January 06, 2018
By Luke Bakies - January 05, 2018 (cryptocoinmastery.com)
It is undeniable that Japan has been one of the leaders for Bitcoin over the last few years and it continues to solidify its place as Bitcoin’s heart. Japan has been in the spotlight since the beginning with Bitcoin as founder, Satoshi Nakamoto, is a Japanese name. Japan has been at the forefront of groundbreaking development in Bitcoin, from preserving its longevity to determining how it will be regulated. Despite controversy also associated with Japan with issues like the Mt. Gox implosion which lost over 650,000 Bitcoin, it has remained resilient to push forward for the success of Bitcoin.
The negative events such as Mt. Gox have lead to sweeping reform and regulation to protect customers. The Financial Services Agency (FSA) which is Japan’s regulator, has worked extensively to understand cryptocurrencies to impose fair rules. Their efforts could serve as a basis for the regulation in other countries to protect exchanges and investors.
The Virtual Currency Act has tax reform pertaining to foreign investors, to incentive them to use Japanese exchanges. They also declared Bitcoin an asset and a form of payment but not a legal currency. Lastly they set up licenses for exchanges to create an established market place. These reforms can serve as an outline for future reforms in other countries.
On top of these regulations, Japan has also explored the possibility of expanding blockchain usage within government organizations. They have worked with BitFlyer and are working on a blockchain called “miyabi.” Miyabi boasts the ability to host 4,000 transactions per second with no single point of failure. This could be used with interbank clearing networks to perform faster settlements. With an open mind towards Bitcoin and blockchain, Japan has reaped benefits and it is only a matter of time until other countries follow.
October 31, 2017
By Jamie Redman - October 31, 2017 (news.bitcoin.com)
Bitcoin has had a phenomenal year in 2017 surpassing many expectations as the decentralized currency now commands a whopping $100B market capitalization. This Halloween marks another milestone as nine years ago today the anonymous creator of the ‘Internet of Money,’ Satoshi Nakamoto, released the Bitcoin white paper.
On October 31, 2008, The Idea of a Genuine Peer-to-Peer Electronic Cash System Was Born
On October 31 of 2008, a paper written by a person or group named ‘Satoshi Nakamoto’ released a white paper called “Bitcoin: A Peer-to-Peer Electronic Cash System.” The document issued to the subscribers of the cryptography mailing list described a revolutionary technology that created the world’s first genuine peer-to-peer and decentralized monetary system. The internet-based money enabled online payments without a third party and also wasn’t issued by a government or corporate entity. Nakamoto’s brilliant paper sums up Bitcoin’s primary attributes in the first few sentences that state:
"[Bitcoin] a purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work".
‘There’s Nothing to Relate it To’
When Bitcoin was released into the wild in January of 2009, the decentralized network slowly started transforming the way society perceives money and the entire financial system in general. Bitcoin started with just a few adopters, like Hal Finney who received 10 BTC completing the very first bitcoin transaction. Now the protocol is used by millions of people from every corner of the world, giving individuals a better way to bank, while also moving their funds without permission from so-called rulers.
"Sorry to be a wet blanket. Writing a description for (bitcoin) for general audiences is bloody hard. There’s nothing to relate it to. ~ Satoshi Nakamoto"
In fact, bitcoin is considered the ‘people’s money’ because the decentralized cryptocurrency has no rulers and gives individuals the sovereign freedom to do whatever they want with their money. The complex monetary system is not based on force or fraud, but rather valid consent towards relying on the consensus of math. This is a stark contrast to the untrustworthy banking system we know of today.
“What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party,” explains Nakamoto’s paper.
We the People Have Proposed a System for Electronic Transactions Without Relying on Trust
Now in 2017, more and more people are starting to seek the benefits of Bitcoin’s revolutionary system. At the time of writing one bitcoin is worth over $6,000 and every 24 hours the world is swapping billions worth of BTC. The currency has also resulted in over 1,000 protocol copycats that have used Bitcoin’s technology in some form. The alternative cryptocurrency space that followed Bitcoin’s lead commands $78B worth of ‘altcoins,’ which also trade billions every day. Many proponents still agree that Bitcoin has been an innovative technology that is changing society — much like the evolutionary rise of the Internet over the past few decades.
A lot of people also agree that the importance and relevance of Satoshi’s paper will live on forever, and will always give newcomers an excellent summary of what cryptocurrency is, and the vast possibilities in store for the future. “We have proposed a system for electronic transactions without relying on trust,” Nakamoto concludes at the end of the paper.
Since then, Bitcoin has become a living and breathing economy that has yet to be stopped. On the ninth anniversary of the Bitcoin white paper, 2017 is showing there are no signs of this revolutionary system slowing down.
At Bitcoin.com we keep an archived version of the original Satoshi Nakamoto white paper here for people to share.
Images via Shutterstock, and Pixabay.
Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written hundreds of articles about the disruptive protocols emerging today.
October 22, 2017
By Samuel Haig - 22 October, 2017 (news.bitcoin.com)
Bitcoin’s recent spike above $6000 USD has elevated the estimated value of Satoshi Nakamoto’s holdings to more than $6 billion USD, qualifying the anonymous creator of bitcoin for Forbes’ list of richest individuals. At current bitcoin prices, Satoshi Nakamoto’s estimated 1,000,000 bitcoins would place bitcoin’s founder at number 237 on Forbes’ list.
Satoshi Nakamoto’s Bitcoin Stash Is Worth Approximately $5.978 Billion USD
The value of Satoshi Nakamoto’s estimated 1,000,000 bitcoins would place the anonymous creator on Forbes’ list of wealthiest individuals. Based on the estimated value of Satoshi’s holdings, which at the time of writing is approximately $6.1 billion USD, Nakamoto would be ranked number 237 on Forbes’ list.
Satoshi would be tied for 237th with South African business tycoon Johann Rupert, and Swedish heir and businessman Jorn Rausing. Nakamoto would be ranked higher than Alibaba’s Joseph Tsai, Australian mining magnate Andrew ‘Twiggy’ Forest, and Walmart heiress Ann Walkton Kroenke.
Satoshi is estimated to own approximately 5.89% of the more than 16.6 million bitcoins that are currently in circulation. The largest single bitcoin wallet is Bitfinex’s cold storage wallet, which currently holds over 168,000 bitcoins, or 1% of the total supply. The largest bitcoin wallet was previously owned by the U.S. government, after the FBI seized 144,336 bitcoins from anonymous free market The Silk Road.
With Prices Above $6000 USD, the Total Market Capitalization of Bitcoin Has Surpassed $100 Billion USD
At the time of writing, Bitcoin boasts a market cap of approximately $102 billion USD. If bitcoin were a company, it would be the 73rd largest by market cap, ranking higher than Goldman Sachs, China Petroleum & Chemical, and Bayer.
Whilst bitcoin’s total market capitalization has grown by more than 8% since October 15, the total market capitalization of all cryptocurrencies has contracted by approximately 1% – having fallen from $175.2 billion USD to $173.4 billion USD during the same period. This decline in the market capitalization of all cryptocurrency markets indicates that bitcoin is regaining its market dominance relative to altcoins, with bitcoin currently accounting for more than 59.1% of the total cryptocurrency market capitalization – compared to 54.4% on October 15. This regained market dominance may have been caused by traders shifting their capital into bitcoin following bitcoin’s establishment of new all-time highs above the preceding resistance of $5000 USD.
Images courtesy of Shutterstock
Samuel Haig is a cryptocurrency and economics journalist who has been passionately involved in the bitcoin space since 2012. Samuel has written about the disruptive potential of cryptocurrency with regards to the dialectical relations within contemporary neoliberal capitalism.