18 Million Coins Later: Bitcoin’s White Paper Turns 11 Years Old

October 31, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

On October 31, 2008, Satoshi Nakamoto presented to the world, through the participants in the cryptography newsletter, a work entitled “Bitcoin: A Peer-to-Peer Electronic Cash System”, in which he described a fundamentally new electronic cash system.

“I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party,” he wrote that day.

Image credit: satoshi.nakamotoinstitute.org

The nine-page document describes the intent and motivation to create a digital currency that was different from the analogs that existed at that time in decentralization, increased privacy, and there was no need to trust a single manager in the center of the system. Unlike traditional currencies, Bitcoin was introduced as a tool aimed at curbing inflation, with a limit value of emissions of 21 million coins, of which 18 million coins were mined to date.

The publication of Bitcoin’s white paper took place against the backdrop of a deteriorating situation in the global financial system.

“On 31/10/2008 Satoshi gave us the Bitcoin whitepaper.

Just 2 weeks after GFC bails outs & 6 weeks post Lehmann Brothers collapsed.

I’ve often wondered if the name Satoshi Nakamoto was a warning related to years of monetary policy by the Bank Of Japan. That’s now spread globally? ” writes publicist Alex Saunders.

The 11th anniversary of Bitcoin’s white paper coincided with a cut in the Fed’s key rate, the third in a row this year, and cheaper loans for the banking system. Bitcoin is currently trading 44% higher than a year ago. In the context of network computing resources, a significant increase has also occurred over this time. In addition, the day before today’s event, the amount of commissions collected by Bitcoin miners exceeded $1 billion.

Author: Marko Vidrih