14 Important Facts for the 14th Anniversary of the Bitcoin Whitepaper

Bitcoin

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Yesterday, October 31, 2022, 14 years have passed since the release of the document, which will undoubtedly become one of the greatest scientific works in the history of payment systems around the world. The simplicity, precision, clarity and conciseness of the Bitcoin whitepaper, written by Satoshi Nakamoto himself, defines the foundation of the first form of digital currency, peer-to-peer and decentralized.

In the midst of the financial and economic crisis, when the greed of financial players and the irresponsibility of Central Banks plunged the world into a great recession, Satoshi Nakamoto created a secure, decentralized, non-mediated payment system called Bitcoin.

“We need an electronic payment system based on cryptographic evidence that allows two parties to transact with each other without the need for a trusted third party. Transactions that are computationally difficult to reverse would protect merchants from fraud, and conventional deposit mechanisms could easily be implemented to protect buyers.”

Goals formulated by Satoshi in a white paper published on October 31, 2008

After 14 years, despite attempts at censorship and constant criticism from the monetary authorities, bitcoin is still firmly afloat: here are 14 important facts you should know about the main cryptocurrency.

1 –

The current position of bitcoin in the cryptocurrency market. Since its inception, none of the other cryptocurrencies has managed to displace BTC from the first place – even taking into account the fact that its dominance has decreased and is no longer 60, but about 40%.

2 –

The number of countries that have legalized bitcoin on their territory. The authorities of El Salvador and the Central African Republic have made BTC legal tender.

3 –

320 million people will be using cryptocurrencies by 2022, according to Triple A. The largest number of cryptocurrency users in the world live in the US with almost 46 million people. They are followed by India and Pakistan with 27 and 26 million users respectively.

4 –

Number of years required for BTC to cycle again. This process is called halving and occurs every 210,000 blocks: after halving, the reward of miners in the network is halved.

5 –

$500,000 is the price Arc Investment CEO Cathy Wood predicts for Bitcoin in five years.

6 –

$69,044 is the highest value of Bitcoin since its inception in 2008. The asset reached this price on November 10, 2021.

7 –

The maximum number of transactions per second (TPS) that can be completed on the BTC network. However, with the Lightning Network Layer 2 solution, users can perform up to 1 million TPS.

8 –

The number of legal entities and individuals who have more than 100 thousand bitcoins. These are Satoshi Nakamoto (1.1 million BTC), unknown owner (102,405 BTC), Binance (447,197 BTC), Bitfinex (207,738 BTC), OKEX (205,127), Grayscale (638,480 BTC), Block.One (140,000 BTC), MicroStrategy (130,587 BTC).

9 –

January 3, 2009 is the date of creation of the “Genesis block” – the first block in the bitcoin blockchain.

10 –

On May 22, 2010, the first Bitcoin transaction was made for a physical purchase. The Hanian posted on the bitcointalk.org forum that he bought two pizzas for 10,000 bitcoins, equivalent to $45 at the time. At the current BTC price, he could afford over 911,111 pizzas.

11 –

The number of attempts by the Chinese Communist Party to censor bitcoin in their country.

12 –

On December 12, 2010, Satoshi posted his final message on the bitcointalk.org forum.

13 –

Number of countries that have banned the use of bitcoin and other cryptocurrencies in any form. The list includes Afghanistan, Algeria, Bangladesh, China, Egypt, Iraq, Jordan, Lebanon, Morocco, Nepal, Oman, Qatar and Tunisia.

14 –

The number of years the Bitcoin Whitepaper has been in existence.

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