Bitcoin’s foundational 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 Oct. 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 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 on, Bitcoin has grown into a multi-trillion-dollar asset, ranking as the world’s eighth-most-valuable asset after silver and Amazon, according to data from CompaniesMarketCap.
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Bitcoin price faces its first red October in 7 years
Despite the milestone, Bitcoin is set to log its first monthly loss for October in seven years. BTC has fallen more than 3.5% this month, breaking a six-year streak of positive “Uptober” performances, data from CoinGlass shows.
Historically, October, dubbed “Uptober,” has been Bitcoin’s second-strongest month, with average returns 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 Bitcoin’s price fall to a four-month low of $104,000 on Oct. 17.
Crypto analysts viewed the correction as a “controlled deleveraging,” which was necessary to flush excess leverage from the markets and provide a more sustainable basis for the next leg up.
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