SATOSHI’S THOUGHT PROCESS

Have you ever wondered what it must have been like for Satoshi Nakamoto back in 2008 when he published the Bitcoin Whitepaper? Spending countless hours in solitude, meticulously writing the code that would bring the world its first-ever successful attempt at creating a truly decentralized monetary network, the first of which our species has ever had the privilege of experiencing. The pseudonymous creator’s thought process is one we can’t picture – laying out Bitcoin’s framework and ironing out the innovation that is the network’s distributed ledger, the complex mining process that secures it. And then, one of the most fundamental, yet underappreciated, pieces of Satoshi’s design was the pre-coded, fixed supply schedule with a 50% reduction in new issuance that happens quadrennially – the Bitcoin halving.

Hard-coded into Bitcoin’s core, this deflationary event called “the halving”, which enforces the reduction in the supply of the bitcoins…



Source link