Today marks exactly 16 years since the mysterious Satoshi Nakamoto published the Bitcoin White Paper. It is safe to say that it was on Halloween (or Dziady, if you prefer) 2008 that BTC and the cryptocurrency phenomenon were born. Although it is still not known who the creator of bitcoin really is (or was), his work is currently changing the world of finance in a way that in 2008 seemed pure abstraction. What does the Bitcoin White Paper contain and why is the birth of bitcoin so important for the entire cryptocurrency market?
Bitcoin White Book, or the Big Bang for cryptocurrencies
White Paper, Tabula rasa or simply White Book, is a document presenting specific issues in a simple and reliable way. This way of informing readers about the merits of the entire project has been very popular since the 1990s. The White Paper concisely convinces clients and business partners to make specific investments.
Satoshi Nakamoto decided to go this route, releasing the Bitcoin White Book on October 31, 2008. The mysterious creator of BTC sent the document by e-mail to his cypherpunk friends. Yes, it sounds a bit like cyberpunk, but that’s not the point. We are talking about a movement promoting the widespread use of cryptography in order to introduce profound social and political changes. In this respect, cypherpunks are actually very close to the rockerboys from Mike Pondsmith’s futuristic universe.
Satoshi wrote in the Bitcoin White Paper email that he was working on a new electronic cash system that will be fully peer-to-peer, without a trusted third party. It is difficult to say whether Nakamoto was aware of the revolution he was starting, but after 16 years, giants such as BlackRock are investing in BTC. It speaks for itself. It is worth adding that 2024 is a special year for Bitcoin and the cryptocurrency community for two reasons. The first is, of course, the March 13, 2024 ATH break, which now stands at $73,737.94. The second reason is the entry of BTC on Wall Street thanks to BTC-ETF funds, which debuted on the American stock exchange in January 2024.
Nakamoto is the catalyst of the idea of the entire decade, thanks to which the birth of Bitcoin became a fact
Today, in the cryptocurrency community, Satoshi Nakamoto is associated with the creator of P2P digital money. However, it was based on the work of other artists. Satoshi was inspired by both Wei Dai’s b-money invention and Adam Back’s 1997 Hashcash. Interestingly, the Proof-of-Work algorithm itself, the immutable foundation of the Bitcoin network, was initially used to eliminate spam in Mali mail.
Satoshi Nakamoto also mentioned the work of Scott Stronett, Henri Massias, Dave Bayer and Stuart Haber on implementing timestamps. Satoshi Nakamoto simply became a catalyst for the brilliant ideas of the entire decade, and the combination of these solutions created… no, not Captain Planet, but a cryptocurrency that changed the financial system once and for all.
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