Bitcoin whitepaper turns 13, enters puberty, and we present it to you in figures – DiarioBitcoin

Bitcoin whitepaper turns 13, enters puberty, and we present it to you in figures - DiarioBitcoin

Bitcoin whitepaper turns 13, enters puberty, and we present it to you in figures - DiarioBitcoin By Daily EditorBitcoin

Today marks 13 years of a milestone: the publication of the whitepaper from Bitcoin, Its essence. Learn more about the cryptocurrency in numbers.

***

On October 31 (just on the Halloween date), 13 years ago, the whitepaper, or white paper, of Bitcoin, a kind of birth certificate that describes in detail the characteristics of the first digital currency and its technology. Perhaps, more than a birth certificate, it would be equivalent to when an ultrasound reveals that a woman is pregnant, since, as such, the genesis block (the true birth, the first cry) of Bitcoin gives birth on January 3, 2009.

Titled under the name “Bitcoin P2P e-cash Paper”, or by its translation into Spanish “Bitcoin: A user-to-user electronic cash system “ (which you can read in Spanish here), was submitted by a user under the alias of Satoshi Nakamoto on this day, October 31, 2008, this technical document on the mailing list of metzdowd.com. There he outlined in detail his proposal for the creation of completely digital money, independent of traditional banking entities, whose management would be completely revolutionary and would change finances forever.

At the time, it was seen as an absolute breakthrough by the privileged who had access to it. It took many more years for the currency to be truly known and used by a greater – and growing – number of users.

We have written a lot about what characterizes the whitepaper and you can read it here, today we want to celebrate this new birthday in another way: with figures. Since mining Bitcoin It is fundamentally based on mathematical calculations, why not pay tribute to the main cryptocurrency, the mother of all, showing it in numbers?

Now, at 13 years old, we can say that Bitcoin enters adolescence. Although number 13 is unlucky for some, in reality the main cryptocurrency seems to be going through an excellent period, with the approval of the first regulated futures funds. Bitcoin in the US, the first country in the world to already accept it as legal tender, the adoption by some major banks, the acquisition by large companies, and record prices never before achieved.

See also  Macy's launches balloon-based NFT collection from Thanksgiving Day parade

13 figures to understand Bitcoin

It may be one of the most frequently named figures when we talk about Bitcoin and is well established in the whitepaper. There will only be 21 million BTC neither more nor less, only 21 million. It is a finite and immovable number. What’s interesting, moreover, is that the vast majority have already been mined. The mined figure exceeds 18,857 million BTC. However, it is not that the last BTC will be mined around the corner. The Bitcoin 21 million would have been mined by the year 2,140. And why so much? Because Bitcoin established within his Blockchain, that the difficulty would increase over the years, which indicates that the number of removable blocks is increasingly reduced.

is the percentage of bitcoins mined so far. By today, November 31 at 6:15 a.m. in New York, exactly 18,859,643.00 BTC had been mined.

This year has been the best performing of Bitcoin. In April of this year, for the first time it achieved a record price for that moment of USD $ 64,000. But it did not stop there, after a drop, which cut the price in half, it gained new vigor and reached current prices, with a record on October 20, USD $ 66,878.47, according to data from CryptoMarkets. But his followers are very optimistic and forecast much, much higher prices. More than one expert has assured that this year it closes over USD $ 100,000.

only one name signs the whitepaper of Bitcoin: Satoshi Nakamoto. But to see? Is it really just one man behind it? Will it be a group? Is it a woman? Much has been speculation about it and too many theories about who or who may be Nakamoto. So far it remains a mystery.

halvings (reduction of rewards per block mined) there have been so far. Every 210,000 blocks a new halving. The first occurred in 2012, when the reward per block mined fell from 50 BTC to 25. In 2016, it fell to 12.5 BTC per block, in 2020 the third halving occurred and the rewards fell even more: a 6.25 BTC per block. A further reduction is expected for the year 2024, this time to 3.125 BTC per block, the fifth would be in 2028, when it would drop to 1.5625 BTC per block … and thus it would fall more and more until the last. What does the system achieve? Fight inflation!

See also  Braidpool proposes improvements to P2Pool in favor of decentralizing Bitcoin mining

is the highest capitalization market ever Bitcoin until now, which occurred on October 20, 2021, when the price of Bitcoin it reached its highest ceiling to date.

only country has Bitcoin as legal tender. This is El Salvador, which just in June of this year approved a Bitcoin Law, which gives legal status to the main cryptocurrency. In September it was already underway. So far, the country’s president has said the nation has acquired 1,120 bitcoins.

is the place that has Bitcoin among the most valuable assets in the world, according to the page AssetDash. They are only above him Microsoft, Apple, Saudi Arauco, Alphabet and Amazon. But its capitalization beats giants like Facebook and Tesla.

minutes is the average mining time. In that period of time, those with the highest power will be the first to extract a block. For this, the miners meet in pools or mining pools to be able to combine their power and thus achieve the objective.

is the number of ATMs ATM from Bitcoin in the world as of 10/31/21, according to CoinATMRadar. The ATM installation fee Bitcoin in the world it is 56.1 per day today. The number of ATMs is almost triple than in October of last year.

bitcoins correspond to block zero, or genesis block, created on January 3, 2009. These bitcoins they have never been moved. But they won’t be able to move either. This due to a peculiarity in the creation of the code.

See also  Bitmain: we will not send more Bitcoin miners to clients in China

of unique wallets Bitcoin there is in October 2021, according to data from Blockchain.com. This does not mean that there are the same number of users, since a user can have several different wallets, or a wallet can remain in the hands of a company that represents several.

Cryptocurrencies have so far followed in the footsteps of Bitcoin (or at least they are those that are registered in CoinMarketCap, there are many more). Definitely, Bitcoin She is the great mother and inspiration of all and the currency that forever changed the way of seeing finances.


Extra, extra … two other unmissable figures

And as an extra we tell you that it is estimated that 1.6 million bitcoins are lost forever.

Oh, and a numerical data that is always a reference every May 22: the Pizza Day, or day when it was used for the first time Bitcoin for a real life transaction: buying some pizzas.

The story goes back to May 18, 2010 that the programmer and active member of the forum BitcoinTalk, Laszlo Hanyecz, told the group members that he wanted to buy two pizzas, for which he would pay a total of 10,000 BTC to whoever he would send them to. Four days later, finally a person with the alias “Jercos” (whose real name was Jeremy Sturdivant) accepted and delivered the pizzas from Papa’s johns Subsequently, the programmer proceeded to report what happened to the community and wrote:

“I just want to report that I successfully traded 10,000 bitcoins for some pizzas”

That, At the time of purchase it represented about USD $ 41. Today they are the most expensive pizzas in history, costing nothing more and nothing less than $ 617,845,550 on 10-30-21 at 7:00 am, according to the price calculator of CryptoMarkets.

Article by MRTabuas / DailyBitcoin

With contributions from the entire team

Picture of Unsplash

Leave a Comment

Your email address will not be published. Required fields are marked *