July 21, 2024
Bitcoin Marks 15 Years Since Genesis Block
Bitcoin News

Bitcoin’s 15th Birthday: From Genesis Block to Global Phenomenon

While some mark October 31, 2008, the publication date of the Bitcoin whitepaper, as Bitcoin’s original birth, others opt for a more technical standpoint to pinpoint Bitcoin’s true inception. For the latter, January 3 stands as the concrete date when Bitcoin emerged as a store of value and a functional currency.

This milestone was marked by the mining of the genesis block—the very first block of Bitcoin—on January 3, 2009, authored by the enigmatic figure Satoshi Nakamoto. Following this event, Bitcoin underwent years of resilience against skeptics, encompassing critics, mainstream media, politicians, and global governments.

The concept of Bitcoin ATMs originated nearly five years after the mining of the first block, and the historical record affirms that the inaugural ATM became operational in October 2013. The objective was to create an additional avenue for individuals to convert their local fiat currencies into Bitcoin.

While the expansion of the Bitcoin ATM network experienced gradual growth initially, the subsequent years witnessed a substantial rise, with thousands of Bitcoin and crypto ATMs being installed annually worldwide, aligning with the brewing mass adoption of Bitcoin. At its pinnacle, around 40,000 Bitcoin ATMs were actively functioning on the network in 2021. However, following 2021, due to geopolitical tensions and negative investor sentiment amid a bear market, there was a momentary but notable decline in Bitcoin ATMs. As of January 3, 2024, approximately 34,000 Bitcoin ATMs remain operational globally.

Fifteen years after the creation of the first block, Bitcoin miners persist in mining blocks in exchange for rewards. The burgeoning interest from both individuals and corporations in Bitcoin mining affirms its viability as a business model, simultaneously bolstering the security of the Bitcoin network against external threats. Despite staunch resistance to mainstream adoption, individuals from economies plagued by hyperinflation were among the first to grasp Bitcoin’s significance as the future of currency. Against all odds, Bitcoin now boasts a market capitalization of nearly $900 billion, an evaluation amassed within 15 years.

Establishments across diverse sectors have initiated the acceptance of Bitcoin as a mode of payment for their offerings. From real estate and entertainment tickets to travel and education expenses, Bitcoin facilitates purchases without involving intermediaries like banks or centralized entities. As of January 2024, Bitcoin stands as the 9th most valuable asset globally, solely based on its market capitalization.

Image by freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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