Satoshi Nakamoto’s Bitcoin whitepaper is now a 13-year-old teenager

The iconic Bitcoin (BTC) white paper celebrates the thirteenth anniversary of the financial crisis after it was first published on October 31, 2008 by an anonymous person or organization named Satoshi Nakamoto.

The whitepaper, titled Btc: A Peer-to-Peer Electronic Cash System, envisions the need for a self-managed, secure, and limited peer-to-peer online payments system. The btc network was launched on January 3, 2009, with each btc costing $ 0.0008.

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

The btc  whitepaper suggests a solution to prevent double spending without the risk of trusting a third party. To do this, it refers to using “honest” nodes that confirm transactions by taming bad actors with the performance of the computer’s raw central processing unit (CPU).

Interestingly, the Bitcoin whitepaper includes 15 “honest” and one “dishonest” mentions that explain 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. last name [honest nodes] coordinate with their CPU performance, accept valid blocks by expanding and reject invalid blocks by refusing to process them. ”

The Bitcoin blockchain has a mined block number of 707542 and offers a mining reward of 6.25000000 BTC.

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

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

Famous entrepreneurs from Crypto Twitter like Anthony Pompliano attended the celebration.

https://twitter.com/APompliano/status/1454460658074980353?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener
Despite continued opposition from many governments and agencies, this year marks the beginning of the legacy of Bitcoin as legal tender in El Salvador. Bitcoin’s long-term impact on El Salvador’s emerging economy will determine mainstream acceptance of the asset among other jurisdictions.

Related: Tesla CEO Elon Musk says cryptocurrencies cannot be destroyed

The success of bitcoin and cryptocurrency ecosystems as viable investments continues to attract investors from all walks of life. One of the richest people in the world, Tesla CEO Elon Musk, recently showed his support for crypto at the Code Conference in California:

“I think it’s impossible to destroy crypto, but governments can slow it down.”

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.

https://twitter.com/elonmusk/status/1340573003579617280?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener
Musk also has a huge impact on the market prices of other cryptocurrencies such as Dogecoin (DOGE).