On this day (October 31) eleven years ago, the creator of Bitcoin (BTC) Satoshi Nakamoto officially released the cryptocurrency’s white paper – named Bitcoin: A Peer-to-Peer Electronic Cash System. Bitcoin’s white paper was developed by the still mysterious person or group and outlined a tamper-proof and decentralized peer-to-peer protocol which could track and verify digital transactions, prevent double-spending as well as generate a transparent record for anyone to inspect in nearly real time.
The protocol, as Bitcoin’s white paper sums it, represented a cryptographically secured system which is 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 fully decentralized network.
The system also contained the possibility of overcoming the need for banks and financial institutions (and other intermediaries) to facilitate and audit its transactions. This is how a major disruption works to a siloed and monopolized field of centralized financial power.
Eleven years ago, Bitcoin’s white paper has been published and since then, it has been setting new records for its network hash rate. As you probably know from following our Bitcoin news, the hash rate is a measure of the overall computing power involved in validating transactions on the blockchain at any given time.
In a nutshell, more power and participation establishes greater network security and attests to a recognition of the profitability potential of Bitcoin mining. As network data showed at the middle of this month, since the creation of the Bitcoin blockchain on January 3 2009 – miners received a combined revenue of just under $15 billion. The figure includes both block rewards such as “new” Bitcoins paid to miners for validating blocks of transactions – as well as transaction fees which also broke the $1 billion mark this week.
In addition to Bitcoin’s white paper released 11 years ago today, the first ever recorded trading price was noted on March 17 2010 on the now-defunct trading platform bitcoinmarket.com at a value of $0.003.
The appreciation of the cryptocurrency stands at a staggering 304033233% increase as of press time. As of this August 2019, even 85% of Bitcoin’s supply in circulation had been mined – with only 3.15 million coins left for the future. Bitcoin’s current price, as the cryptonews show, is hovering around the $9,120 mark today.
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