The Bitcoin network reached a milestone on December 23, 2017. Bitcoin’s value exceeded $20,000 for the first time ever.
Bitcoin is a cryptocurrency that was introduced in 2009 by an anonymous individual known only as Satoshi Nakamoto. Bitcoin transactions are made without banks or middlemen between users and Bitcoin is not printed like dollars and cents but mined (or acquired) through complex mathematical equations. Bitcoin has no central authority and each transaction uses blockchain technology which allows Bitcoin to be decentralised with no one person controlling it. Bitcoin Revolution can also help you in providing authentic details about bitcoin trading.
There have been many news outlets reporting that Bitcoin’s price has gone over $2000 before such as when Bitcoin went over $2 billion dollars of total value back in April of 2013, but this is Bitcoin’s very first time going over the $20,000 mark. Bitcoin prices have been on a steady increase since Bitcoin was introduced in 2009 and have gone up from around $800 to more than double that within a year.
Bitcoin’s milestone is similar to the Bitcoin pizza story. Bitcoin reached a major milestone, as it surpassed an important dollar valuation.
The following shows Bitcoin’s value over time:
Bitcoin has grown in popularity since its introduction. Now WhatsApp users can send Bitcoin through their app with BitPesa and Soko Wallet. This news came after Bitcoin reached the $1 billion mark for transaction volume.
In Bitcoin’s milestone, Bitcoin reached a paramount transaction rate of 120 transactions per second. It may have been unexpected and surprising to many Bitcoin enthusiasts to reach this significant milestone as Bitcoin started off making small headways and increasing moderately to reach its desired destination (or milestone), but Bitcoin has made it! Throughout the history of Bitcoin, we’ve seen monumental changes in growth and there is much speculation as well as a wonder on what Bitcoin will be like next year or two years from now.
More revelations about future systems such as Lightning Network (which is still in development) might be implemented towards Bitcoin Core, which could allow for even faster transactions than before. At the moment, Bitcoin Core at best can reach 7 transactions per second maximum due to limitations that were implemented and set in place to protect Bitcoin and its blockchain. Bitcoin Core is not the only cryptocurrency that has faced this hurdle, but Bitcoin Core reached a critical point where its transaction rate was no longer sustainable or feasible. Bitcoin’s milestone is significant due to the fact that Bitcoin may be able to make leaps and bounds within the next couple of years simply because Bitcoin can now keep up with big trading (and even bigger transactions).
At the time of writing, there were at least 97,590 unconfirmed Bitcoin transactions which equate to roughly 120 Bitcoin transactions per second [which means that Bitcoin is capable of sustaining over 100 transactions per second at current capacity]. This might seem like a small number compared to other cryptocurrencies such as Ethereum or Ripple who have been recorded at 1000+tps but Bitcoin is capable of doing so as well. In the past, Bitcoin has sustained a transaction rate of 7/second at its most vulnerable state with users facing issues paying for their Bitcoin transactions due to slow rates and high fees.
It’s hard to say what Bitcoin’s future holds in store for Bitcoin enthusiasts or even just normal people who have heard about Bitcoin or cryptocurrencies, but it seems that Bitcoin will be around for a long time to come. Other “Bitcoin alternatives” such as Ethereum may look attractive with cheaper fees and faster transaction times but Bitcoin still stands tall as the “most important cryptocurrency”. It’s hard to tell whether or not Bitcoin Unlimited will make it now that we’ve reached 100tx/s (on average) due to Bitcoin Core’s limitations, but Bitcoin Unlimited will have to prove its place as a Bitcoin alternative.
Bitcoin has made a significant milestone and it can be said that Bitcoin is a good store of value even if the prices fluctuate every day, Bitcoin is still Bitcoin and Bitcoin continues to excel above others. Only time will tell what Bitcoin holds in store for the next couple of years but one thing is certain: Bitcoin isn’t going anywhere anytime soon.
In Bitcoin’s milestone, Bitcoin reached a paramount transaction rate of 120 transactions per second. It may have been unexpected and surprising to many Bitcoin enthusiasts to reach this significant milestone as Bitcoin started off making small headways and increasing moderately to reach its desired destination (or milestone), but Bitcoin has made it! Throughout the history of Bitcoin, we’ve seen monumental changes in growth and there is much speculation as well as a wonder.