“The greatest gift Satoshi Nakamoto gave us was Bitcoin. The second greatest gift was then disappearing.” ~ Rhythm, Twitter user

Over the last week the cryptocurrency market has been bouncing between $241 billion and $251 billion. Bitcoin has been trading above $9000. It is currently standing at around $9315. Most coins either seeing gains or losses in the range of 1-3%. Last week Bitcoin celebrated its 11th birthday of Bitcoin whitepaper. On 31th of October, 2008 the anonymous Satoshi Nakamoto published the Bitcoin whitepaper, which is a document that contains the description of how Bitcoin works. The Bitcoin blockchain didn’t officially launch until the 3rd of January, 2009. 

Since its creation, Bitcoin has been consistently setting new records. Over the years Bitcoin’s all time appreciation in price has been 304 033 233%. Bitcoin’s first-ever recorded trading price was noted on Mar. 17, 2010 — on the now-defunct trading platform bitcoinmarket.com, when one whole Bitcoin was worth $0.003.

85% of Bitcoin supply has already been mined now there are less than 3 million Bitcoin has been left to be mined. Since Bitcoin’s genesis block miners have earned $15 billion revenue and $1 billion of all miner revenue came from cumulative transaction fees. Bitcoin is already helping people in countries where economic and political instability reign, combined with the risk of inflation. The purpose of Bitcoin is to put the power back into the hands of the people and reduce the need for a central authority.

What is the name of the research paper that brought Bitcoin to the world?

1. Bitcoin: a decentralised electronic cash system
2. Bitcoin: a peer-to-peer digital money system
3. Bitcoin: a peer-to-peer electronic cash system

Scroll down to see the answer at the end of the newsletter.

The Association of German Private Banks (Bankenverband) which represents more than 200 private commercial banks including Deutsche Bank, Credit Suisse and Commerzbank has issued a statement and called for the creation of a common pan-European payments platform for the programmable digital euro. According to the statement - which mentions Facebook’s Libra in the beginning of the text -  “there can be no question that responsibility for the monetary system lies, and will continue to lie, with sovereign national states. Any currency provided either by banks or by other private companies must therefore fit into the state-determined system. Anything else would ultimately lead to chaos and instability.” 

The association states their position across eleven points. They believe it is important to achieve a social consensus on how programmable digital money can be integrated into the existing financial system. According to their opinion the main burden of this public-policy (in the best sense of the term) task rests with central banks, governments, parliaments and regulators. Protection for consumers, deposit guarantee and data protection proposals are set out in point 11. The association wants the users of a digital euro to be clearly identifiable, just as bank customers, the regulatory standards for digital euro to be clarified and ensure legal certainty and transparency for the future monetary system in which both traditional money and digital money are present.

Building Block was launched in 2017 by the United Nations World Food Programme as the largest blockchain project in the humanitarian sector. Today the project serves 110 000 Syrians living in refugee camps in Jordan. In 2012, Former U.N Secretary General, Ban Ki Moon said that 30% of donations failed to reach beneficiaries due to middlemen and corrupt officials. However through blockchain corruption is impossible. Blockchain allows UN to track every cent from an instant a donation is made to when a physical good is bought. Every person is given 20 dinars (about €25) for themselves and their children with which they can buy the food they want from the supermarket. Refugees buy through a biometric payment system without exchanging cash. Iris scanners are positioned at supermarket cashiers enabling to draw the required amount from their aid allowance. By removing third parties with blockchain the UN has reduced their transactional cost by 98% which equates to around $40,000 a month.

What is the name of the research paper that brought Bitcoin to the world?

The correct answer is “C”.

Thank you for reading :) 

Have a great day!

Cheers, 
MrCoin
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