Satoshi Nakamoto, (whose real name must not be revealed), published his Whitepaper in November 2008. Satoshi wrote: “I’ve been working on a new electronic cash system…” He attached a link to his White Paper, “Bitcoin: A Peer-to-Peer Electronic Cash System”.
Bitcoin had just been born. It was set to become an economic miracle.
Satoshi wrote:
"Total circulation will be 21,000,000 coins. It'll be distributed to network nodes when they make blocks, with the amount cut in half every 4 years.
first 4 years: 10,500,000 coins
next 4 years: 5,250,000 coins
next 4 years: 2,625,000 coins
next 4 years: 1,312,500 coins
etc...
When that runs out, the system can support transaction fees if needed. It's based on open market competition, and there will probably always be nodes willing to process transactions for free.
The real trick will be to get people to actually value the Bitcoins so that they become currency. I would be surprised if 10 years from now we’re not using electronic currency in some way, now that we know a way to do it. It could get started in a narrow niche like reward points, donation tokens, currency for a game or micropayments for adult sites.”
By early 2009 Satoshi had the software working. He started to mine bitcoin. Soon other cryptographers joined him in the mining.
He actively discussed the software, and debated about it in the online forums. He was asked about his choice of 21 million coins.
Satoshi wrote: “My choice for the number of coins and distribution schedule was an educated guess. It was a difficult choice, because once the network is going it's locked in and we're stuck with it. If Bitcoin remains a small niche, it'll be worth less per unit than existing currencies. If you imagine it being used for some fraction of world commerce, then there's only going to be 21 million coins for the whole world, so it would be worth much more per unit.”
Waaaait a minute! @swissclive might be trying to tell us something. He's Satoshi Nakamoto! All hail.
The arrangement and flow to the post made me feel like I was back in 2009 for a sec.
The man was ahead of his time, thanks to him we have a new future that is developing in the form of a blockchain technology @swissclive
Such a genius!!
It is only because of him that the whole world is shifting towards the digital currency.
His bitcoin is still The King and may well continue to be in the future
@steemmatt Actually I employed a Nigerian Prince to help me secretly give away my billions under the pretense of some contract mix up involving oil.
All he needed was all your personal details and bank pin code and a small upfront processing fee to be paid by Western Union.
Unfortunately nobody would reply to his emails.
@swissclive I keep looking at the white paper and don't see any mention of using it as store of value or hodlers ;)
Correct he didnt mention those things. Some things just happen.
great post like it and upvoted.....
keep it up!!!
Wow cant believe his whitepaper was already way back in November 2008 good post there on Satoshi Nakamoto's work @swissclive