After a decade and a half since Bitcoin’s inaugural block, the original cryptocurrency has faced and conquered critics, detractors, and provocateurs, establishing itself as one of the world’s premier assets. While many hail October 31, 2008, the release of the Bitcoin whitepaper, as the cryptocurrency’s original birthday, others opt for a more technical perspective, designating January 3 as the true moment Bitcoin materialized as a store of value and transferable currency.
On January 3, 2009, the enigmatic Satoshi Nakamoto mined the genesis block, initiating years of triumph against skeptics, including critics, mainstream media, politicians, and governments worldwide. As Bitcoin reaches its 15th birthday, let’s take a comprehensive look at the Bitcoin ecosystem.
Bitcoin ATM Network
Bitcoin ATMs were invented approximately five years after the first block was mined, with historical data proving that the first ATM was operational in October 2013. The goal was to give people another way to trade their local fiat currency for Bitcoin.
While the Bitcoin ATM network grew slowly at first, thousands more Bitcoin and crypto ATMs were added each year around the world as mainstream Bitcoin acceptance grew. In 2021, about 40,000 Bitcoin ATMs were active on the network.
Following 2021, global tensions and poor investor sentiment in the midst of a bear market resulted in an immediate but brief decrease in Bitcoin ATMs. However, almost 34,000 Bitcoin ATMs remain functioning worldwide as of January 3, 2024.
Close to 1M Bitcoin blocks mined till 2024
Bitcoin miners continue to mine blocks in exchange for rewards 15 years after the first block was created. Individual and corporate interest in Bitcoin mining confirms the technique as a viable economic model that also helps defend the Bitcoin network from external attacks.
Millions of Bitcoin transactions have been permanently recorded in 825,000 blocks over the last 15 years, and neither the miners nor the investors intend to stop.
Mainstream adoption of Bitcoin
Despite considerable opposition to popular adoption, those from hyperinflated economies were the first to recognize Bitcoin’s significance as the future of money. El Salvador took care of establishing Bitcoin as legal cash and, in two years, demonstrated Bitcoin’s endurance in the face of global economic turbulence.
El Salvador’s President Nayib Bukele indirectly encouraged other leaders to reconsider Bitcoin’s suggestion. On the other side, despite Bitcoin’s ability to provide uninvited independence from centralization, certain nations, including China and Saudi Arabia, continue to block its use.
Bitcoin’s journey from worthless to priceless till 2024
Despite all odds, Bitcoin currently has a near-$900 billion market capitalization, a figure amassed in just 15 years. An early Bitcoiner persuaded a pizza parlor to sell him two pizzas for 10,000 BTC in 2010. Today, he could establish his own pizzeria for as little as one Bitcoin.
Businesses in practically every industry have begun to accept Bitcoin in exchange for their services. Bitcoin may be used to make practically any purchase, from real estate and concert tickets to holidays and education, without involving banks or other centralized bodies. To understand more about how to spend Bitcoin, see this article.
