Summary
TLDR: Satoshi Nakamoto’s thought process when creating Bitcoin included designing a fixed supply schedule with a 50% reduction in new issuance that happens quadrennially, known as the Bitcoin halving. This event has evolved from a technicality into a global celebration uniting Bitcoiners worldwide, reinforcing the network’s commitment to scarcity, decentralization, and immutability. As the 2024 halving approaches, it continues to hold profound significance as a reminder of Bitcoin’s unwavering principles and serves as a beacon of hope in uncertain times.
Key Points
1. Satoshi Nakamoto meticulously designed Bitcoin with a fixed supply schedule and halving mechanism to ensure scarcity and value over the long term.
2. The Bitcoin halving, once a technical aspect of the protocol, has evolved into a global celebration, unifying Bitcoiners worldwide in their commitment to decentralized, limited-supply currency.
3. The significance of the Bitcoin halving lies in its ability to reinforce the network’s core principles of scarcity, decentralization, and immutability, serving as a guidepost for adherents amid technological, social, and economic uncertainties.