This week marks 13 years since an amazing revolution took place in the world! Have you already guessed what we’re talking about? Of course it’s about Bitcoin (BTC), currently the world’s most popular cryptocurrency. It was 13 years ago that a genius by the name of Satoshi Nakamoto published the “Bitcoin White Paper”. We will talk about how much has changed in these 13 years in our article today.
What is the “Bitcoin White Paper”?
“Bitcoin White Paper”, which we mention in the introduction, is a reference to an article published on October 31, 2008 by Satoshi Nakamoto entitled. “A peer-to-peer electronic cash system”. This article explains the already well-known problem with centralized payment systems, i.e. banks, among others, while proposing its solution – a system based on blockchain technology.
This technology has become the cornerstone for all cryptocurrencies we know today, and Satoshi Nakamoto’s idea has been adapted in various sectors and has forever changed the perception of conducting monetary transactions. Today, blockchain technology is known for its security and user trust. This is all thanks to the use of the Proof-of-Work algorithm, thanks to which, in order to make a change, the majority of participants in the network must agree to it.
Today, that is, at the end of 2021, there is no longer any doubt that the crypto industry is worth many trillions of dollars. According to Coinmarketcap, the total value of this market currently exceeds $1.5 trillion, and Bitcoin is almost half, or 44%, of that value! Based on historical data, it is easy to see that the first BTC token sold for $0.003. Currently, one token is worth $61,331.4 (data as of 4/11/2021). This means that in 13 years the value of a BTC token has grown by as much as 20,443,800 times (more than 20 million times!).
Such a huge growth in such a de facto short period of time could not go unnoticed. Since its inception, both Bitcoin and the cryptocurrency sector as a whole have stirred up numerous controversies. Traditional investors continue to show skepticism, claiming that cryptocurrencies are “a bubble that must burst at some point.” On the other hand, well-known entrepreneurs, including Elon Musk, have consistently spoken positively about the entire sector, himself accepting payments for Teslas in the form of BTC tokens, among other things.
What is certain, however, is that this area is developing all the time and cryptocurrencies are being more and more widely adopted in everyday life. In 2021 for the first time a country introduced BTC as a means of payment equivalent to its fiat currency. We are, of course, talking about the precursor in this regard, El Salvador. Will other countries follow suit? We are keeping an eye on the situation!