin! Satoshi Nakamoto’s White Paper Turns 11 Today
October 31, 2019
Bitcoin 11 years
Happy Birthday, Bitcoin! Satoshi Nakamoto’s White Paper Turns 11 Today
October 31, 2019

Today, on October 31, Satoshi Nakamoto had released the Bitcoin Whitepaper, which has come a long way over the past 11 years. While everyone is busy carving their pumpkins, this Halloween, crypto enthusiasts have another major cause for celebration with Bitcoin, the world’s first cryptocurrency.

However, the White Paper called “Bitcoin: A Peer-to-Peer Electronic Cash System” was published by elusive visionary Satoshi Nakamoto on October 31, 2008. 

On October 31, 2008, Satoshi Nakamoto, who was identified as a mysterious person, filed a paper to the cryptography mailing list stating:

“I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party.”

Satoshi Nakamoto
Bitcoin White Paper

The nine-page paper outlined the design and justification for a digital currency with the intention of doing what no other attempt could do before: create an anonymous, trustless, decentralized currency.

Likewise, the protocol represented a cryptographically-secured system, based on a Proof-of-Work algorithm, in which Bitcoins (BTC) are “mined” for a reward by individual nodes and then verified by other nodes in a decentralized network.

ALSO READ :  Russian Customs Seize Smuggled Crypto Mining Units of Mongolia

This system contained the possibility of overcoming the need for intermediaries such as banks and financial institutions to facilitate and audit transactions, a major disruption to a siloed, monopolized field of centralized financial power.

The proof-of-work protocol was developed from Dai Wei’s B-money in order to enforce a ‘one CPU one vote’ policy as outlined by Nakamoto in his white paper.

Unlike traditional fiat, Bitcoin was also designed to be a deflationary currency, meaning that there will only be a limited amount of them that will ever exist, specifically 21 million, 18 million of which have already been mined.

So, eleven years on, Bitcoin is consistently setting new records for its network hash rate, a measure of the overall computing power involved in validating transactions on the blockchain at any given time. 

As of the middle of this month (October), network data revealed that since the creation of the very first block on the Bitcoin blockchain on January 3, 2009, known in more technical language as its “genesis block” — miners have received combined revenue of just under $15 billion. 

However, the figure includes both block rewards — “new” Bitcoins paid to miners for validating a block of transactions, as well as transaction fees, which broke the $1 billion mark this week.

ALSO READ :  Bybit Adds Support For Japanese Yen And South Korean Won In A Bid To Expand Its Roots In Asian Markets

Similarly, Bitcoin’s first-ever recorded trading price was noted on March 17, 2010 — on the now-defunct trading platform, at a value of $0.003. 

As of August 2019, 85% of Bitcoin’s supply in circulation had been mined, leaving just 3.15 million new coins for the future.

Thus, the transfer of wealth and mining revenue continues to increase as does the number of Bitcoin wallets and the fundamentals look set to continue.

Source: | | |


Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Bybit Rolls Out A BTC/USD Quarterly Futures Contract

Bybit Rolls Out A BTC/USD Quarterly Futures Contract

Bybit rolls out a BTC/USD quarterly futures contract today. Two contracts will be offered at launch BTCUSD1225 by settling on December 25, 2020, and BTCUSD0326, which will be settled on March 26, 2021. It has been...

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.