Bitcoin turned 10 this year and processed its first 400,000,000th transaction overnight! The first blockchain and corresponding cryptocurrency ever to see the light of day. Over the past 10 years, the support of blockchain and cryptocurrency has been strong and the network continues to break records and set milestones.
The story of Bitcoin
In case you have been living under a rock for the past few years, the price of Bitcoin skyrocketed. From just above $1000 to an all-time high of $20,000 during 2017. However, the result was frustrating to many. A bubble market led to last year’s crypto winter, which shaved more than 80 percent off Bitcoin’s price.
Now, it appears that the adoption of both blockchain and cryptocurrency Bitcoin is seeing a return. Since the start of 2019, the blockchain industry has been focusing on growing adoption and integration across a variety of sectors. Not only that, companies have also turned to blockchain as a legitimate improvement in many industries. Something that wouldn’t happen in the past year.
Blockchain is in many ways a more secure way of storing and validating data. It uses distributed databases rather than centralised one with a central point of failure. That makes it harder for hackers to know where to attack. As blockchain starts receiving mainstream adoption, cryptocurrency is also getting a fair share of attention. We can see that in projects like Facebook Coin and JP Morgan’s JPM Coin – one of Wall Street’s most prestigious banks.
As of right now, Bitcoin is averaging around 350 000 transactions per day. That makes it around 15 000 transactions every hour and two and a half per second. No downtime and holidays needed.
There is another thing worth noting. Bitcoin is the only system in the world, really, that has been running 24/7 since its launch in 2009. Because of the way Bitcoin and blockchain are structured, there are no signs of Bitcoin shutting down any time soon. Rather the opposite, more and more transactions are being made on the Bitcoin blockchain every day.
Exciting Future Ahead
We are truly excited about the future development of the blockchain space. Even though it’s hype certainly peaked towards the end of 2017, developers and entrepreneurs have been working hard on it while the bubble burst. We are starting to see incredible milestones being reached as a result of that and we are sure the future of blockchain is even brighter.
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