14 years ago Bitcoin White Paper: Why It Matters

by · October 31, 2022

Happy White Paper Day, Bitcoin. It’s been 14 years since Satoshi Nakamoto first sent an email to the Cypherpunk mailing list with the subject line “Bitcoin P2P e-cash Paper.” The email included a link to the white paper, an overview of what would soon be a trillion dollar market.

The first sentence of the email has become iconic among the Bitcoin community:

“I have been working on a new electronic cash system that is completely peer-to-peer, with no trusted third party.”

Over the past 14 years, Bitcoin (BTC) has transformed from a hobby pastime to a globally recognized brand. Bitcoin has been adopted as legal tender in regions of the Global South such as El Salvador and the Central African Republic. It is used by freedom fighters and advocates while also being a tool for financial liberation and financial empowerment all over the world.

The speculative fervor that Bitcoin became known for still persists while Bitcoin’s reputation as a tool for illicit activities remains, despite the fact that the US dollar remains a far more effective tool for concealing financial activity.

By 2022, Bitcoin has evolved into so much more. Cointelegraph spoke with Bitcoin OGs, enthusiasts and newbies at the Plan B conference in Lugano, Switzerland, to examine what the white paper means for the world.

Do it too well

For world-renowned charities such as Save the Children, the white paper and the subsequent creation of Bitcoin have benefited the organization. Antonia Roupell, Web3 lead at Save the Children, told Cointelegraph that the organization recognizes “Bitcoin’s potential to be a force for good and a force for financial inclusion,” adding:

“On Bitcoin’s 14th anniversary, and at a time of increasing global economic inequality, the phrase ‘bitcoin is for everyone’ really resonates.”

Explaining that Save the Children US was the first iNGO to accept Bitcoin in 2013, Roupell said: “Since then, we have raised almost 75 BTC thanks to generous donations to our relief efforts to support children affected by conflict in places like Afghanistan and Ukraine who as well as families affected by climate disasters such as Hurricane Ian in Florida.”

Crisis zones have emphasized the robustness and efficiency of Bitcoin. In the first 48 hours of the Ukraine war, for example, the government of Ukraine received $7.5 million in Bitcoin.

The speed with which Bitcoin hit public wallet addresses inspired the United Nations International Data Center (UNICC) to take crypto donations seriously, UNICC director Sameer Chauhan explained in a Cointelegraph interview at the World Economic Forum in Davos. USD, GBP, Euros and government issued money were much slower to trickle in to support the Ukrainian defense than Bitcoin.

Decentralization and empowerment

For Bitcoin Gandalf, a marketer for Braiins – a Bitcoin mining tools company – the white paper and subsequent pseudonymous network guarantee a basic level of privacy. Gandalf, who chose to obscure his name and face on the internet, told Cointelegraph:

“With the increased surveillance propagated by the state and huge centralized technology companies controlling most of the distribution of information, it is more important than ever that we have decentralized options that guarantee us basic freedoms.”

Bitcoin is a permissionless network that anyone can use. It does not discriminate. Even for those without an internet connection, thanks to innovations in mobile network technology, Bitcoin can be sent as a text. Bitcoin’s mantra of being a “technology of freedom” has flourished throughout its 14-year history.

During the Plan B conference in Lugano, Switzerland, “Freedom” was a central theme. Julian Assange’s family hosted talks about his imprisonment for revealing military secrets, while speakers from Togo to Lebanon shed light on “Bitcoin the tool for economic freedom.” A drone show graced the night sky with the cliché, ending the Bitcoin and blockchain conference:

Several announcements at the conference in Switzerland underscored the Bitcoin community’s commitment to freedom. Paolo Ardoino, Chief Technology Officer of Tether, introduced Pear Credit, a peer-to-peer credit software that can undermine the proliferation of centralized authorities (or blockchains) that issue credit and tokens. Founded by Tether, Holepunch and Synonym, Pear Credit was supposed to “put control of the economy back into the hands of the people.”

In an exclusive interview with Cointelegraph, Ardoino explained the thinking behind Pear Credit, saying, “Everything that isn’t Bitcoin is credit. Everything that isn’t Bitcoin is inherently centralized.” His team has built a peer-to-peer service that offers the ability to issue credit – without a blockchain or product and without endless monetization.

In the spirit of the Bitcoin White Paper, Pear Credit is “only open source libraries,” Ardoino commented. Pear Credit focuses on “scalability and privacy” and favors freedom to build open source technology over chasing profits.

Gandalf said the Bitcoin White Paper “marked the beginning of resistance to this trend” of centralization of power. Technology companies are increasingly making use of customer data and online behaviour. Bitcoin, on the other hand, is the largest demonstration of a peer-to-peer and privacy-centric network that continues to inspire projects that can undermine centralization.

Why do you care about the White Paper?

John Carvalho, managing director of Synonym and contributor to Pear Credit, called for calm and introspection on the anniversary of the white paper. Carvalho, who also announced the creation of a new Bitcoin wallet app, Bitkit, during the conference, told Cointelegraph that even some of Satoshi Nakamoto’s biggest fans “will admit that he was wrong and how he thought things would play out. Even in the code.” ”

In a possible nod to the Bitcoin fanaticism and admiration for Nakamoto that sometimes transcends the space, Carvalho explained that although Bitcoin continues to grow in importance due to higher levels of adoption, users and the amount of people trying to copy Bitcoin. “For me, and I think for most people, your Bitcoin birthday is not when Bitcoin was invented, it was when you discovered Bitcoin.”

“I’d rather associate it with when you bought your first Bitcoin or when you had your own ‘eureka’ moment.”

Ultimately, while Nakamoto’s October 31, 2008 email marked the first brick in the foundation of the Bitcoin blockchain, it is the developers, builders, node runners, miners, and Bitcoin buyers who have kept the idea alive.

Bitcoin is actually an efficient form of remittance; it’s a spark that can light a path toward greater online freedoms, and it’s a meaningful shift away from centralized powers. But, Bitcoin is also a long line of code that millions of people around the world choose to follow and contribute to every day.

Raise a glass to Satoshi, of course, but also take some time to reflect on your own Bitcoin journey. When is your Bitcoin birthday, anon?