By
Temitope Olatunji
April 26th, 2024
Today Bitcoin is widely accepted in the United States, the United Kingdom, Asia-Pacific nations such as Hong Kong, Singapore, Thailand, the Middle East, and some European markets.
Fifteen years ago, on January 3, 2009, Satoshi Nakamoto, the mastermind behind the Bitcoin (BTC) protocol that sparked the cryptocurrency revolution, successfully mined the inaugural genesis block.
As a reward for this milestone, the pseudonymous Bitcoin creator received 50 units of the crypto asset, which at the time had no value. Alternatively known as Block 0, the genesis block bore a secret message that read:
“Chancellor on the brink of a second bailout for banks.”
Today, the crypto community is commemorating the 15th anniversary of the genesis block, reflecting on its pivotal role in ushering in a new era of money through the emergence of digital assets.
Celebration of a New Era of Money
The Bitcoin protocol has transformed since its inception with the mining of the first block by its creator. The network is embraced by both companies and individual miners who actively contribute to securing activities on the Proof-of-Work (PoW) protocol.
Their role involves confirming and verifying blocks before transactions are executed on the blockchain. Miners are rewarded from the gas fees users pay to interact with the protocol and the creation of new bitcoins.
In 2012, the same miners’ reward Nakamoto received for executing the genesis block was reduced from 50 BTC to 25 after the first Bitcoin halving.
Four years later, in 2016, the reward was reduced to 12.5 BTC; in 2020, miners were rewarded with 6.25 bitcoins. With the upcoming halving scheduled for April this year, miners are anticipated to receive 3.125 bitcoins. The value of the crypto asset has significantly increased since the genesis block. Bitcoin is currently trading at $42,829, compared to the $38,500 it traded in the same period last year.
Bitcoin’s dominance in the crypto market has surged to 52.42%, reaching levels not seen since April 2021. The crypto asset has a market capitalization of $841 billion, according to CoinMarketCap data.
Bitcoin Becomes Official Currency
Aside from the increase in value, Bitcoin has achieved other significant milestones since the genesis block.
Countries such as El Salvador and the Central African Republic (CAR) officially adopted the crypto asset as legal tender. Both countries made bitcoin an official currency to be used alongside their respective fiats for the exchange of goods and services.
While CAR is yet to introduce other BTC-related initiatives, El Salvador has officially launched a Bitcoin office in the nation. The country also recently issued a new legislation aimed to offer citizenship to foreigners.
Regarding regional adoption, Bitcoin is widely accepted in the United States, the United Kingdom, Asia-Pacific nations such as Hong Kong, Singapore, Thailand, the Middle East, and the European markets.
Currently, the US is considering introducing bills that would regulate the entire crypto market to provide guidance on the issuance and usage of digital assets, including BTC.
Bitcoin Welcomed as Payment Option
The crypto asset has also received recognition as a payment method for certain corporate institutions. Coinciding with its 15th anniversary, Phoenix Motor unveiled that its subsidiary EdisonFuture, which deals with electric pickup trucks, will accept payments in BTC.
Companies such as PayPal, Microsoft, Starbucks, AT&T, Overstock, Twitch, Amazon, Whole Foods, Home Depot, CheapAir, Newegg, Namecheap, Ferrari, and Rakuten have embraced the crypto asset for payments.
In terms of taxes, Switzerland recently disclosed that it will allow citizens and residents of the nation to pay taxes using BTC. The Swiss city of Lugano made the announcement in December 2023, noting that residents in the region can now pay municipal taxes in BTC.
The Prime Minister of Liechtenstein, Daniel Risch, announced last October that the country will also accept bitcoins for taxes.