18 Million Coins Later: Bitcoin’s White Paper Turns 11 Years Old

October 31, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Marko Vidrih
Oct 31 · 2 min read

On October 31, 2008, Satoshi Nakamoto presented to the world, through the participants in the cryptography newsletter, a work entitled “Bitcoin: A Peer-to-Peer Electronic Cash System”, in which he described a fundamentally new electronic cash system.

“I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party,” he wrote that day.

Image credit: satoshi.nakamotoinstitute.org

The nine-page document describes the intent and motivation to create a digital currency that was different from the analogs that existed at that time in decentralization, increased privacy, and there was no need to trust a single manager in the center of the system. Unlike traditional currencies, Bitcoin was introduced as a tool aimed at curbing inflation, with a limit value of emissions of 21 million coins, of which 18 million coins were mined to date.

The publication of Bitcoin’s white paper took place against the backdrop of a deteriorating situation in the global financial system.

“On 31/10/2008 Satoshi gave us the Bitcoin whitepaper.
Just 2 weeks after GFC bails outs & 6 weeks post Lehmann Brothers collapsed.
I’ve often wondered if the name Satoshi Nakamoto was a warning related to years of monetary policy by the Bank Of Japan. That’s now spread globally? ” writes publicist Alex Saunders.

The 11th anniversary of Bitcoin’s white paper coincided with a cut in the Fed’s key rate, the third in a row this year, and cheaper loans for the banking system. Bitcoin is currently trading 44% higher than a year ago. In the context of network computing resources, a significant increase has also occurred over this time. In addition, the day before today’s event, the amount of commissions collected by Bitcoin miners exceeded $1 billion.

Author: Marko Vidrih


ALTCOIN MAGAZINE

The best damn place to read and write about crypto and blockchain.

Marko Vidrih

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I love writing, and that is why I do it. A passion for not only providing information but for helping people understand.

ALTCOIN MAGAZINE

The best damn place to read and write about crypto and blockchain.

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