Happy Halloween! Or as we say in the crypto space, happy birthday to Bitcoin!
Yes, Bitcoin turns eleven today as it has been just over a decade since the publication of the Bitcoin white paper by the still-unknown person or group only known as Satoshi Nakamoto.
Outlining a tamper-proof, decentralized peer-to-peer protocol, the Bitcoin: A Peer-to-Peer Electronic Cash System publication was published on October 31st, 2008 and has since changed the world.
As per CT:
”The protocol represented a cryptographically-secured system — based on a Proof-of-Work algorithm — in which Bitcoins (BTC) are “mined” for a reward by individual nodes and then verified by other nodes in a decentralized network.”
The system contained the potential of overcoming the need for intermediaries and third parties like banks or financial institutions. Hence why the digital asset is so controversial throughout the world.
Of course, Bitcoin has its supporters but most centralised powers are against the freedom bitcoin brings.
Eleven Years Later...
Now eleven years later, Bitcoin is always setting new records for its hash rate on the network, which is a “measure of the overall computing power involved in validating transactions on the blockchain at any given time,” for those that don’t know.
Earlier this month, network data revealed that ever since the creation of the initial block on the Bitcoin blockchain in January 2009, miners have received a joint revenue of just shy of $15 billion.
This figure applies to both block rewards as well as the transaction fees, which broke the $1 billion level this month.
In terms of value, on its eleventh birthday, Bitcoin is priced at $9,110 following a 2.50 percent decrease over the past 24 hours. Some birthday present!
For more news on Bitcoin and other crypto updates, keep it with CryptoDaily!