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Holidays for Bitcoiners To Know About

Holiday

August 27, 2020 | 

928 Views | 

JOHN K MWANIKI | 

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The crypto world has a very active crypto holiday calendar. Bitcoin, in particular, has been impressive over the years. Bitcoiners tend to celebrate most of the special days. Here are the holidays every bitcoiner must know. 

Bitcoin Independence Day (August 1st)

You need to know how changes happen in the coin's network to understand Independence Day. The coin had issues on the transaction speeds for some time. 

It completes around seven transactions per second. This is low compared to Visas 2000 transactions per second. These limits can reach 56,000 if needed. 

There had been varying opinions on how to improve such speeds. One team believed the best way to increase rates is by increasing the block size. The other proposal was to increase the Bitcoin network without increasing the block size. Such differences have already seen the coin undergo a fork to form Bitcoin Cash. The Bitcoin Cash protocol is for those who believe in expanding the block size. 

Bitcoin found a way to improve transactions through a segregated witness (segwit). Every Bitcoin transaction consists of a sender, receiver, and a signature (witness). Segwit improves transactions by separating the witness from transactions. Transactions still involve witnesses, but they don't get recorded as part of it. 

Implementing the new development took quite a long time. It required a majority of the critical mass to agree to it. The same issues have arisen with other proposed implementations to the Bitcoin network. Some of these changes are the Segwit2x, BIP 148, and UASF. 

Bitcoin Independence Day recognizes the coin's self-reliance. It emphasizes the uniqueness of the currency such that no single party controls it. Anything owned by a single entity is easy to effects changes. Bitcoin requires consensus before implementing a difference in the network. 

Bitcoin also works such that only the strongest option wins the day. Bitcoin users tend to have differing opinions. Still, they can always get into constructive debates, and a sound one wins. 

Genesis Day (January 3rd)

The Genesis day is all about looking into the milestones of Bitcoin. Bitcoin founder released the Genesis block on January 3rd, 2019. The block contains the first 50 BTC and cannot be spent by anyone. It is also known as "block zero."

The block had the intention of Bitcoin to liberate finances inscribed. It has texts appearing on January 3rd, 2009, in the UK Times Newspaper. The message is about Chancellor bailing reserve banks.  It is more of depicting the failing reserve banks as Bitcoin seeks to take over. 

Over the years, the Genesis block has experienced active interactions. Some users have added around 18.13BTC to the block. Several users also send messages to Satoshi through the blockchain addresses. Most of the letters are soliciting for Bitcoin. 

Genesis Day looks into what the coin has achieved over the years. The coin has grown from a block to become a primary world currency. It is already accepted into the mainstream world and by several businesses. The reserve banks are also accepting Bitcoin as an asset. The coin still looks to improve even more in the future.  

Bitcoin Pizza Day (May 22nd)

Bitcoin transactions have become familiar in the world. Several stores currently accept Bitcoin as a payment method. 

Bitcoin Pizza Day, however, celebrates the first Bitcoin transaction. The transaction involved a user paying for pizza using the crypto coin. He bought two pizzas for 10000 BTC. 

These are huge figures by the current Bitcoin's value. Putting it into context makes it appear as a landmark event. That first transaction was by a Florida man called Laszlo Hanyecz. He is one of the notable Bitcoin contributors. 

He launched the use of GPUs to mine Bitcoin. The GPUs are faster and more efficient than CPUs. His invention kicked-off the race for looking for the most powerful mining tools. 

Hanyecz however, is more famous for the first transaction. What raises eyebrows are the value of such transactions. Barely nine months after the purchase, Bitcoin grew level to the US dollar. It currently trades at around $11k. It means the two pizzas were purchased for more than 110,000,000 by current rates. Also, he went on to spend approximately 100,000 on pizza during the first months. 

Most people would feel wrong about such. Hanyecz, however, has no regrets. He feels it was necessary, and Bitcoin was less valuable back then. The Bitcoin enthusiast holds this day dearly. They celebrate the day every year by eating pizzas. 

White Paper Day (October 31st)

This was the day when Satoshi released the Bitcoin whitepaper to the crypto mailing list. It marked the official introduction of the coin to the public. 

A whitepaper is one of the most critical documents in the crypto world. It outlines everything the coin is all about. It is an essential educational tool for users to understand the currency. 

Bitcoin's whitepaper contained information on transactions, proof-of-work, and the blockchain network. It also expanded on incentives, privacy, and calculations. It is the single most exhaustive document about Bitcoin. 

HODL Day (December 18th)

It is not every day when a short story in a public forum becomes folklore. Still, this is the case of a user in the Bitcointalk forum. He was writing about the reasons for holding coins while others were selling on a bear-run. 

The drunk user misspelt the heading when explaining how a bad trader he is. He also claimed only exceptional, or illusioned traders sell on a bear-run. Fast forward to today, it seems the user made the best decision.  Every year on December 18th, the Bitcoin world celebrates him. 

Bottom Line 

The crypto world has grown in the past few years. It has hit several milestones in the process. 
These milestones come with several memorable days. The list gives you some of the holidays to mark such days. 

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COMMENTS (1)

batholomew brown  batholomew brown . I’m a bitcoin trader and the time I’m writing this blog I can’t find a single review about many bitcoin trading signal services and companies. I have lost lots of money testing them for over an year. I don’t want you to be scammed too.   1 year ago from Canada

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