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Bitcoin Birthday This Month

Bitcoin birthday

November 9, 2020 | 

JOHN K MWANIKI |  0 Comments| 

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It's unimaginable what a decade can mean to humankind. A decade ago, the fiat currency was the unrivaled mode of exchange. There was a unison consensus on the fiat's operations and the stock system. The government, through the central banks playing a critical role. 

Everything has changed within the few years leading to this point. 

Satoshi Nakamoto released Bitcoin's whitepaper on October 31. The day marked the start of the economic revolution. It was a movement started to challenge the dominance of the fiat currency. It was the only way the world would be safe from the possibility of another economic crisis. 

The release of the Bitcoin whitepaper followed the 2008 financial crisis

After several strides, it is only right to celebrate Bitcoin's birthday month. The coin has surpassed all the imaginable goals at the time of release. It has created a new financial alternative. 

Follow through to understand the history of the coin. You will also coin's current state and the future. 

A Brief History leading to Bitcoin birthday month

Twelve years back, Bitcoin was an idea. Its existence as a form of a whitepaper. By then, only a few people were starting to partake in it. Only the tech-savvy who believed in blockchain technology thought of its abilities.

Years later, the coin has become a currency and an asset. It is almost becoming mainstream as it also attracts the institutions. This comes at a time when the cash has several derivatives. It is also looking at a possible regulation. 

Below are some of the major highlights leading to the current Bitcoin Birthday

  • October 31, 2008 – Satoshi Nakamoto releases the first-ever digital currency white paper. Bitcoin; A Peer to Peer Electronic Cash System. This marked the start of the journey towards the current crypto boom.Bitcoin's birthday is all through the month preceding the release date. 

  • May 22, 2010 – A Bitcoin user buys the first-ever goods using the digital currency. Laszlo Hanyecz ordered pizza using 10,000 BTC. The amount would be equal to 140,000,000 USD at the current rates. Even though such rates are high, the user does not regret it. He made a breakthrough in the process. It was so crucial that it gained a crypto holiday, Bitcoin Pizza day.

  • February 2011 – Bitcoin's value reaches $1. 

  • September 2012 – Bitcoin becomes a payment option for merchants. Bitpay reports over 1,000 vendors are accepting the digital currency. Bitcoin's gain over the years would see many other merchants embrace Bitcoin. The number of merchants accepting Bitcoin would cross the 100,000 marks in 2015. 

  • November 2017 – Bitcoin gains even more as it hits over 10,000 for the first time. The gain would keep on with the ultimate limit being at $2,000. These are some of the highest the coin has ever got to date. It, however, declined after a few weeks. 

  • 2019 – Bitcoin had a mixed 2019. It struggled to regain the past year's outstanding values. It would fall early in the year, then range around $3,000 for some time. It went high in April; they lost around August. The coin still closed the year at about $7k. 

  • November 2020Bitcoin's birthday comes when the coin is performing well. It is at some of the second-highest levels of around $14,000. It also a time when currency is crucial in the economy. It is the alternative to an otherwise struggling traditional stock economy. It is also headed to become more mainstream. Other cryptocurrencies like Ethereum and Ripple are also doing well. 

Has Bitcoin hit its Biggest breakthrough? 

Bitcoin has grown over the years. The primary concern, though, is whether the coin has its ultimate breakthrough. By now, there is no single breakthrough for the currency. 

At the start, the coin was all about establishing an alternative to the fiat currency. So far, it has excelled in that front. The coin has acted as the alternative, more so when the fiat struggles. This has been evident during the coronavirus period. 

The traditional has had a tough 2020. Most companies have struggled due to stalling over the lockdown. It is at this period when Bitcoin has performed the best. It has rallied from the lows of $3k in March to the current $14k at Bitcoin's birthday month.

The other look for breakthrough is on gains and losses. Bitcoin has had varying resistance and support levels. One of the breakthroughs leading to Bitcoin's birthday is hitting the $10k mark in July. 

The coin has struggled to pass through the resistance levels. Hitting the $10k mark made it more appealing to the investors. Most traders started looking for a piece of the asset. This is also the point most accepted it as the "digital gold."

The coin still has a lot to achieve. It will have several other breakthroughs in the future. Still, there is no single most significant breakthrough. This brings us to highlight the future past Bitcoin's birthday

What next after Bitcoin Birthday?

Bitcoin's birthday month comes when the coin is at its strongest. After a slow October, bitcoin has gained in recent times. Even though it declined to reach around $13500, it has rallied again to regain the $14k. 

The future of Bitcoin looks assured. Several entities who had doubted the coin are accepting it. For example, the institutional banks had earlier opposed Bitcoin. They have, however, recently started to embrace the coin. JPMorgan has already rallied investors behind the digital currency

Regulation plans also look better for the coin. Most people prefer the currency due to its decentralized nature. It is, however, becoming harder to let the coin run without regulation. It has to become more centralized as it becomes mainstream.

Already, Bitcoin exchanges are working like traditional stock exchanges. They are following the know-your-customer protocols. They are also obliged to report any suspicious transactions. The more the regulation applies, the more cryptos become investor-friendly. It would end up attracting more institutional investors. 

Bottom Line 

Bitcoin's birthday month is a time to appreciate the several milestones of the coin. Bitcoin has revolutionized the economy. It has provided an alternative to the traditional financial system. Several other currencies following the coin's network are also doing well. With over 5000 virtual currencies in the system, Bitcoin remains the leader.  

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