What is Bitcoin? Introduction to Bitcoin's issuance price, total volume and white paper

Despite its immense popularity today, Bitcoin's humble beginnings were marked by an unknown issuance price of approximately $0.008 per coin when first mined in 2009.

Oct 07, 2024 at 02:29 pm

What is Bitcoin?

Bitcoin is a decentralized digital currency created in 2009 by an anonymous person or group known as Satoshi Nakamoto. It operates on a blockchain, a distributed ledger system that verifies and records transactions.

Issuance Price

The exact issuance price of Bitcoin is unknown, as it was not sold in a formal initial coin offering (ICO) or through a pre-mine. However, it is generally believed that the first batch of bitcoins was mined by Satoshi Nakamoto in January 2009 and was valued at approximately:

• $0.008 per Bitcoin

Total Volume

The total volume of Bitcoin is limited to 21 million. This number is hard-coded into Bitcoin's protocol, meaning that no more bitcoins can be created beyond this limit.

White Paper

Bitcoin's white paper was published by Satoshi Nakamoto on October 31, 2008, and is titled:

• "Bitcoin: A Peer-to-Peer Electronic Cash System"

The white paper outlines the key principles and concepts of Bitcoin, including:

1. Blockchain technology: A secure and transparent way to record transactions without a central authority.
2. Proof-of-work consensus mechanism: A method of validating transactions and securing the network through computational power.
3. Scarcity: The limited total volume of 21 million bitcoins ensures its value and scarcity.
4. Decentralization: Bitcoin is not controlled by any single entity or government, making it resistant to manipulation or censorship.