Tuesday marks nine years since Satoshi Nakamoto announced the creation of the Bitcoin “Peer-to-Peer Electronic Cash System.”
The Bitcoin whitepaper, still available for a passing fancy Bitcoin.org domain because it was in October 2008, provides an increasingly fascinating view into the niche project which in October 2017 includes a market cap of over ₦3.67 Trillion ($100 bln). The document famously begins:
“A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.”
“Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network.”
Those networks are now actually utilized by three mln users each and every day, with this number expected to boost to 200 mln within just seven years projections state.
— Blockchainlife (@Blockchainlife) October 29, 2017
This year’s anniversary is particularly timely as Bitcoin reaches new all-time highs without a touch of serious price corrections.
Oct. 31 in 2010 can also be significant for other reasons, the date marking the deadline through which China’s domestic market exchanges must cease providing Bitcoin-to-fiat trading.
While those traders have since migrated to alternatives, the mood both inside and away from multibillion-dollar cryptocurrency industry is that Bitcoin is here now to keep and should come out stronger consequently of competition from copies – Bitcoin Cash, Bitcoin Gold, Bitcoin Silver and SegWit2x.
My picks for the coming altcoin season: Bitcoin Rhodium, Bitcoin Stainless Steel, OneCoin, Monero Gold, PayCoin.
— Riccardo Spagni (@fluffypony) October 30, 2017