Market Overview

Crypto Industry Celebrates Bitcoin Whitepaper 11th Anniversary

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Crypto Industry Celebrates Bitcoin Whitepaper 11th Anniversary

The world’s first cryptocurrency Bitcoin celebrated its 11th birthday on Oct. 31.

This is the day when an anonymous actor(s) publicly introduced the digital currency in a whitepaper entitled “Bitcoin: A Peer-to-Peer Electronic Cash System,” under the name Satoshi Nakamoto.

The Bitcoin genesis block was later mined by Nakamoto in January 2009 — creating the first 50 Bitcoins, and bringing the currency into real action.

Regulatory Hurdles and Critics

Through these 11 years, many prominent individuals and organizations, including Warren Buffett, Bill Gates, and Jamie Dimon, have predicted Bitcoin’s “impending doom,” calling it a “bubble,” an “exit scam,” or even “rat poison squared,” among other things.

Many governments across the globe have also come around the idea of a decentralized currency.

Pizza For $91M, Anyone?

On May 22, 2010, Bitcoin programmer Laszlo Hanyecz paid 10,000 BTC to a fellow Bitcoin advocate for a couple of Papa John’s (NASDAQ: PZZA) pizzas.

Those pizzas sold for approximately $41 at the time, are now worth $91.3 million, as of today’s market price for Bitcoin at $9,137.4.

May 22 is celebrated as “Bitcoin Pizza Day” in the community and used to highlight the success of Bitcoin as a financial instrument over the years.

Bitcoin shortly crossed over $20,000 in December 2017, hitting its highest value ever before falling down again.

Increased Competition, But Bitcoin Still King

Digital currency tracking platform CoinMarketCap lists more than 2300 coins on its website. Yet, Bitcoin makes up for more than 67% of the total cryptocurrency market cap, while the other coins share the rest.

Bitcoin also faces competition from traditional companies and banks, who want to launch their own versions of blockchain-based currencies. But the most ardent supporters stick with Bitcoin’s decentralized model.

Posted-In: Bill Gates Bitcoin Jamie DimonCryptocurrency Education Markets Tech General Best of Benzinga

 

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