After being published by Satoshi Nakamoto, an anonymous entity or person, the iconic white paper on Bitcoin (BTC), celebrates 13 years of financial disruption.
The white paper, Bitcoin: A Peer to-Peer Electronic cash System, identified the need for an online peer-to–peer payment system that is self-governing and secure, as well as limited in number. Each Bitcoin was priced at $0.0008 when the Bitcoin network launched in January 2009.
Although Bitcoin was initially viewed as a threat to traditional financial institutions, 13 years of community support and an expanding user base have made Bitcoin one the most lucrative investments in the Internet age. Bitcoin today has a trading value of well over $60k, after experiencing an increase in value of 7,749.999,900% since its inception.
The Bitcoin whitepaper proposes a way to avoid double-spending, without having to trust a third party. It mentions the use ‘honest nodes’ that can confirm transactions by overpowering bad actors in terms central processing unit (CPU), power of computers.
It is interesting that the Bitcoin whitepaper has 15 ‘honesty’ and one “dishonest” mentions. This demonstrates the importance of honest nodes in order to verify the legitimacy of every transaction. Satoshi Nakamoto’s words:
“We have suggested a system that allows electronic transactions to be made without trust. They vote with their CPU power. They accept valid blocks by working to extend them, and reject invalid blocks by refusing work on them.
Block number 707542 was mined by the Bitcoin blockchain. This block offered a mining reward in Bitcoin of 6.25000000 BTC.
The hard cap, or maximum supply of 21,000,000 BTC in Bitcoin, is slowly approaching. Developers will have to amend existing rules to encourage miners to confirm Bitcoin transactions on the Blockchain. According to the white paper:
This consensus mechanism can enforce any rules or incentives that are needed.
Anthony Pompliano, a prominent Crypto Twitter entrepreneur joins the festivities.
Tomorrow marks the 13th anniversary of the Bitcoin Whitepaper. Bitcoin Pizza is now officially available in 20 cities, with nearly 100 locations. Every dollar of my profits goes to bitcoin developers pic.twitter.com/oh5gHnJ7iP
— Pomp (@APompliano) October 30, 2021
Despite ongoing resistance from many governments and authorities, such as China this year marks Bitcoin’s beginnings as a legal tender for El Salvador. The asset’s widespread adoption by other jurisdictions will depend on its long-term impact on El Salvador’s inflated economy.
Related: Elon Musk, CEO of Tesla, believes that crypto is impossible to destroy
Investors from all walks continue to flock to the success of Bitcoin and crypto ecosystems as viable investments. Elon Musk, the CEO of Tesla, has recently endorsed cryptocurrency at the Code Conference in California.
“It’s not possible to destroy crypto but it is possible for governments slow down its progress.”
Musk believes that cryptocurrency is fundamentally designed to reduce the power of a central government, which could explain why Bitcoin has been slow mainstream adoption.
My safe word is Bitcoin
December 20, 2020 — Elon Musk (@elonmusk).
Musk is also a major influencer in the market price for other cryptocurrency, such as Dogecoin (DOGE).