11 years since the publication of bitcoin whitepaper

Yesterday, October 31, marked 11 years since the publication of the documentation of the first cryptocurrency network, bitcoin, by a mysterious person or group of people under the pseudonym Satoshi Nakamoto.

Revolutionary text

A paper titled "Bitcoin: a peer-to-peer electronic money system", published on October 31, 2008, described a centralization-proof decentralized peer-to-peer Protocol that can track and verify digital transactions, prevent double spending, and generate a transparent record for anyone wishing to verify it in near real time.

The Protocol was a cryptographically secure system-based on a Proof-of-Work algorithm - in which bitcoins (BTC) are "mined" for a fee by individual nodes and then verified by other nodes in a decentralized network.

This system contained the ability to overcome the need for intermediaries, such as banks and financial institutions, to facilitate and audit transactions - a serious violation of the monopolized area of centralized financial power.

Growth of 304 '033'233%

Eleven years later, bitcoin is constantly setting new records for its hashing speed on the network - a measure of the total processing power needed to verify transactions on the blockchain at any given time. More power and involvement ensures greater network security and indicates widespread recognition of the profitability potential of bitcoin mining.

As of the middle of this month, network data showed that since the creation of the very first block in the bitcoin blockchain on January 3, 2009, known in more technical language as the "Genesis block", miners have received a combined income of more than $ 14 billion.

This figure includes both the block reward- " new " bitcoins paid to miners for checking a block of transactions-and the fees that broke the $ 1 billion mark this week.

On March 17, 2010, the first ever recorded bitcoin trading price was recorded - on a now-defunct trading platform bitcoinmarket.com, where the coin was worth $ 0.003. Bitcoin is currently trading at 9 '120 dollars and thus, the growth rate of the cryptocurrency is 304' 033 ' 233% at the time of publication

As of August, 85% of the total number of possible bitcoins were in circulation, and there are only 3.15 million new coins left for the future.

Eleven years later, the mystery surrounding bitcoin's whitepaper author remains as impenetrable as ever...

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