Thirteen years ago on October 31, 2008, the first ever Bitcoin Whitepaper was published online by somebody using the pseudonym Satoshi Nakamoto. The document that detailed the foundation of the world's first cryptocurrency was titled Bitcoin: A Peer-to-Peer Electronic Cash System It emphasised on the benefits of this futuristic online payment system, totally self-governed in nature. At the time, each token of what is now the most-valued cryptocurrency in the world, was priced $0.0008 (roughly Rs. 0.060), a far cry from today's prices.
In this white paper, Nakamoto noted that the world needed an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.
Marking the iconic day, Bitcoin enthusiasts from around the world have been tweeting birthday greetings to the crypto-coin, as well as its whitepaper. Netizens are sending out gratitude-filled messages for Nakamoto, who remains anonymous till date.
The idea behind Nakamoto's cryptocurrency idea was to create a way to avoid financial institutions serving as trusted third parties to process electronic payments and taking cuts as service fees.
While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model. Completely non-reversible transactions are not really possible, since financial institutions cannot avoid mediating disputes. The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions, and there is a broader cost in the loss of ability to make non-reversible payments for non-reversible services, the whitepaper noted thirteen years ago.
Despite often been perceived as a challenge to existing financial systems and institutions in many parts of the world, the Bitcoin has soared high in these last thirteen years.
Currently, each token of the cryptocurrency is trading at $64,400 (roughly Rs. 48.2 lakh) in India.
Nakamoto has capped the number of bitcoin at 21 million, meaning there will only ever be 21 million Bitcoins in existence. By August 2021, 18.7 million bitcoins were available, leaving roughly 2.3 million to be mined, a report by Investopedia said. The supply limitation makes Bitcoin scarce and keeps its value rising.
Meanwhile, the whereabouts of Nakamoto remains unknown. In 2011, the mysterious Bitcoin inventor bid a farewell to the crypto space and apparently moved on to different things.
The Bitcoin tokens in Nakamoto's wallet amounting to over $66 billion (roughly Rs. 4,96,814 crore) remain unspent as of now.
Go here to read the rest:
Bitcoin's Whitepaper Turns 13, Netizens Wish 'Happy Birthday' to the Cryptocurrency - Gadgets 360
- Cryptocurrency News Round-Up: Bitcoin in Space & MtGox 2.0 [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- This week in bitcoin: Visualizing cryptocurrency [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- PotCoin cryptocurrency aiming to aid Colorados cash-only pot shops [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- Crypto()Currency - CryptoCurrency.org [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- As Bitcoin Soars in Value, Alternative Cryptocurrencies ... [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- Cryptocurrency - Wikipedia, the free encyclopedia [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- Bitcoin vs. Political Power: The Cryptocurrency Revolution - Stefan Molyneux at TNW Conference - Video [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- TNW - Stefan Molyneux - Money, Power and Politics The Cryptocurrency Revolution - Video [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- Bit coin and Cryptocurrency - Video [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- Atencoin is the First AML Compliant CryptoCurrency - Video [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- How to Set Up a Ripple (CryptoCurrency) Generating System! - Video [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- Bitcoin / Cryptocurrency - An Extensive FAQ - Video [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- --- The Great Debate --- Bitcoin vs Altcoin @ The CryptoCurrency Convention 4/9/14 - - Video [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- Bryce Weiner @ CryptoCurrency Convention 4/9/14 - - Video [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- Popularcoin @ CryptoCurrency Convention 4/9/14 - Joshua Nold - Video [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- TimeKoin @ CryptoCurrency Convention 4/9/14 - Michael Brown - Video [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- Infinitecoin @ CryptoCurrency Convention 4/9/14 - Loring Small - Video [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- Bitcoin Exchange CryptoRush Loses Millions of BlackCoin Cryptocurrency - Video [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- Brock Pierce, Entrepreneur "FireSide Chat" @ CryptoCurrency Convention NYC - 4/9/14 - Video [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- Dogecoin Founder Speaks on the Future of Cryptocurrency [Last Updated On: April 27th, 2014] [Originally Added On: April 27th, 2014]
- Flash Gordon Conquers the Universe 3 Captured by Shark Men (1940) - Video [Last Updated On: April 27th, 2014] [Originally Added On: April 27th, 2014]
- [OFFICIAL SPONSOR] Nick Spanos, Bitcoin Center NYC @ CryptoCurrency Convention 4/9/14 - Video [Last Updated On: April 27th, 2014] [Originally Added On: April 27th, 2014]
- AuroraCoin @ CryptoCurrency Convention NYC 4/9/14 - David Lio - Video [Last Updated On: April 27th, 2014] [Originally Added On: April 27th, 2014]
- Florincoin @ CryptoCurrency Convention NYC 4/9/14 - Joe Fiscella - Video [Last Updated On: April 27th, 2014] [Originally Added On: April 27th, 2014]
- DigiByte @ CryptoCurrency Convention NYC 4/9/14 - Jared Tate - Video [Last Updated On: April 27th, 2014] [Originally Added On: April 27th, 2014]
- Digitalcoin @ CryptoCurrency Convention NYC 4/9/14 - Andrew Davidson - Video [Last Updated On: April 27th, 2014] [Originally Added On: April 27th, 2014]
- PotCoin @ CryptoCurrency Convention NYC 4/9/14 - Nick Iversen - Video [Last Updated On: April 27th, 2014] [Originally Added On: April 27th, 2014]
- ZenithCoin @ CryptoCurrency Convention NYC 4/9/14 - Eddie Corral - Video [Last Updated On: April 27th, 2014] [Originally Added On: April 27th, 2014]
- BitAngels Co-Founder, David Johnson @ CryptoCurrency Convention NYC 4/9/14 - Video [Last Updated On: April 27th, 2014] [Originally Added On: April 27th, 2014]
- New York to Regulate Bitcoin: Is the Cryptocurrency Biz Like the Wild West? - Video [Last Updated On: April 27th, 2014] [Originally Added On: April 27th, 2014]
- Australian dogecoin founder speaks on the future of cryptocurrency [Last Updated On: April 28th, 2014] [Originally Added On: April 28th, 2014]
- Cryptocurrency [Last Updated On: April 28th, 2014] [Originally Added On: April 28th, 2014]
- How to Buy Bitcoins BTC Litecoins LTC Quarks QRK Cryptocurrency Altcoins - Video [Last Updated On: April 28th, 2014] [Originally Added On: April 28th, 2014]
- Coinnext Cryptocurrency Exchange Coming Soon - Video [Last Updated On: April 30th, 2014] [Originally Added On: April 30th, 2014]
- Cryptocurrency News Round-Up: MtGox Hearing Begins as Bitcoin gets Bloomberg Endorsement [Last Updated On: May 1st, 2014] [Originally Added On: May 1st, 2014]
- mTrader.org - Cryptocurrency Mining System - Video [Last Updated On: May 1st, 2014] [Originally Added On: May 1st, 2014]
- Ripple XRP Decentralized CryptoCurrency Bitcoin Exchange Open-Sourced BlockChain - Video [Last Updated On: May 1st, 2014] [Originally Added On: May 1st, 2014]
- Cryptocurrency News Round-Up: Transparent Exchange & Bitcoin Banks [Last Updated On: May 2nd, 2014] [Originally Added On: May 2nd, 2014]
- Bitcoin Cryptocurrency Crash Course with Andreas Antonopoulos - Jefferson Club Dinner Meet - Video [Last Updated On: May 2nd, 2014] [Originally Added On: May 2nd, 2014]
- MAX KEISER & ALEX JONES talks about BITCOIN - Is Cryptocurrency the FUTURE? - Video [Last Updated On: May 2nd, 2014] [Originally Added On: May 2nd, 2014]
- CryptoCurrency - cryptobars commodity Launch! - Video [Last Updated On: May 2nd, 2014] [Originally Added On: May 2nd, 2014]
- Coin Pursuit Launches SliceFeeds Interactive Cryptocurrency Network [Last Updated On: May 3rd, 2014] [Originally Added On: May 3rd, 2014]
- CS 171 Final Project: Cryptocurrency Visualizations - Video [Last Updated On: May 3rd, 2014] [Originally Added On: May 3rd, 2014]
- The Mises View: "Taxing Cryptocurrency" | Jeff Deist - Video [Last Updated On: May 3rd, 2014] [Originally Added On: May 3rd, 2014]
- Cryptocurrency Explained The Tech Guy 1046 - Video [Last Updated On: May 3rd, 2014] [Originally Added On: May 3rd, 2014]
- Such Dogecoin. Much Validity. How one altcoin may have turned into cryptocurrencys best marketing tool [Last Updated On: May 4th, 2014] [Originally Added On: May 4th, 2014]
- Cryptocurrency | Ground Zero with Clyde Lewis [Last Updated On: May 4th, 2014] [Originally Added On: May 4th, 2014]
- Know How 74 Cryptocurrency - Video [Last Updated On: May 4th, 2014] [Originally Added On: May 4th, 2014]
- MIT undergrads will each receive $100 in bitcoin [Last Updated On: May 5th, 2014] [Originally Added On: May 5th, 2014]
- Bitcoin wins US election panel's approval for political donations [Last Updated On: May 9th, 2014] [Originally Added On: May 9th, 2014]
- CryptoCurrency of the World Unite! - Video [Last Updated On: May 10th, 2014] [Originally Added On: May 10th, 2014]
- The Bitcoin Stats Show - Ep 6: 16th April 2014 - Video [Last Updated On: May 10th, 2014] [Originally Added On: May 10th, 2014]
- Bitcoin vs. Political Power: The Cryptocurrency Revolution Stefan Molyneux at TNW Conferen - Video [Last Updated On: May 11th, 2014] [Originally Added On: May 11th, 2014]
- AMD cuts Radeon R9 280 price as inflation woes die down [Last Updated On: May 15th, 2014] [Originally Added On: May 15th, 2014]
- BBT Presents: Ode to Cryptocurrency - Video [Last Updated On: May 15th, 2014] [Originally Added On: May 15th, 2014]
- The Cryptocurrency Certification Consortium - Video [Last Updated On: May 15th, 2014] [Originally Added On: May 15th, 2014]
- Scryptify Cryptocurrency Video - Crypto Currency Exchanges - Video [Last Updated On: May 15th, 2014] [Originally Added On: May 15th, 2014]
- Bitpagar Cryptocurrency - Video [Last Updated On: May 16th, 2014] [Originally Added On: May 16th, 2014]
- How to Mine Cryptocurrency Safely - Video [Last Updated On: May 17th, 2014] [Originally Added On: May 17th, 2014]
- Bunnycoin - Innovative New Cryptocurrency - Video [Last Updated On: May 17th, 2014] [Originally Added On: May 17th, 2014]
- Cubieboard 1 2 Mining Peercoins SHA256 based Cryptocurrency - Video [Last Updated On: May 17th, 2014] [Originally Added On: May 17th, 2014]
- Megacoin Teaser Video New CryptoCurrency Bitcoin Best AltCoin 2014 Anonymous Zerocoin - Video [Last Updated On: May 17th, 2014] [Originally Added On: May 17th, 2014]
- Jan Irvin on Learning, Statism, Culture, Cryptocurrency and Voluntarism -- Potent News Podcast #1 - Video [Last Updated On: May 17th, 2014] [Originally Added On: May 17th, 2014]
- Nxt cryptocurrency platform: Proof of Stake mining system - Video [Last Updated On: May 19th, 2014] [Originally Added On: May 19th, 2014]
- Givecoin.info Announces Partnership with Do A Bit of Good: World's First Charitable Mining Screensaver [Last Updated On: May 21st, 2014] [Originally Added On: May 21st, 2014]
- Cryptocurrency: Get Mining! - Video [Last Updated On: May 22nd, 2014] [Originally Added On: May 22nd, 2014]
- Violincoin - The first cryptocurrency for musician - - Video [Last Updated On: May 22nd, 2014] [Originally Added On: May 22nd, 2014]
- Trollcoin - The Fun Cryptocurrency! - Video [Last Updated On: May 22nd, 2014] [Originally Added On: May 22nd, 2014]
- The Cryptocurrency Store (Spanish/Espagnol) - Video [Last Updated On: May 23rd, 2014] [Originally Added On: May 23rd, 2014]
- How To Trade CryptoCurrency: Sign up to a safe and reliable exchange for trading CryptoCurrency - Video [Last Updated On: May 23rd, 2014] [Originally Added On: May 23rd, 2014]
- UT students to launch cryptocurrency exchange [Last Updated On: May 24th, 2014] [Originally Added On: May 24th, 2014]
- Cryptocurrency and Nonprofits with Eric Nakagawa - Video [Last Updated On: May 24th, 2014] [Originally Added On: May 24th, 2014]
- The Cryptocurrency Store - Video [Last Updated On: May 24th, 2014] [Originally Added On: May 24th, 2014]
- Videoconferencia Cryptocurrency 201243946 - Video [Last Updated On: May 27th, 2014] [Originally Added On: May 27th, 2014]
- VideoCharla Jesus Ramos Cryptocurrency - Video [Last Updated On: May 27th, 2014] [Originally Added On: May 27th, 2014]
- Cryptocurrency Round-Up: Bitcoin Pioneer Dies and Digital Currency's Status in Australia [Last Updated On: September 1st, 2014] [Originally Added On: September 1st, 2014]
- Bleutrade Cryptocurrency Exchange Review - Video [Last Updated On: September 1st, 2014] [Originally Added On: September 1st, 2014]
- Bitcoin enthusiasts discuss the cryptocurrency - Video [Last Updated On: September 1st, 2014] [Originally Added On: September 1st, 2014]
- Make Fast 1.0 up to 10.00 BTC or Any Cryptocurrency REAL CASH - Video [Last Updated On: September 1st, 2014] [Originally Added On: September 1st, 2014]
- Halcyon cryptocurrency - Video [Last Updated On: September 1st, 2014] [Originally Added On: September 1st, 2014]