Bitcoin’s base document turned 17, marking the journey of the world’s first decentralized digital currency from a niche financial experiment to a $2 trillion global asset held by governments and institutions.
Bitcoin creator Satoshi Nakamoto First shared The Bitcoin White Paper 17 years ago today, on October 31, 2008, in response to the global financial crisis.
The document, titled “Bitcoin: A Peer-to-Peer Electronic Cash System,” described a decentralized, peer-to-peer network capable of preventing double spending by agreeing Proof-of-Work (POW).
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Three months after the white paper was published, Nakamoto launched the world’s largest decentralized network by minting the first bitcoin block, the Genesis block, for a reward of 50 bitcoins (BTC).
Seventeen years on, Bitcoin has grown into a multi-trillion-dollar asset, ranking as the eighth-most valuable asset after silver and Amazon, according on data from CompanyMarketCap.
Bitcoin price faces first red October in 7 years
Despite the milestone, bitcoin is set to log its first monthly loss for October in seven years. BTC fell more than 3.5% this month, breaking a six-year streak of positive “uptober” performances, data from Coinglass out.
Historically, October, dubbed “Uptober,” has been Bitcoin’s second strongest month, with an average return of 19.9%. The last time Bitcoin posted a loss for the month was in 2018, when it fell 3.8%
The record $19 billion crypto market The crash saw Bitcoin’s price fall to a four-month low Less than $104,000 on October 17.
Crypto analysts viewed the correction as a “controlled deleveraging,” necessary to flush excess leverage from the markets and provide a more sustainable basis for the next leg.
https://www.youtube.com/watch?v=4maiaoxtawi
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