U.Today – The profound insights of the mysterious creator of Bitcoin, Satoshi Nakamoto, continue to resonate a decade and a half after Bitcoin's creation.
In a tweet, Bitcoin historian Pete Rizzo rehashed 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 behind the creation of the world’s first cryptocurrency.
Rizzo shared a quote believed to have been made by the founder of Bitcoin, explaining Bitcoin's unique value proposition with a powerful analogy.
Satoshi’s message was: “Imagine there were a base metal as rare as gold but with the following properties: 1. dull gray in color. 2. not a good conductor of electricity. 3. not particularly strong but neither ductile nor easily malleable. 4. not useful for any practical or ornamental purpose and has a special magical property: it can be transported over a communications channel.”
According to the quote, Satoshi highlighted a “special magical property” of this metal: “it could be transported through a communications channel.” This unique feature encapsulates Bitcoin’s revolutionary potential, setting it apart from traditional assets and currencies.
At the time of writing, BTC was trading at $63,705.
94% of the total Bitcoin supply is already issued
A major milestone has been reached in the Bitcoin supply timeline: approximately 94% of the total Bitcoin supply has been mined. More than 19.74 million BTC have been mined so far, out of a hard cap of 21 million.
This leaves only about 1.26 million BTC left to be minted. At the current block reward of 6.25 BTC, the remaining supply could take over 100 years to be fully minted, according to estimates. 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 more scarce over time — an attractive quality in the face of unlimited fiat money printing and currency debasement.
This article was originally published on U.Today
