18 million coins later: White paper of Bitcoin turns 11 years old

On October 31, 2008, Satoshi Nakamoto presented to the world, represented by the participants of the cryptography newsletter, a work entitled "Bitcoin: A Peer-to-Peer Electronic Cash System", in which he described a fundamentally new system of wire transfers.

"I'm working on a new electronic money system, completely peer-to-peer, without trusted third parties," he wrote.

The nine-page document describes the intent and motivation for the creation of a digital currency that differs from the then-existing analogues in terms of decentralisation, increased privacy and no need to trust a single manager in the centre of the system. Unlike traditional currencies, Bitcoin was presented as a tool to contain inflation with a ceiling of 21 million coins, of which 18 million have been produced to date.

The publication of white paper Bitcoin took place against the backdrop of a worsening situation in the global financial system.

"On 31 October 2008, Satoshi Nakamoto gave us white paper Bitcoin. Just two weeks after the bank rescue measures were taken against the backdrop of the global financial crisis, and six weeks after the collapse of Lehmann Brothers. I have always wondered whether Satoshi Nakamoto's name was a warning to the Bank of Japan's multi-year monetary policy," writes the journalist Alex Saunders.

The 11th anniversary of white paper Bitcoin coincided with the reduction of the key rate of the Federal Reserve, which is already the third in the account this year, and the cheapening of loans for the banking system. Bitcoin is currently traded 44% higher than a year ago. In the context of the network's computing resources, there has also been a significant rise in this time. In addition, the day before today's event, Bitcoin miners collected more than $1 billion in commissions.