On 31 October 2008, Satoshi Nakamoto published the Bitcoin white paper. The technical document described the workings of a peer-to-peer electronic cash system, which would revolutionise the world of financial technology.
To this day it remains unknown who hides behind the pseudonym of the creator of the first cryptocurrency, and whether it was a single person or a group.
The preface to the white paper states:
“A fully peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another, without going through financial institutions. Digital signatures provide part of the solution, but the main advantages are undermined if a trusted third party is still required to prevent double spending. We propose a solution based on a peer-to-peer network. It timestamps transactions, linking them into a continuous chain of proof-of-work based on hashing.”
The Bitcoin network launched in January 2009. Two years later, Satoshi Nakamoto vanished, and the public never learned who wrote the document underpinning a multi-billion-dollar industry.
Over 14 years, the first cryptocurrency has come a long way and matured into a powerful financial instrument. It is invested in by public companies, major players, and some members of the community regard the asset as a store of capital in periods of significant upheaval.
On 1 April 2022, miners mined the 19-millionth bitcoin. At the time of writing, 91.4% of the total supply of digital gold has been mined, which is capped at 21 million BTC.
For a guide to how Bitcoin mining works, why the reward is gradually shrinking, and whether it harms the environment, read ForkLog’s cards.
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