Decrypt Staff

Bitcoin’s price today hit $14,000, the day of the twelfth birthday of its whitepaper.

That’s right, 12 years ago, to this day, Satoshi Nakamoto, Bitcoin’s pseudonymous creator, published the whitepaper that made all of this happen, including this clause right here, and this one, and this tweet:

> #Bitcoin is a swarm of cyber hornets serving the goddess of wisdom, feeding on the fire of truth, exponentially growing ever smarter, faster, and stronger behind a wall of encrypted energy.
> 
> — Michael Saylor (@michael_saylor) September 18, 2020

All this, and much, much more stems from that whitepaper. In it, Nakamoto described a peer to peer payments system that stretched across a distributed ledger, powered by a network of anonymous miners.

When Bitcoin launched at the start of 2009, the coin was almost worthless. And look at it now! Today, the coin, which is by far the largest by market capitalization, today reached highs of $14,028, according to metrics site CoinMarketCap. And the crypto-economy it created has a total market cap of $403 billion.

Bitcoin’s new record observes its highest price since January 2018. I.e., the highest price since the Bitcoin bubble of late 2017 popped, and the price crashed from its all-time-high of $20,000. Its current price is $13,912. That still marks a 4.61% increase in price compared to yesterday. 

Bitcoin’s price started rising at the start of October, when it was worth about $10,500. It’s progressed upward/skyward/north since then, to its current price. What next?

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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Bitcoin was built on several key innovations. Firstly, Nakamoto guaranteed that Bitcoin transactions were immutable, by recording all transactions on a distributed ledger known as a blockchain. Secondly, he ensured Bitcoin’s scarcity by capping the total number of Bitcoin in existence at 21 million. Finally, the community was incentivized to verify transactions by receiving rewards in the form of “mined” Bitcoin for checking the accuracy of the blockchain.

Bitcoin

Bitcoin (BTC) is a peer-to-peer cryptocurrency, originally described in a 2008 paper by the pseudonymous Satoshi Nakamoto. Launched in January 2009, it was the world’s first cryptocurrency, and remains the most popular, with the highest market capitalization of all cryptocurrencies.

Bitcoin was built on several key innovations. Firstly, Nakamoto guaranteed that Bitcoin transactions were immutable, by recording all transactions on a distributed ledger known as a blockchain. Secondly, he ensured Bitcoin’s scarcity by capping the total number of Bitcoin in existence at 21 million. Finally, the community was incentivized to verify transactions by receiving rewards in the form of “mined” Bitcoin for checking the accuracy of the blockchain.

A Bitcoin address is a public identifier for your Bitcoin wallet. Image: Shutterstock

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Bitcoin’s price today hit $14,000, the day of the twelfth birthday of its whitepaper. This is its highest price since January 2018.

Bitcoin's Price Highest Since January 2018 As Whitepaper Turns 12

Bitcoin hit its highest price since the tail end of 2017's bull run.

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