bitcoin whitepaper, The document that presented the first cryptocurrency to the world is turning 14 today. Investors, community members, developers and others celebrate this event on social media platforms.
What started as an experiment as an alternative to the fiat currency system is still in its teens. However, its economic, social, political and cultural impact is widespread. The introduction to the document says:
(…) an electronic payment system based on cryptographic proof, rather than trust, that allows any two interested parties to transact directly with each other without the need for a trusted third party.
From zero to over $1 trillion in market capitalization in a decade, bitcoin has often been called a scam, a miracle, a bubble. Conversely, it has been declared dead several times by mainstream media outlets, but the network keeps on adding new blocks to the blockchain.
Published by Satoshi Nakamoto, the anonymous inventor of bitcoin and author of the bitcoin whitepaper, proposed a solution for people to transact over the Internet with a native currency. Nakamoto was the first to solve the problem of the Byzantine general who changed the world forever.
bitcoin in progress
— Halfin (@halfin) 11 January 2009
Is the bitcoin whitepaper a work of art?
The document opened the door for Internet users to send and receive money around the world over an open, decentralized, censorship-resistant and permissionless network. The implications of this technology continued to spread to the nascent crypto industry and other regions of the world.
In 14 years, the impact of bitcoin has inspired an industry that has surpassed the $3 trillion market cap and ignited the demand for new mediums of exchange, new ways to interact with money, and solutions accessible to all. Is. The bitcoin whitepaper showed that was an option; It sent a message to the Internet: Central banks are spendable.
In emerging countries, countries in Latin America and Africa, bitcoin has provided users with a safe haven. They can break free from their national financial institutions, have access to an immutable asset to protect their wealth, and often bypass financial limits. This change started with the bitcoin whitepaper.
Since 2020, bitcoin has been accepted as a macro asset, with the potential to replace gold as the Internet’s new store of value. Cryptocurrency is part of the financial strategy for major companies, and was first made legal tender.
2022 predictions #bitcoin,
• Will reach $100k
•2 more countries to adopt it as legal tender
• Will be a major election issue in the US elections this year
•Bitcoin City construction will begin
•Volcanic bonds will be oversubscribed
• Huge surprise @TheBitcoinConf
— nayibbukele (@nayibbukele) 2 January 2022
defending bitcoin whitepaper
The crypto community once again rallied behind the Bitcoin whitepaper in 2021. At the time, Craig Wright, a man claiming to be Satoshi Nakamoto, forced several websites to remove the document. Wright claims to have copyright ownership on the paper.
Individuals, companies and nations responded by hosting bitcoin whitepapers on their websites, proving that the ideals behind bitcoin are strong. In addition, the Square-led cryptocurrency Open Patent Alliance (COPA) filed a lawsuit against Craig Wright.
Jack Dorsey, the founder of Twitter, and Square, and a bitcoin supporter, shared the link to the bitcoin whitepaper. Today, while the crypto community is celebrating, one of his interviews about the document surfaced again. In it, Dorsey calls the whitepaper a work of poetry.
— Documenting Bitcoin (@DocumentingBTC) 31 October 2022
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