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Happy 11th Birthday, Bitcoin! Satoshi Nakamoto's White Paper Marks New Milestone on Halloween

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Thu, 31/10/2019 - 6:00
Happy 11th Birthday, Bitcoin! Satoshi Nakamoto's White Paper Marks New Milestone on Halloween
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This Halloween marks another birthday for Bitcoin, the world's first cryptocurrency. The white paper called “Bitcoin: A Peer-to-Peer Electronic Cash System” was published by elusive visionary Satoshi Nakamoto on Oct. 31, 2008. 

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Despite being dismissed as another hi-tech fad, tulip mania, and the darling of criminals, Bitcoin somehow managed to stay here for all these years. It has already become a full-fledged asset that is ingrained in a global financial system

Bitcoin had very few adopters from the outset, but the idea of a new financial system where everyone could be their own bank was too powerful to ignore. The paradigm-shifting decentralized currency started growing at breakneck speed and led to the creation of a new industry whose market capitalization rose above $600 bln at the end of December 2017.      

Coincidentally, the total amount of fees paid on the Bitcoin network exceeded $1 bln right on the verge of the coin's 11th birthday. 

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In just one tumultuous year, the top cryptocurrency managed to tank to $3,100 before entering a new bull market and experiencing a major price correction. At press time, Bitcoin is sitting at $9,145 at the time of writing, which is undoubtedly impressive for a digital currency that very few expected to succeed just five years ago.          

Many still believe that Bitcoin will remain a relic of the past. With the growing numbers of obituaries, the Big Daddy of crypto keeps proving naysayers wrong, and a fledgling economy that was created with the help of Satoshi's white paper is yet to show its full disruptive potential.    

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