Satoshi Nakamoto, who is the developer of flagship cryptocurrency Bitcoin, released a white paper 13 years ago, which is still present and accessible to all. In this white paper, Satoshi explains what this new technology was while establishing the very groundwork for decentralization as a concept. At the time of writing, Bitcoin is trading above $60K, which is considered an exemplary approach for the flagship cryptocurrency given the fact that when it first started trading, it was available for mere cents.
Bitcoin is able to climb so high and increase in terms of performance and value over the years that it almost seems impossible to do so. The white paper was first published on October 31st, 2008, and the anonymous entity who published the paper went by the name of Satoshi Nakamoto. The very term peer to peer was coined in this paper, and it was very latest at the time. It pointed towards a concept which implemented the transfer of Fiat currency into digital cash that could be transferred from one computer to another without the need for a centrally governing body.
Bitcoin Introduces the Concept of Decentralization
The Bitcoin network is also known as Bitcoin blockchain in the present, was launched on 3rd January 2009, and the very first token, which was made available for trading, was priced at 0.0008 dollars. At first, Bitcoin was considered nothing more than a threat with the centralized financial systems and state-controlled corporations. Who wouldn’t be shocked by the possibility of making money decentralized, making it available to the people, in their hands, and the state or governments not able to do have any control over it? In some capacity, Bitcoin is still feared and is considered a serious drawback of the financial world, but it is truly the very stepping stone to build the foundation of modern finance.
The white paper for Bitcoin, in general, proposes a solution to prevent double-spending without the need for trusting a third party. This is the same system that is present in flesh and blood still to this day and is being used around the clock not only by the financial bodies of the modern world but the centralized facilities as well.