Skip to main content

11 Years Ago Today Satoshi Nakamoto Published the Bitcoin White Paper


Today, Oct. 31, marks eleven years since the publication of the Bitcoin white paper by the still-mysterious person or group pseudonymously identified as Satoshi Nakamoto.

THE REVOLUTIONARY MAIL

Bitcoin: A Peer-to-Peer Electronic Cash System — published on Oct. 31, 2008 —  outlined a tamper-proof, decentralized peer-to-peer protocol that could track and verify digital transactions, prevent double-spending and generate a transparent record for anyone to inspect in nearly real-time. 
The protocol represented a cryptographically-secured system — based on a Proof-of-Work algorithm —  in which Bitcoins (BTC) are “mined” for a reward by individual nodes and then verified by other nodes in a decentralized network.
This system contained the possibility of overcoming the need for intermediaries such as banks and financial institutions to facilitate and audit transactions — a major disruption to a siloed, monopolized field of centralized financial power.

ALL TIME HIGH PRICE APPRECIATION SEES 304033233%

And its Eleven years on, Bitcoin is consistently setting new records for its network hash rate — a measure of the overall computing power involved in validating transactions on the blockchain at any given time. 
More power and participation establishes greater network security and attests to widespread recognition of the profitability potential of Bitcoin mining.

while there are numerous opportunities to earn and make more bitcoins. its still looks like a mirage to a whole lot of commentators out there.
And as at the middle of this month, network data revealed that since the creation of the very first block on the Bitcoin blockchain on Jan 3, 2009 — known in more technical language as its “genesis block” — miners have received combined revenue of just under $15 billion. 
The figure includes both block rewards — “new” bitcoins paid to miners for validating a block of transactions — as well as transaction fees, which broke the $1 billion mark this week. 
Bitcoin’s first-ever recorded trading price was noted on Mar. 17, 2010 on the now-defunct trading platform bitcoinmarket.com, at a value of $0.003. 
The cryptocurrency’s appreciation thus stands at a staggering 304033233% as of press time, with Bitcoin currently trading at $9,281.43
As of this August, 85% of Bitcoin’s supply in circulation had been mined leaving just 3.15 million new coins for the future.
Eleven years on, the mystery enshrouding the white paper’s author remains as impenetrable as ever. Those both within and without the crypto community began attempting to determine Nakamoto’s identity as early as October 2011, just a few months after the mysterious figure first went silent

And until this day the identity of Satoshi Nakamoto is yet unknown, but Bitcoin has proven to be a very huge disruptive innovation of all time.
first seen on www.cointelegraph.com 

Comments

Popular posts from this blog

  Pick a niche The Blockchain and Crypto space is large and full of opportunities. Most people limit the industry to just a place to trade and make quick cash little do they know that you can actually build a career and achieve much more. There's a lot of skills required in blockchain technology. Firstly, you can become a trader, a day time trader or night trade it all depends on your schedule. You can actually make 10 to 20% of your capital daily or even more depending on the volume of your capital and trading strategy. you can become an investor who spots good coins and invests in a project you believe will do well, you can hodl, meaning you can buy and hold for short or long term period.  OTC trading is actually underrated, you can become an over the counter trader by just buying and selling cryptocurrency through the P2P Platforms or escrow groups, there's a lot of money to be made here if you move volumes on a daily. You can become an expert in technical analysis and give
WHAT YOU NEED TO KNOW ABOUT  NON FUNGIBLE TOKENS NFTs (or "non-fungible tokens") are a kind of digital asset with a unique kind of token-unlike other assets like bitcoin and dollar bills which have a particular and fixed amount that is accepted by all, NTFS have a unique price for every token. Every NFT is Unique, they can be used to authenticate ownership of digital assets like musical records, artwork, virtual real estates and pets. NFTs could be likened to a kind of certificate of authenticity for digital artefacts. They're are actually been used to sell a huge range of collectables currently including: *A tweet by Dallas Mavericks owner and entrepreneur Mark Cuban. *Video art by Grimes *The Original "Nyan cat" meme *Virtual real Estate in a place called Decentraland  and others...   As other digital assets like Bitcoin and other cryptos has grown in popularity over the years, NFTs have also soared — growing to an estimated $338 million in 2020. Each NFT is s

Understanding Tokens And Coins

WHAT ARE COINS AND TOKENS In cryptocurrency, coins are native to their own blockchain, Which are often used as money. whilst tokens have been built on another blockchain like Ethereum or waves. Entering the cryptocurrency market can be complicated, hearing about bitcoin and a thousand other coins that exist could also be a strong bone to swallow at a time. Thus in other to have a smooth ride in the space, first identify the difference between a coin and a token. what is a coin? : Coins refer to any cryptocurrency that has an independent blockchain-like bitcoin. These cryptocurrencies are built from the scratch. Bitcoin exists as a censorship-resistant store of value, and medium of exchange that has a secure, fixed monetary policy. Making bitcoin the most liquid cryptocurrency in the market and has the highest market cap in the cryptocurrency sector. Ethereum is another example of a coin, ETH is the native coin of the Ethereum ecosystem and smart contract platform for creating general-