Bitcoin Community Celebrates 13th Anniversary of White Paper Publication

Eva Fox by Eva Fox October 31, 2021

Bitcoin Community Celebrates 13th Anniversary of White Paper Publication

Bitcoin is the most famous cryptocurrency since, in fact, it is the progenitor of all cryptocurrencies. Today, the Bitcoin community celebrates 13 years since the publication of the white paper published by the so-called Satoshi Nakamoto, whose identity has not been identified to this day.

The famous Bitcoin technical document (BTC) marks thirteen years since its first publication on October 31, 2008, by an anonymous creator, a person, or a group of developers. In an official document entitled “Bitcoin: A Peer-to-Peer Electronic Cash System,” the author described the need for a P2P online payment system that was self-controllable, safe, and easy to use. The Bitcoin network was launched on January 3, 2009, when it was worth $0.0008.

In the white paper, Satoshi wrote:

"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network, they'll generate the longest chain and outpace attackers. The network itself requires minimal structure. Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone."

Despite the fact that Bitcoin was initially perceived by traditional financial institutions as a threat, thirty years of community support and a growing user base made BTC one of the most profitable investments in the market. Today Bitcoin is stably kept above $60,000, having risen, from the moment of appearance, 7,749,999,900%.

Any necessary rules for the widespread adoption of Bitcoin can be implemented with the help of the concept mechanism, which is provided in the document. Despite opposition from some governments, this has been a particularly good year for Bitcoin. For example, El Salvador declared it as a legal payment system on the territory of the country.

© 2021, Eva Fox | Tesmanian. All rights reserved.

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Article edited by @SmokeyShorts, you can follow him on Twitter






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