- Satoshi’s proposal in the paper was to abolish the centralized third-party system.
- Bitcoin has increased by over 2,066,670,000% since 2010.
The Bitcoin Whitepaper, published thirteen years ago by Satoshi Nakamoto. Bitcoin has soared to incredible heights in these 13 years. On October 31, 2008, Satoshi released a paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System.”
Decentralized peer-to-peer electronic payment systems like banks and financial institutions have a difficulty that the Bitcoin whitepaper proposes a solution for. Simply said, Satoshi’s proposal in the paper was to abolish the centralized third-party system, allowing everyone to become their bank and deal without a “third party.”
The suggested protocol is based on a cryptographically secure system known as blockchain technology, the backbone of cryptocurrencies today. The Proof-of-Work method permits new updates if at least 51% of the network agrees.
On January 3, 2009, the first Bitcoin block was mined, two months later. In barely over a decade, Cryptocurrency has risen from nothing to a trillion-dollar business.
Bitcoin’s Massive Growth
According to CoinMarketCap, the overall crypto market, valued at over $2.5 trillion, with Bitcoin accounting for 44.2 percent of that value at $1.1 trillion, followed by ethereum. Moreover, Bitcoin saw an increase of over 2,066,670,000% since 2010. When initially traded at $0.003 on the now-defunct exchange Bitcoinmarket.
Unlike other crypto initiatives, Satoshi Nakamoto did not hold a public auction or raise funds to establish Bitcoin. The first Cryptocurrency, mined by the crypto community and then by large bitcoin mining companies. One of the most persistent crypto mysteries is Satoshi Nakamoto’s identity. Because he vanished from the scene in 2010, no one knows the genuine identity of the creator of Bitcoin.