Bitcoin’s Whitepaper Hits Thirteen, and Internet Users Wish the Cryptocurrency a ‘Happy Birthday.’

The initial Bitcoin Whitepaper was released online thirteen years ago, on October 31, 2008, by someone using the pseudonym Satoshi Nakamoto. “Bitcoin: A Peer-to-Peer Electronic Cash System” was the title of the document that explained the basis of the world’s first cryptocurrency. It emphasized the advantages of this futuristic online payment system, which is completely self-contained. Each token of what is now the world’s most valuable cryptocurrency was priced at $0.0008 (approximately Rs. 0.060) at the time, a long cry from today’s pricing.

Nakamoto stated in this white paper that the world required an “electronic payment system based on cryptographic evidence rather than trust, allowing any two willing parties to interact directly with each other without the need for a trusted third party.”

Bitcoin aficionados from all around the globe have been tweeting birthday messages to the crypto-coin, as well as its whitepaper, to commemorate the “iconic day.” Netizens are expressing their thanks for Nakamoto, who has remained unidentified too far.

The goal of Nakamoto’s cryptocurrency was to find a solution to eliminate financial institutions acting as trusted third parties when processing electronic payments and collecting a portion as a service charge.

“While the system works well enough for most transactions, it still has the trust-based model’s fundamental flaws. Because financial organizations cannot avoid settling conflicts, completely non-reversible transactions are not conceivable.

The cost of mediation raises transaction costs, limiting the minimum practical transaction size and eliminating the possibility of small casual transactions, as well as a broader cost in the loss of ability to make non-reversible payments for non-reversible services, according to a whitepaper published thirteen years ago.

Despite being widely considered a threat to current financial systems and institutions in many areas of the world, Bitcoin has risen dramatically in value over the previous thirteen years.

In India, each bitcoin token is currently worth $64,400 (approximately Rs. 48.2 lakh).

Nakamoto has set a limit of 21 million bitcoins, implying that there will never be more than that amount. According to an Investopedia study, 18.7 million bitcoins were accessible in August 2021, leaving around 2.3 million to be mined. Bitcoin’s supply is limited, making it rare and increasing its value.

Meanwhile, Nakamoto’s whereabouts remain unclear. In 2011, the enigmatic Bitcoin creator said his goodbyes to the crypto world and “went on to new things.”

Over $66 billion (approximately Rs. 4,96,814 crore) in Bitcoin tokens in Nakamoto’s wallet have yet to be spent.

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