#BitcoinTurns16
On 3 January 2025 Bitcoin turned 16.
The first block of the Bitcoin Blockchain, termed the genesis block, was mined by Satoshi Nakamoto on the 3 January 2009.
The beginning
On 31 October 2008, the white paper detailing the basic structure and goals of the Bitcoin network was released by the developers under the pseudonym, Satoshi Nakamoto.
Title of white paper: Bitcoin: A peer-to-peer electronic cash system
Core concepts of the Bitcoin white paper include
1. A decentralized network
2. Use of a proof-of-work system
3. concept of a timestamp server
The objective of this piece is to highlight
the advantages of Bitcoin over Traditional payment system.
Since its introduction financial institutions have rightly viewed Bitcoin as an enemy.
Bitcoin has indeed disrupted the traditional financial system by exposing its inherent weaknesses and presenting itself a viable and reliable solution.
The ability to transact securely and transparently from any place on the globe without the involvement of a third party is the most revolutionary merit of Bitcoin system.
Other benefits include
Faster transactions
Instant payments
Reduced transaction cost
Financial accessibility
Protection from fraud
The price a Bitcoin rose to $1 in 2011 and in 2024 got to an all time high of $108,135.
Have the objectives of the white paper been realized?
The aim of presenting Bitcoin as a more reliable option of payment has not only been proved but has also been globally acknowledged. Bitcoin adoption as digital financial assets by nation-states and institutions is proceeding at rates never before witnessed.
Conclusion
In next 16 years where will Bitcoin be?
Will any of its core features like immutability and transparency be disrupted? I hope not.
