Satoshi Nakamoto Released the Bitcoin White Paper 11 Years Ago Today
11 years ago today on Oct. 31st, Satoshi Nakamoto, the mysterious entrepreneur or group released the first publication of the Bitcoin whitepaper.
Bitcoin: A Peer-to-Peer Electronic Cash System
The Bitcoin Whitepaper outlined a decentralized peer-to-peer protocol that could prevent double-spending, track and verify digital transactions, and generate a public record for anyone to see, all without the need for a centralized third party.
The protocol was based on a Proof-of-Work algorithm in which Bitcoins are mined for a reward by individual nodes and then verified by other nodes in the decentralized network.
This system created a solution for verifying and auditing transactions without the need for a centralized bank or traditional financial institution, taking power away from the monopolized financial giants and giving the power back to the people.
More than a decade later, the Bitcoin network and the blockchain industry have grown massively. There are over 3,000 digital currencies listed on exchange platforms, and people around the world have over a quarter of a trillion dollars held in digital currency.
The white paper from Satoshi Nakamoto and the bitcoin network which went online in January 2009, produced a financial network that transcends borders, states, and ownership of corporations, giving true power to the individual.
What Is Coin Cloud?
Coin Cloud is a Bitcoin ATM company headquartered in Las Vegas, Nevada. With over 650 locations nationwide, Coin Cloud boasts one of the largest and fastest-growing networks of two-way Bitcoin ATMs in the world. Our network has helped more than 144,000 customers buy and sell cryptocurrency since opening our doors in 2014. To find your nearest Bitcoin ATM, please visit CoinCloudATM.com.