Happy Birthday Bitcoin Whitepaper, 12 Today
Happy Birthday Bitcoin Whitepaper, twelve today, and going stronger than ever.
31st October 2008 was the height of the worst financial crisis since the Great Depression, and Satoshi had been quietly working on a new computer program that would rock the world.
The whitepaper was distributed via the Cryptography Mailing List, a service run by a group of cypherpunks.
In the whitepaper, it was clear Satoshi was concerned about unreliable central control of the monetary policy, the financial industry, and our dependence on them.
Satoshi’s solution was an ‘electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.’
It was also a breakthrough solution to the double-spending problem for a digital currency. It offered for the first time a peer-to-peer currency that would circumvent governments, transcend borders, and be accepted globally.
And in growing up it has introduced greater freedom, autonomy, and the chance for all 8 billion of us to be involved in the financial industry.
Since the whitepaper’s publication, the ride from nothing to corporate treasuries has been nothing short of monumental and stressful. But we Bitcoiners wouldn’t want it any other way.
In that twelve years we have seen Bitcoin go from being drug dealers’ magic internet money, to rat poison.
On the positive side it’s gone as high as $20,000 a piece, and is now being considered in every single boardroom as part of a company’s treasury.
To celebrate the Bitcoin Whitepaper’s Birthday we highlight some of the significant dates on Bitcoin’s timeline.
August 18, 2008: The Bitcoin.org domain name is registered.
October 31, 2008: Satoshi Nakamoto posts his whitepaper, Bitcoin: A Peer to Peer Electronic Cash System, to a cryptography mailing list.
January 3, 2009: Satoshi Nakamoto launches Bitcoin and mines the Bitcoin genesis block, earning a block reward of 50 BTC.
January 12, 2009: The first BTC transaction was made. Satoshi sent some Bitcoins to Hal Finney.
December 30, 2009: The first Difficulty Adjustment was made.
May 22, 2010: Bitcoin is used to buy something for the first time. Laszlo Hanyeczs paid 10,000 BTC for 2 pizzas. This date is forever known as Bitcoin Pizza Day.
November 6, 2010: Bitcoin market cap reaches $1 million for the first time.
February 9, 2011: Bitcoin reaches parity with the US Dollar. Bitcoin to USD $1.
November 28, 2012: The First Bitcoin Halving (Halvening) takes place. The block reward is cut from 50 to 25 BTC.
March 28, 2013: Bitcoin market cap reaches $1 billion.
November 28, 2013: Bitcoin price reaches $1,000 for the first time.
February 24, 2014: Bitcoin exchange Mt. Gox claims to have been hacked and 744,408 BTC were stolen.
February 2015: The number of merchants now accepting Bitcoin as payment crosses 100,000.
December 17, 2017: Bitcoin reaches all time high price of $19,783.
December 16, 2018: A year after the ATH, the Bitcoin price drops to a low of $3,220 after a year long bear run.
March 13, 2020: Bitcoin price drops 55% in a day after all markets crashed due to Covid 19 panic. The Bitcoin price that day started at $7,969, and the lowest was $3,596.
August 2020, MicroStrategy became the first publicly funded company to buy Bitcoin with its liquid treasury. Initially, the company spent $250 million, but since spent another $175 million on Bitcoin. The Nadadq-listed company now has 90% of its treasury in Bitcoin.
October 31, 2020: On Bitcoin’s 12th birthday, the Bitcoin price sits at $13,652, making it the best performing asset of the last 12 years.
The Bitcoin Whitepaper is only 12. What will it and the world be like when it’s 24?
A Bitcoiner since 2017 and a Bitcoin Maximalist since 2018, Tommy is our main writer and editor at Bitcoin Maximalist. Other than researching and writing about Bitcoin, Tommy loves spending time with his family and supporting his beloved Leeds United.