The Bitcoin network was started in 2009 by Satoshi Nakamoto based on his white paper which he had published a year earlier on 31 October 2008. 11 years later, as we still marvel at the creation of such a revolutionary system and currency, it is important to count the years and see the progress that has been made.
The paper, titled ‘Bitcoin: A Peer-to-Peer Electronic Cash System’, was the original title of the cryptocurrency paper that outlined a tamper-proof, decentralized consensus-based P2P protocol that could track and verify transactions securely.
The paper itself came amidst the 2008 global financial crisis that showcased the wide cracks beneath the current financial and banking system of the world. While the subsequent bailout by the US government cleared things up even for a little while, it is important to see how Bitcoin eventually became a disruptive technology that it has become now.
In addition to presenting the idea of a blockchain network, the paper also outlined the role of miners, nodes and other cogs of the decentralized Bitcoin wheel.
Bitcoin price has increased from barely 10 cents to around USD 9,200 in these 11 years after touching an all-time high of USD 20,000 while other factors like hash rate, transaction fees accumulated and the number of stakeholders, have increased exponentially and still increasing to this day.
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