RATE Group | Bitcoin Network Surmounts Key Milestone as Whitepaper Turns 11
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Bitcoin Network Surmounts Key Milestone as Whitepaper Turns 11

31 Oct Bitcoin Network Surmounts Key Milestone as Whitepaper Turns 11

Posted at 06:29h in Ethereum News by

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Today, Bitcoin’s whitepaper, authored by the infamous and pseudonymous coder and thinker extraordinaire Satoshi Nakamoto turns 11; that is, 11 years ago to this day, Satoshi published the first public-facing document outlining a decentralized ledger and money system that he called “Bitcoin.”

Serendipitously, on the same day, the blockchain achieved a key milestone.

As pointed out by Yassine Elmandjra, a crypto asset analyst at markets research/fund management firm ARK Invest, the Bitcoin network has now seen $1 billion worth of fees paid. To put it more simply, all Bitcoin transactions thus far have incurred an aggregate fee of $1 billion. Crazy.

What’s even more notable about this number is that it was all accomplished with a decentralized system, with fees being distributed to a global group of miners that voluntarily maintain this blockchain for monetary incentive.

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