First-Ever Decentralized Digital Currency Bitcoin Celebrates its 12th Anniversary

Today on October 31, 2020, Bitcoin (BTC) has celebrated its 12th anniversary. It means that twelve years now have passed since the pseudonymous creator of the first-ever decentralized digital currency of the world Satoshi Nakamoto issued the whitepaper of Bitcoin on the 31st of October, 2008. On the day of the 12th anniversary, the price value of the top-ranked cryptocurrency surged above $14,000 for the first time since January 2018.

Satoshi Nakamoto released a nine-page whitepaper of Bitcoin twelve years ago entitled “Bitcoin: A Peer-to-Peer Electronic Cash System”. In the whitepaper, Nakamoto described that he has been working on a new electronic cash system that does not involve any third party and works completely peer-to-peer (P2P). As an excerpt from the Whitepaper states:

“A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution… We propose a solution to the double-spending problem using a peer-to-peer network. The network time stamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work.”

A few months after this whitepaper, the decentralized blockchain network Bitcoin was actually launched on the 3rd of January in 2009. Satoshi Nakamoto made history by publishing this whitepaper as Bitcoin has witnessed a great deal of popularity worldwide over the course of these past years. It is now the largest digital currency in the world by market capitalization.

However, the real identity of Satoshi Nakamoto has not been revealed so far. This mystery still remains unsolved despite the fact that various personalities in the community claimed to be the real Satoshi Nakamoto.

On this special day, Bitcoin has set up its highest price value since the year 2018 by skyrocketing above the $14,000 level earlier on Saturday. As soon as the BTC price topped this level, traders started selling their BTC holdings. However, it got immediately rejected at this level by facing a price drop of nearly three percent and went down to $13,700 around where it is currently trading at the moment. There is likely a chance that Bitcoin may recover to its 33-month high value once again.