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Bitcoin’s founding document is 17 years old, 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.
Creator of Bitcoin Satoshi Nakamoto first shared the Bitcoin white paper 17 years ago today, October 31, 2008, in response to the global financial crisis.
The paper, titled “Bitcoin: A Peer-to-Peer Electronic Cash System,” described a decentralized, peer-to-peer network capable of preventing double spending through proof-of-work (PoW) consensus.
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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 Bitcoin (BTC).
Seventeen years later, Bitcoin has become a multi-trillion dollar asset, ranked as the eighth most valuable in the world after silver and Amazon. according to to data from CompaniesMarketCap.
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Bitcoin price makes its first red October in 7 years
Regardless of the reason, Bitcoin is set to log its first month loss for October in seven years. BTC fell more than 3.5% this month, breaking a six-year streak of positive performance “Uptober”, data from CoinGlass. shows.
Historically, October, called “Uptober”, was the second strongest month for Bitcoin, 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 crash saw the price of Bitcoin fall to four months minimum of $104,000 on October 17.
Crypto analysts saw the correction as a “controlled deleveraging”, which was necessary to remove excess leverage from the markets and provide a more sustainable basis for the next part.
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