The famous Bitcoin (BTC) White Paper celebrates thirteen years of financial turmoil after it was first published on October 31, 2008 by an anonymous person or entity called Satoshi Nakamoto.
The white paper, entitled Bitcoin: A Peer-to-Peer Electronic Cash System, foresaw the need for a peer-to-peer online payment system that is autonomous, secure, and limited in quantity. The Bitcoin network was launched on January 3, 2009, with the price of each Bitcoin being $0.0008.
While 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 age. Today, Bitcoin maintains a stable trading value well above $60K after witnessing a gradual rise of 7,749,999,900% since its launch.
Bitcoin’s white paper proposes a solution to prevent double spending without risking trust in a third party. To do this, he mentions the use of “honest” nodes that confirm transactions by beating the bad actors in terms of the raw CPU power of the computers.
Interestingly enough, the Bitcoin white paper contains 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. that they [honest nodes] Voting using their own CPU power, expressing their acceptance of valid blocks by working on their extension and rejecting invalid blocks by refusing to work on them.”
The Bitcoin blockchain has mined block number 707542, which offers a mining reward of 6.25,000,000 BTC.
As the Bitcoin ecosystem slowly approaches its hard cap, or maximum supply of 21 million BTC, the developer community will need to adjust existing rules to incentivize miners confirming Bitcoin transactions on the blockchain. The white paper suggests:
“Any rules and incentives required can be enforced through this consensus mechanism.”
Notable Crypto Twitter entrepreneurs such as Anthony Pompliano are taking part in the festivities.
Tomorrow marks the thirteenth anniversary of the Bitcoin White Paper.
We are officially launching Bitcoin Pizza in 20 cities with nearly 100 locations.
Every dollar of my earnings goes to Bitcoin developers pic.twitter.com/oh5gHnJ7iP
– Pump (APompliano) October 30, 2021
Despite continued resistance from many governments and authorities, this year marks the beginning of Bitcoin’s legacy as a legal currency in El Salvador. The long-term impact of Bitcoin on El Salvador’s bloated economy will determine the adoption of the dominant asset among other jurisdictions.
Related: Tesla CEO Elon Musk says it is impossible to destroy cryptocurrency
The success of Bitcoin and cryptocurrency ecosystems as viable investments continue to attract investors from all walks of life. One of the richest men in the world, Tesla CEO Elon Musk, recently demonstrated his support for cryptocurrencies at the Code Conference in California:
“I think it is not possible to destroy cryptocurrencies, but it is possible for governments to slow down their progress.”
Musk also believes that “cryptocurrency is primarily intended to reduce the power of the central government,” which could be one of the main reasons for the sluggish mainstream adoption rate of Bitcoin.
Bitcoin is my safe word
– Elon Musk December 20, 2020
Musk has also had a significant impact in influencing the market price of other cryptocurrencies such as Dogecoin (DOGE).