Satoshi Nakamoto posted the Bitcoin whitepaper to a cryptography mailing list, proposing a way to make electronic payments without relying on trusted financial institutions. The excerpt looks back on Bitcoin’s growth, including the US approval of spot Bitcoin exchange-traded products in January 2024, but says its long-term security remains uncertain.
A proposed upgrade, BIP-360, aims to reduce certain risks from quantum computing; it has not been adopted. The excerpt also raises questions about exchange security and whether transaction fees will pay miners enough as block rewards decline. Fees made up just 0.67% of miner revenue in the 90 days to Oct. 4.
