Bitcoin News Today – Today, October 31, 2019 is a remarkable day for the Bitcoin network. Bitcoin just achieved a major milestone, as its whitepaper turns 11. The author of Bitcoin’s whitepaper is the pseudonymous, infamous coder and thinker Satoshi Nakamoto. This means that Satoshi Nakamoto released the first public-facing document with the details of a decentralized ledger and money system known as Bitcoin (BTC) 11 years ago.

Bitcoin Network Surpasses $1 Billion in Cumulative Fee Revenue

The whitepaper of Bitcoin (BTC) just clocked 11 years; this is a major achievement for the network. Recently, Yassine Elmandjra pointed out that the Bitcoin network has seen transaction fees worth $1 billion. Elmandjra is a digital currency analyst at ARK Invest – markets research/fund management firm. This means that all the transactions carried out on the Bitcoin network have incurred an aggregated fee of $1 billion.

Bitcoin (BTC) Price Today – BTC / USD

#	Name	Price	24H %
1	Bitcoin(BTC)	$9,122.35	-1.22%

The most notable thing about this number is that it was all carried out with a decentralized system, and the fees are shared to miners across the globe that voluntarily maintain the network for a monetary incentive. The founding partner of Adamant Capital – Tuur Demeester – gave the best frame to this statistic when he tweeted today that this effectively means that “$1 billion funding the strongest firewall in the world.”

Bitcoin (BTC) Is Not Ready for Mass Adoption – Jack Dorsey

The CEO of both Square and Twitter – Jack Dorsey – said that Bitcoin (BTC) is not yet ready for global mainstream adoption. Square and Twitter are to firms that have a relatively large digital currency demographic. Dorsey said that Bitcoin is not functional as a currency, with reference to the slow transaction of the network. The Bitcoin network is capable of processing only seven transactions per second, which is very poor when compared to centralized platforms such as Visa, PayPal, and more. The CEO further added:

“The peaks and troughs are like an investment asset and are equivalent to gold. What we need to do is to make it more usable and accessible as a currency, but it is not there yet.”

Samson Mow of Blockstream recently said something that backs up the comment of Dorsey. Mow said that seeing that at the base layer, Bitcoin takes about 10 minutes to process transactions on an average, sometimes up to three hours, it is not ready to be used as a global currency. Mow quipped that:

“You do not create a payment system that takes 10 minutes to process on average.”