Bitcoin whitepaper celebrates 13th birthday

The iconic Bitcoin whitepaper celebrates 13 years of the financial crisis after it was first published on October 31, 2008 by an anonymous person or organization named Satoshi Nakamoto.

The whitepaper, entitled “Bitcoin: A Peer-to-Peer Electronic Cash System,” envisions the need for a self-managed, secure, and limited, peer-to-peer online payment system. The btc network was launched on January 3, 2009, and each btc costs $ 0.0008.

While Btc was originally viewed as a threat by traditional financial institutions, 13 years of community support and a growing user base have made Bitcoin one of the most profitable investments for investors. Today, Btc maintains a stable trade value of over $ 60,000 after seeing a 7,749,999,900% increase since its inception.

Source: TradingView

The Bitcoin whitepaper suggests a solution to prevent double spending without the risk of trusting a third party.

It does this by using “honest” nodes that validate transactions by taming bad actors with the performance of the computer’s raw central processing unit (CPU).

Interestingly, the Bitcoin whitepaper includes 15 mentions of “honest” and 1 mention of “dishonest” which explains the need for honest nodes to ensure the reliability of every transaction. In the words of Satoshi Nakamoto:

“We proposed an electronic transaction system that was not based on trust. Honest nodes vote on their CPU performance, express their acceptance of valid blocks by scaling and reject invalid blocks by refusing to work on them. ”

The Bitcoin blockchain has a mined block number of 707,542 and offers a mining reward of 6.25 BTC.

As the Bitcoin ecosystem gradually approaches its hard cap or maximum supply of 21 million BTC, the developer community needs to change the existing rules to create an incentive for miners to confirm Btc transactions on the blockchain. The whitepaper suggests:

“With this consensus mechanism, all necessary rules and incentives can be enforced.”

Prominent entrepreneurs from Crypto Twitter like Anthony Pompliano also congratulate them on this memorable milestone.

https://twitter.com/APompliano/status/1454460658074980353?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener
“Tomorrow is the 13th anniversary of the Btc whitepaper. We will officially launch Bitcoin Pizza in 20 cities with nearly 100 locations. Every dollar of my profits goes to Btc developers. “

Despite constant opposition from many governments and agencies such as China, this year marks the beginning of Btc as a legal currency in El Salvador. Btc’s long-term impact on El Salvador’s hyperinflationary economy will determine the general acceptance of the asset among other jurisdictions.

The success of Bitcoin and the crypto ecosystem as viable investments continues to attract investors from all walks of life. Tesla boss Elon Musk, the richest man in the world, recently showed his support for crypto at the Code Conference in California:

“I think it is impossible to destroy cryptocurrencies, but governments can slow their development.”

Musk also believes that “cryptocurrency is essentially aimed at reducing the power of centralized government,” which could be one of the main reasons why the mainstream adoption rate of Bitcoin has slowed.

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Annie

According to Cointelegraph

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