Bitcoin In Guinness Book of World Records As World’s First and Most Valuable Crypto

Bitcoin In Guinness Book of World Records As World’s First and Most Valuable Crypto.

Every year since 1955, Guinness World Records (GWR) has released their book of information about interesting world records from extreme natural occurrences to human achievements. This year there is a new entry which about Bitcoin, GWR included Bitcoin as the first and most valuable cryptocurrency in the world.

Bitcoin Enters the Guinness Book of World Records

Since 1955, the Guinness Book of World Records has been formally compiling records of extraordinary human accomplishments and natural occurrences. Many people especially tried to get their name on this book by performing many different acts to set a new world record. Sir Hugh Beaver, the managing director of the Guinness Brewery, is credited with having first proposed the concept of compiling a book of records.

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Bitcoin, a cryptocurrency and blockchain network created by Satoshi Nakamoto, has won numerous awards and been covered extensively by many media and people in the world. For instance, the word “bitcoin” was included in the Merriam-Webster Unabridged Dictionary in 2016 and the Scrabble dictionary two years later. Although not much is known about its creator, Satoshi Nakamoto, Bitcoin has now been recognized by Guinness World Records (GWR) as the “first decentralized cryptocurrency.”

GWR Summary Contains Errors

Guinness states that Bitcoin uses proof-of-work to provide decentralized consensus, but it appears that the record keeper is still getting to know Bitcoin.

“Each node (i.e.,computer) represents a validator, also called, in the case of PoW, a miner,” the entry continues.

But this portrayal of nodes and miners is untrue. While a node does validate transactions, miners are independent organizations that contribute to the organization of the data stored in the blockchain’s blocks. Similar to how miners can submit additional blocks to the blockchain, a full node cannot.

The project’s white paper was first published online in 2008, according to the summary of bitcoin found in the most recent Guinness World Records.

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Bitcoin is classified as the “First decentralized cryptocurrency” by GWR researchers. The record-breaking “first” was officially established on January 3, 2009, the day Bitcoin was introduced. Even if the GWR expansion is a success, some of the information provided by GWR researchers is inaccurate.

For instance, it incorrectly lists October 31, 2008 as the date the initial Bitcoin white paper was published and claims that Satoshi Nakamoto possesses 600,000 BTC in a single wallet that “has been idle for more than a decade.” This information is untrue because Nakamoto’s cryptocurrency holdings are spread across multiple wallets, not just one, and instead of the 600,000 BTC that GWR claims, the inventor holds an estimated 1 million BTC.

Other than that, Guinness has acknowledged so many firsts in the Bitcoin sector is noteworthy. For instance, Laszlo Hanyecz paid 10,000 BTC to purchase pizza worth $25 in the first commercial bitcoin transaction, which is a Bitcoiner favorite.

El Salvador also gained praise for being the first country to accept bitcoin as legal money. Bitcoin is recognized as the oldest and most valuable cryptocurrency in the world.

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