U.Today – The profound insights of Bitcoin’s enigmatic creator, Satoshi Nakamoto, continue to stir emotions a decade and a half after Bitcoin’s inception.
In a tweet, Bitcoin historian Pete Rizzo revisited a key statement made by Bitcoin’s enigmatic creator, Satoshi Nakamoto, exactly 14 years ago. The statement, which explained Bitcoin’s promise when it was valued at just $0.07, has resurfaced, shedding delicate on the visionary thinking behind the creation of the world’s first cryptocurrency.
Rizzo cited a statement believed to be from the founder of Bitcoin, explaining Bitcoin’s unique value proposition with a powerful analogy.
Satoshi’s message was: “Imagine there was a base metal as rare as gold, but with the following properties: 1. a dull gray color. 2. not a good conductor of electricity. 3. not particularly strong, but neither is it ductile or easily malleable. 4. unsuitable for any practical or ornamental purpose, and has one special magical property: it can be transported through a communication channel.”
According to the quote, Satoshi emphasized one “special magical property” of the metal: “it can be transported through a communication channel.” This unique feature embodied Bitcoin’s revolutionary potential, distinguishing it from time-honored assets and currencies.
At the time of writing, BTC was priced at $63,705.
94% of the total Bitcoin supply has already been mined
A significant milestone in Bitcoin’s supply schedule has been reached: approximately 94% of Bitcoin’s total supply has been mined. More than 19.74 million BTC have been mined to date, out of a challenging cap of 21 million.
There are only about 1.26 million BTC left to be mined. At the current block reward of 6.25 BTC, the remaining supply could take over 100 years to fully mint, according to estimates. Experts predict that 99.9% of all Bitcoins will be mined by 2140, with miners receiving fees rather than subsidies.
This controlled supply schedule is an vital part of Bitcoin’s value proposition. As issuance slows and demand increases, Bitcoin is expected to become scarcer over time, an attractive feature compared to the unlimited printing of fiat money and currency depreciation.
