Bitcoin broke the $14,000 limit today, but 31 October is also the twelfth anniversary of the bitcoin white paper. The anonymous creator(s) of bitcoin, Satoshi Nakamoto, published the revolutionary vision for a new kind of money. The title of the white paper: Bitcoin: A Peer-to-Peer Electronic Cash System.

Exactly 11 years ago today, Satoshi Nakamoto published his vision of revolutionary monetary money in the well-known white paper. In this document, Satoshi brought together all kinds of techniques. Blockchain, Proof-of-Work and the Distributed Ledger Technology: these are pieces of technology that make Bitcoin what it is.

A nice fact: the word blockchain does not appear in the whitepaper.

Original idea

Satoshi did not suddenly come up with the idea of decentralised money. Cypherpunks had been working for decades to find ways to preserve your privacy online and digitally.

Privacy is necessary for an open society in the electronic age. Privacy is not confidentiality. A private matter is something you don’t want the whole world to know, but a secret matter is something you don’t want anyone to know. Privacy is the power to reveal oneself selectively to the world.

– ERIC HUGHES

The above principles can also be applied to the Bitcoin network. You can do a bitcoin transaction without anyone’s permission, that’s freedom. However, it can be said that there is still work to be done on the privacy aspects of bitcoin. It is difficult to use the network anonymously.

12 years Bitcoin

Bitcoin is a world-renowned asset twelve years later. Minning bitcoin is a Wealth Matrix multi-billion dollar industry, individuals can buy BTC online in thousands of places, listed companies hold on to bitcoin as a saver and the price is also showing great things at the moment.

Bitcoin has grown from a niche project into a global currency.

The prices of bitcoin on 31 October in recent years:

$204 in 2013
$338 in 2014
$314 in 2015
$700 in 2016
$6,468 in 2017
$6,317 in 2018
$9,199 in 2019
$13,732 in 2020

Comments

So 31 October is a real bitcoin holiday. We have listed a few nice reactions to bitcoin’s birthday for you:

Jameson Lopp shares a remarkable statistic: at least 740 websites host the whitepaper and the whitepaper has been quoted more than 12,000 in scientific publications.

Arthur van Pelt calls the work of Satoshi the most important white paper of this century. In only 9 pages the foundation is laid for a monetary revolution.