Thirteen years later Bitcoin is now honoring its whitepaper famously known as the peer-to-peer Electronic Cash System which was originally published by Satoshi Nakamoto known as the founder of Bitcoin.
The iconic Bitcoin (BTC) White Paper celebrates thirteen years of financial collapse after it was first published on October 31, 2008 by an anonymous individual or legal entity named Satoshi Nakamoto. The white paper, titled Bitcoin: Peer-to-Peer Electronic Cash System, discusses the need for an online payment system with peer-to-peer connections that is self-managing, secure, and volume-limited. The bitcoin network was launched on January 3, 2009 at a price of $0.0008 per bitcoin.
While Bitcoin was initially perceived as a threat by traditional financial institutions, 13 years of community support and a growing consumer base has made Bitcoin one of the most profitable investments of the internet age. Today, Bitcoin maintains a steady value to trade at over $60,000 after seeing a gradual appreciation of 7,749.999.99% since its inception. The Bitcoin whitepaper offers a solution to prevent double spending without risking trust in third parties. For this purpose, it mentions the use of "honest" nodes that confirm transactions and address poor participants in terms of the performance of the computer's central processing unit (CPU).
Interestingly, the Bitcoin whitepaper has 15 "fair" and one "unfair" which explains the need for honest nodes to ensure the authenticity of every transaction. According to Satoshi Nakamoto: “We propose an electronic transaction system without relying on trust. They [honest nodes] vote on their CPU performance by declaring their approval of valid blocks by working on their expansion, and rejecting invalid blocks by refusing to work on them.
The Bitcoin blockchain has received block number 707542, which offers a mining price of 6.25 million BTC. As the Bitcoin ecosystem slowly approaches its hard line or a maximum supply of 21 million BTC, the developer community needs to change the existing rules to encourage miners to confirm Bitcoin transactions on the blockchain. The white paper proposes: "With this consensus mechanism, all the necessary rules and incentives can be put in place." Famous crypto twitter entrepreneurs like Anthony Pompliano attended the celebration.
Despite continued opposition from many governments and institutions, this year marks the beginning of Bitcoin's legacy as a legal tender in El Salvador. Bitcoin's long-term impact on El Salvador's bloated economy will determine the mass adoption of the asset among other jurisdictions. The success of the bitcoin and crypto ecosystem as a viable investment continues to attract investors from all walks of life. One of the world's richest people, Tesla CEO Elon Musk, recently demonstrated his support for cryptocurrencies at the Code Conference in California:
“I don't think it's possible to destroy crypto, but it's possible for governments to slow it down. Musk also believes that "cryptocurrencies are primarily aimed at reducing the power of centralized governments," which could be one of the main reasons behind Bitcoin's slow adoption. Musk has also had a huge impact on the market prices of other cryptocurrencies such as Dogecoin (DOGE).