Bitcoin White Paper 11th Anniversary! The cumulative fee scale officially exceeded $1 billion

Today, the bitcoin white paper written by the mysterious character Satoshi Nakamoto is 11 years old. That is to say, 11 years ago today, Nakamoto published the first public-facing document, outlining A decentralized ledger and currency system he called "bitcoin."

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Coincidentally, on the same day, the Bitcoin blockchain reached an important milestone.

According to Yassin Elmandjra, a crypto asset analyst at market research/fund management firm ARK Invest, the Bitcoin network has now paid $1 billion in fees. In short, the total handling fee for all bitcoin transactions has reached $1 billion so far. too crazy!

What's more remarkable about this number is that it is all done through a decentralized system, and the fees are allocated to the global miners' group, who volunteer to maintain the blockchain for monetary rewards.

"Official! The cumulative fee income of the Bitcoin network has exceeded $1 billion."

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Tuur Demeester, founding partner of Adamant Capital, best described this statistic when he wrote on Twitter today, which actually means “$1 billion to fund the world's most powerful firewall.”

Bitcoin is not ready as a consumer payment method

Although Bitcoin is clearly already in use, the above statistics are not yet ready to become a consumer payment method.

Jack Dorsey, chief executive of Twitter and Square (two companies with relatively large cryptocurrency users), believes Bitcoin is not yet ready for large-scale adoption. He said that it is not "as a currency" and seems to refer to the basic processing speed of 7 transactions per second, which is pale compared to (centralized) PayPal, Visa and so on. Dorsey added:

"The peaks and valleys of Bitcoin make it like an investment asset, equivalent to gold. What we need to do is make it easier to use and use as currency, but it has not yet reached this point."

Dorsey's comments were supported by Blockstream Chief Strategy Officer Samson Mow. He said that seeing Bitcoin takes an average of 10 minutes to process transactions at the base level, sometimes even more than three hours, so Bitcoin can't be used in the global currency environment. He said: "You will not design a payment system that takes an average of 10 minutes to settle."

However, related solutions are in the pipeline. Bakkt, the bitcoin trading platform of the NYSE's parent company, the Intercontinental Exchange (ICE), will launch a payment application that can be used in Starbucks to consume cryptocurrencies. It's unclear how Bitcoin fits into this scenario, but the company is probably focusing on Bitcoin.