It has now been sixteen years since the original publication of the Bitcoin whitepaper on the cryptography mailing list. Satoshi went and dropped the paper in the place it would be best received, where all of the cypherpunks and cryptography nerds who had been obsessed with digital cash systems for years hung out and regularly discussed that and other related topics.

The whitepaper was by no means even close to a comprehensive description of the Bitcoin protocol. It didn’t describe the scripting language at all, it didn’t go into a difficulty adjustment algorithm, it just vaguely described the concept of one. It didn’t define the exact protocol blocks were propagated across the network with (just a vague description), or the difference between consensus and policy rules. It didn’t define an issuance schedule or a total supply, just that it could be finite at some arbitrary value and eventually end issuance to support the network based solely on fees.

None of the actual implementation details or specifics of the actual system were described in any way whatsoever. Just the general concept of a proof-of-work secured blockchain and how it could function without a central third party taking the role of record keeper for the transaction history to prevent double-spending.

This is still a rather profound document given all of its shortcomings when weighed against the Bitcoin protocol itself in totality. Applying proof-of-work with a difficulty adjustment to the double-spend problem is the profound breakthrough that actually differentiated Bitcoin from prior attempts at digital cash, such as bitgold or e-cash.

While the whitepaper itself is by no means close to enough information to reimplement the protocol as it stands today, it is enough to replicate a similar enough system. It’s the heart of it, the bits that really had to exist for the protocol we know to be brought into the world. Despite its lack of details and specificity, it will stand the test of time as one of the most important academic papers released in the 21st century.

Everything brought into the world starts with an idea, and the ideas in this paper are truly profound in the implications and consequences they have had, and will continue to have on the world around us.

Happy Whitepaper Day. 

This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

Some things in Bitcoin are just not up for debate.

The plural of bitcoin is also bitcoin— not bitcoins. (One bitcoin, two bitcoin, three bitcoin…) Bits is a better sub-denomination than sats. (100 sats is actually one bit, like a 100 cents is one dollar; being a wholecoiner makes you the Bitcoin-equivalent of a millionaire, as that would mean you have a million bits.) And October 31st is not Bitcoin’s birthday.

Bitcoin’s birthday is January 3rd. It says so right there in block 0: 2009-01-03 19:15:05 GMT +1. On that day Bitcoin’s blockchain launched, with 50 newly generated coins issued to Satoshi Nakamoto’s public key. (But from which Bitcoin’s creator cannot spend according to the protocol rules; since Satoshi was the only person who could have created the genesis block, that would have effectively constituted a 50 BTC pre-mine.)

Yes, Bitcoin was first proposed through Satoshi’s white paper on October 31, 2008. But you don’t celebrate your birthday on the day your mom told your dad she wanted to have a kid. Nor do you celebrate it on the day your parents conceived you, or on the day they announced you to the world via a gender reveal party.

You celebrate your birthday on the day you were born, and the same is true for Bitcoin. January 3rd.

Happy Bitcoin White Paper Day.

This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

Ah, Halloween. The one night a year where we’re supposed to be scared of things that go bump in the night. You know, your classic cast of characters: Dracula, Frankenstein’s monster, your weird neighbor who leaves their Christmas lights up all year round. But here’s the thing—none of those guys actually scare us anymore, do they? I mean, a werewolf might give you a mild startle, but you know what’s really terrifying? The sound of a fiat currency money printer. That, my friends, is nightmare fuel for 2024.

Remember when Frankenstein’s monster was the height of terror? Big, lumbering, slightly awkward in a “do you even lift, bro?” kind of way. Sure, he was menacing back in his day, but now? Come on, Frankenstein’s just a misunderstood guy with a bad skin-care routine and no Wi-Fi. Dracula? The guy’s been outpaced by vegan diets and everyone’s obsession with garlic these days. Werewolves? Maybe once upon a time, but now we’ve got laser hair removal for that.

No, the real monsters of the past just don’t cut it anymore. Today, we’ve got something far scarier, lurking quietly in the background, slowly draining the life out of our savings accounts. Forget the undead—this beast prints its way into our nightmares. Enter: the fiat currency money printer. Terrifying, isn’t it?

Imagine this: you’re dressed up as a money printer for Halloween. You walk into the room, wearing a suit made entirely of dollar bills, making that eerie brrr noise. Suddenly, everyone’s blood runs cold. Forget vampires—this is the stuff of real terror. Because the truth is, inflation doesn’t just take your blood—it takes your hard-earned money and leaves you with less and less every day. Now that’s scary.

Inflation is the ultimate modern-day monster. It sneaks up on you, slowly chipping away at the value of your currency, all while governments crank up those money printers like it’s a haunted house attraction they’re particularly proud of. Only this time, it’s not candy coming out—it’s debased, devalued paper that used to be worth something.

So yes, folks, this Halloween, the money printer is the real villain. It doesn’t wear a mask or haunt a castle; it lurks in central banks and government policies. Every time that printer goes brrr, your savings are silently screaming in terror.

But like every good horror story, there’s a hero. And in this tale of financial fear, that hero is Bitcoin. In a world where inflation runs rampant and fiat currency gets printed into oblivion, Bitcoin is the knight in shining blockchain. It’s here to protect you from the terrifying specter of currency debasement, offering a lifeline out of the inflationary horror show.

Picture this: while Timmy and Sally are out trick-or-treating, they stumble upon a house where, instead of handing out candy, they’re offering something much sweeter—financial sovereignty. No money printers here, just the decentralized beauty of Bitcoin. It’s the one thing that can stand up to inflation and say, “Not today, money monster.”

With a fixed supply of 21 million coins, Bitcoin doesn’t play the “brrr” game. It’s like garlic to a vampire, or silver to a werewolf. Inflation can’t touch it. And as we all know, the scariest thing about monsters is when they can’t be stopped—but Bitcoin can stop this one.

Happy Halloween, and may your portfolio stay spook-free.