Today is a celebration of 10 yrs of Bitcoin! Bitcoin’s whitepaper was published 10 years back!
Bitcoin, the world’s first and most popular cryptocurrency, celebrates its 10th birthday. It all started Oct. 31, 2008, with a whitepaper (report giving information or proposals) published by an unknown person or group of people using the name Satoshi Nakamoto. The white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System,” was a nine-page document. It was posted as a link to a cryptography mail list, and has become the bible on how bitcoin operates today.
The paper detailed the use of a peer-to-peer network (a distributed application architecture that partitions tasks or workloads between peers) to allow online payments to be sent from one party to another without depending on a financial institution. All such transactions are broadcast across the entire network, but users’ privacy is maintained by keeping their bitcoin addresses anonymous.
The first commercial transaction using Bitcoin was made in May 2010 by Laszlo Hanyecz, a Florida-based programmer, who spent 10,000 Bitcoin on two Papa John’s pizzas. At today’s rate, 10,000 Bitcoin is worth $62 million — it was just $0.008 in 2010.
Bitcoin, with a market capitalization of approximately $109 billion today, is regarded by many to be one of the most successful currencies ever created.
Image courtesy of Lynx Art Collection