Bitcoin white paper turns 15 years old

Bitcoin white paper turns 15 years old

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Author: Robert Strickland (crypto-journalist)
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Bitcoin white paper turns 15 years old

It's been 15 years since the bitcoin white paper was published



It is still unknown who is behind the creation of the first cryptocurrency

On October 31, 2008, a month after the start of the global financial crisis, a person (or group of persons) under the pseudonym Satoshi Nakamoto published a white paper titled "Bitcoin: A Peer-to-Peer Electronic Payment System".

There are many theories about who may have created the first cryptocurrency. Some of them seem absurd, others seem plausible. However, so far none of them have received irrefutable evidence.

Conspiracies, scientists, and religion. Who Satoshi Nakamoto is

The nine-page document describes the principle of a peer-to-peer payment system. The first cryptocurrency network itself didn't actually work until three months later when Satoshi mined the first block of transactions in the first cryptocurrency's blockchain on a small server in Helsinki. At that time, the low complexity of mining allowed me to mine coins on ordinary computers, and the reward for a mined block was 50 BTC. The first transaction in the Bitcoin network took place a few days later. On January 12, 2009, block 170 sent 10 BTC from Satoshi Nakamoto to developer Hal Finney.

Nine months later, on October 5, Bitcoin appeared on the New Liberty Standard exchange - 1,309 coins could be purchased for $1 (the value of that many bitcoins is now $45 million). Since then, bitcoin has experienced several ups and downs. The cryptocurrency reached its peak in November 2021, rising to $69 thousand. In 2022, global economic problems and several major bankruptcies in the industry led to a significant decline in cryptocurrency rates and a prolonged crypto winter.

As of 10:30 a.m. on October 31, bitcoin is trading around the $34,200 mark and has a market capitalization of $668 billion, according to the Coinmarketcap service.

 

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