The Bitcoin network started on January 3 2009, with the so-called Genesis block. But before the ingenious invention was set in motion, a notable event happened a few months prior. The Bitcoin whitepaper was published on October 31th 2008, and outlined the ideas of the anonymous inventor Satoshi Nakamoto.
While it is still unknown who Satoshi is, the whitepaper is considered a historical document and its birthday was celebrated throughout the international Bitcoin community.
A peer-to-peer electronic cash system
Many people view Bitcoin as an investment because they believe it to be digital gold that will protect their money from inflation. Bitcoin’s supply is scarce, and scarcity is mathematically ensured. The whitepaper is the very foundation of this idea outlining the technical details.
But even though the narrative of the digital gold became popular in the recent past, it is worth remembering that it was meant as a peer-to-peer electronic cash system. Bitcoin aims to be a monetary network, and one of its many use cases is to be the money of the internet.
Today you can pay for goods and services all around the world using Bitcoin. If you wonder how and where we have prepared a comprehensive list of stores and service providers accepting Bitcoin that is actively maintained.
Bitcoin is changing the world
But this day is not only a day to remember the roots of Bitcoin and the ideas and technical concepts behind it. It is also quite impressive to take a look back and condescend about the long way it has come and the stunning success it has had since its inception.
Over time, many have criticized, attacked, or ridiculed Bitcoin, but the mother of all cryptocurrencies came out on top at the end of the day. The most recent development in El Salvador is considered one of the biggest achievements by honouring the idea that Bitcoin is money. At the same time, the Lightning Network is growing stronger and becoming more and more important, tackling the biggest problem of all on-chain transactions: speed.
With Bitcoin becoming an official currency in one of the regions that is economically less important, one may wonder what will happen until its 13th birthday in January 2022. The market is still heating up, and Bitcoin reached a new all-time high before the annual event of the whitepaper’s birthday.