Bitcoin has completed 11 years since the release of its official whitepaper. Here’s a brief journey about the crypto and its growing popularity.
Today, October 31, marks the 11th birthday of Bitcoin after its founder Satoshi Nakamoto unveiled the whitepaper back in 2008. Over the last 11 years, Bitcoin has established its supremacy in the crypto market as the world’s largest cryptocurrency by market cap.
On 31 October 2008, Satoshi Nakamoto published the #Bitcoin Whitepaper.
Happy Anniversary $BTC!
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📑https://t.co/JECDzwxCnIDiscover the history behind #Blockchain
🔗https://t.co/EhvS2nH6BR pic.twitter.com/YUlpKiZFPg— Binance (@binance) October 31, 2019
At the time of writing, Bitcoin is trading at a price of $9103 with a market cap of $164 billion. Furthermore, Bitcoin alone continues to dominate over 65% of the overall market cap.
Bitcoin, a decentralized peer-to-peer electronic cash system emerged as an alternative to the traditional banking sector. Based on the blockchain technology, Bitcoin offers a robust, transparent and low-cost way to transfer funds instantly anywhere across the globe.
Over the last few years, Bitcoin developers have been working hard to accommodate more users in its ecosystem. Scalability solutions like Lightning Network have been successful in expanding the Bitcoin ecosystem while further work continues in this direction.
If we look at the Bitcoin journey over the last decade, Bitcoin has been through multiple cycles of gloom and doom. However, it has managed to stay strong against multiple headwinds giving its investors returns of several thousand percentages.
While several other altcoins have been hit with a massive regulatory crackdown, Bitcoin has managed to surge past all the hurdles. This is the reason, Bitcoin is the most-preferred cryptocurrency of investors. Bitcoin’s glorious journey has also grabbed the attention of big financial organizations and institutional investors.
In the last two years, a number of Bitcoin-based institutional and derivative products are launched in the market. Big names like ICE, Fidelity, CME, etc. have introduced products like Bitcoin futures, Bitcoin options, Bitcoin custody solutions and much more.
Most of the financial institutions see Bitcoin as digital gold and also as a potential hedge against any sorts of oppressive banking systems and practices. In addition to it, Bitcoin is widely used by people and in countries wherein, the local currency and financial stability have toppled.
Citizens of Venezuela, Zimbabwe, etc. have adopted Bitcoin use on a wide scale to protect their capital against their crashing economy. Moreover, countries like Argentina and Brazil have also introduced Bitcoin officially in its financial structure.
In another milestone, the Bitcoin network clocked $1 billion in cumulative revenue yesterday on October 30, 2019.
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