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Ten years ago on a day like today, the Bitcoin Genesis lock was mined. Bitmex has taken to the front page of Times Newspaper to thank Satoshi Nakamoto for the creation of Bitcoin.
Bitcoin is exactly 10 years today. Back in October 2018, there was the decade anniversary of BTC. However, that was the anniversary for the original Whitepaper published by Satoshi Nakamoto. Today is exactly 10 years since the first Bitcoin came into existence. Hence, it is the decade-old anniversary of the mining of the cryptocurrency genesis block.
Bitmex has published an advertisement on the front page of January 3rd, 2019 edition of The Times. In that advertisement, the company thanks Satoshi for Bitcoin. They also reflect on how far the largest cryptocurrency has come in the past ten years. Bitmex has also grown leaps and bounds.
We have highlighted earlier that Bitmex is creating its own Bitcoin software client strengthening its top rankings in the crypto world. This is an example of the many developments that the company has achieved since its inception. The largest crypto was developed to shield the world from future financial crises.
The Bitcoin Genesis Block
The greatest global financial crisis of 2008 is a primary motivating factor in Bitcoin development. The genesis block is quite important since it was the first block in the blockchain technology. It powers all functions of bitcoins and other cryptocurrencies. It is unique in the chain since it is the only block in the digital infrastructure not linked to a previous block.
The address that got the first mining reward has received a further 16 over time. The first mining reward was 50 bitcoins. In most Satoshi-codebase cryptocurrencies, including bitcoin, the founder cannot mine the first mining reward. The code was originally written to protect the first account. Thus, even Satoshi cannot spend these coins.
On November 13, 2008, while discussing his Bitcoin Whitepaper, Satoshi said:
“It’s very attractive to the libertarian viewpoint if we can explain it properly. I’m better with code than with words though,”
He believes that the digital currency is the answer to the stumbles of fiat money.
Surprisingly, But Bitcoin Thrived in the Bear Market of 2018
Laymen think that Bitcoin had a terrible 2018. However, the knowledgeable individuals like Jameson Lopp and Armin Van Bitcoin think otherwise. Although the crypto lost 84.5% of its peak value several weeks back, its fundamental performance and key data points are recorded here.
In 2018, critics proclaimed Bitcoin dead at least 90 times. That figure is down from 2017’s 125 times but still considerably up compared to the 28 reported cases in 2016. Erik Finman, the first public teenage Bitcoin millionaire worldwide also issued an obituary. He thinks that bitcoin will wither after at most two more bull runs.
The Reddit’s in-house Bitcoin community grew by 61% translating to 380,000 throughout 2018. Although that figure is down from 2017’s 200% growth, it is still impressive. In early-December, this forum surpassed one million subscribers.
BTC market dominance hovers around 52% currently, rising from the previous 32.5% levels of 2017. Also, its SegWit protocol adoption rose from 10% to 40%. Initially, SegWit was deemed a short-term scaling solution helping reduce transaction sizes. The increased adoption rate means that the solution is applicable for the long term.
Hashrate doubled throughout 2018. Despite the ‘death spiral’ bitcoin rumors arising from capitulating miners, the network doubled from 19 to 38 exahashes per second. It can take 270 days for any hacker with 100% of the current hashrates to rewrite the whole blockchain.
The Lightning Network Capacity surged from zero to 500BTC. Throughout the year, the second-layer scaling solution went live. It supports near-instant, low-cost, and secure transactions. Currently, this scaling solution holds up to 500BTC at maximum capacity. Recently, CryptoGraffiti sold a micro-painting of a Black Swan for 0.000000001 BTC. That was seen as a strike at the centralized financial system while showcasing Bitcoin’s potential.
The number if BATMs (Bitcoin-centric automated teller machines) doubled to 4,000 in 2018. Thus, consumers can now enjoy another channel of cash-in and cash-out of the cryptosphere. The growth in BATMs last year accorting to Lopp:
“Continues a three-year trend of 100% year-over-year growth”
A recent Twitter poll indicated that not more than 20% of people have used the infrastructure. But, most consumers lauded BATMs as a reliable strategy to catalyze global adoption. Hence, it is a bullish statistic that proves Bitcoin did not crumble although the prices fell.
2018 was an excellent year also since $410 billion was transacted in BTC translating to almost $13,000 per second. Even though the trading volumes dropped, some countries enjoyed an explosion. India, Colombia, Venezuela, and Peru saw volumes move parabolically on LocalBitcoins. The statistic proves that bitcoin may become a dependable store of value to protect capital in currency crises.
Bitcoin has suffered from stern criticism since its inception. Even in 2018 alone, critics ‘killed’ the cryptocurrency at least 90 times as its price continued to plummet. Its 10th anniversary will not do the coin any good with mainstream media expected to continue their criticism. The digital currency space remains a mystery to many resulting in the never-ending criticism.
In the past, financial institutions were originally hostile to the cryptocurrencies. However, they have started to come into terms with the new space in recent years.
Crypto-vendors worldwide will most likely mark the day by selling memorabilia. Hardware wallets, watches, framed print, and t-shirts are some of the souvenirs that vendors will sell on Bitcoin’s 10th anniversary. These souvenirs will sell for various prices. Crypto fanatics will get something worthwhile to commemorate the day irrespective of their budget.
It is not mandatory to celebrate the coin’s anniversary. However, 10 years is a milestone that is worth commemoration.