13 years from today, Satoshi Nakamoto released his Bitcoin whitepaper to claim invented a peer-to-peer electronic cash system. 13 years later, cryptocurrency market capitalization equals a trillion dollars industry. Just a decade, the Satoshi vision had been accomplished and his prediction has exactly happened. What do we need to celebrate and what do we need to be aware of to move forward?
The whitepaper is a technical paper
Bitcoin whitepaper described the technic how a peer-to-peer electronic cash system operated and what technical part of the challenge can be overcome by the what to program.
The electronic operation resembles a gold mining operation
Even though the paper did not specifically call out of gold mining operation, the proof of work did similar energy input and output of the mining operation. The difference is human mining gold to computer algorithm mining Bitcoin.
There are many more unanswered questions
The whitepaper is not the completed document because there are many other questions that did not answer. How the crypto economy will become, how much energy may waste and how to store it safely are among the popular questions yet to be answered and discovered.
Satoshi held Q&A in the forum
Satoshi did appear during and after the whitepaper release and actively participated in the forum to answer questions to users and potential adopters until his disappearance in 2011.
What made Bitcoin successful were not the invention but the concerns had occurred
Satoshi claimed that the central bank would be irresponsible to issue money to inflate the economy and Bitcoin was designed to limit the supply of money.
There are more hidden ideas from the whitepaper
If you read about the history of idea about Bitcoin, there are many versions of digital cash systems invented before Bitcoin and many fail due to technical insufficiency or lack of accountability, or lack of sanction resistance. Bitcoin, on the other hand, created a decentralized and relatively fair system to let all participants involved in the financial system that is transparent, fair, and equal.
What crypto will move beyond this point
Crypto is becoming mainstream more likely and the challenge will persist on such as what if there are domination forces to influence its price and potentially the market may be manipulated. The high transactional fee enforces into users and lack of security to prevent ever sophisticated hacking. Many more challenges will emerge along with the continued improvement of the cryptosystem and many other new types of crypto will invent to resolve those concerns.
In conclusion
13 years of running crypto are long and short. It is amazing that one idea becomes a dominant force of a new industry that is created by someone we may never know who he or she or they are. It marked the beginning of a new way to form a system and work together rather than a government, a corporation, or types of group that controlled resources. Crypto makes resource sharing possible in the fear and square way rather than someone claimed it will become.
