🔺 What to do when markets are at an all-time high? Find smart bargains, like these.See Undervalued Stocks

Satoshi Nakamoto's Crucial Bitcoin Insight Echoes After 14 Years: Details

Published 08/26/2024, 11:54 AM
Updated 08/26/2024, 04:30 PM
© Reuters.  Satoshi Nakamoto\'s Crucial Bitcoin Insight Echoes After 14 Years: Details

U.Today - The profound insight of Bitcoin's mysterious creator, Satoshi Nakamoto, continues to resonate a decade and a half after Bitcoin’s inception.

In a tweet, Bitcoin historian Pete Rizzo revisited a pivotal statement made by Bitcoin's enigmatic creator, Satoshi Nakamoto, exactly 14 years ago. The statement, which explained the promise of Bitcoin when it was valued at just $0.07, has resurfaced, shedding light on the visionary thinking underpinning the creation of the world's first cryptocurrency.

Rizzo shared a quote that was believed to have been made by the Bitcoin founder, explaining Bitcoin’s unique value proposition with a powerful analogy.

Satoshi’s message was: "Imagine there was a base metal as scarce as gold but with the following properties: 1. boring grey in color. 2. not a good conductor of electricity. 3. not particularly strong but not ductile or easily malleable either. 4. not useful for any practical or ornamental purpose and one special magical property: it can be transported over a communications channel."

According to the quote, Satoshi highlighted one "special magical property" of this metal: "it could be transported over a communications channel." This unique characteristic encapsulated the revolutionary potential of Bitcoin, distinguishing it from traditional assets and currencies.

At the time of writing, BTC was trading at $63,705.

94% of total Bitcoin supply now issued

A significant milestone in Bitcoin's supply schedule has been reached: about 94% of the total Bitcoin supply has been issued via mining. More than 19.74 million BTC have been mined so far, out of a hard cap of 21 million.

This leaves only approximately 1.26 million BTC to be issued. With the current block reward of 6.25 BTC, the remaining supply might take over 100 years to mint fully, according to estimations. Experts predict that 99.9% of all Bitcoin will have been mined by 2140, with miners receiving fees rather than subsidies.

This controlled supply schedule is an important part of Bitcoin's value proposition. As issuance slows and demand soars, Bitcoin is designed to become scarcer over time, an appealing quality against unlimited fiat money printing and currency debasement.

This article was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.