Bitcoin, the world's largest and most popular cryptocurrency, celebrates its 14th birthday today. On January 3, 2009, the first block in the Bitcoin blockchain, known as the Genesis block, was mined by pseudonymous developers known as Satoshi Nakamoto. Cryptocurrencies are by-products of blockchain technology.
“The USP of Bitcoin is its decentralized nature. Unlike traditional currencies, which are issued and controlled by central banks, Bitcoin is not subject to any authority. This decentralization is made possible through the use of a distributed ledger technology known as blockchain, which allows transactions to be recorded and verified on a public, transparent and secure network," said Rajagopal Menon, Vice President of WazirX.
Another key aspect of Bitcoin is its limited supply. Unlike fiat currencies, which central banks can print at will, there will only be 21 million Bitcoin. This hard cap on the supply of Bitcoins is built into the protocol and is intended to ensure that the value of the cryptocurrency is not diluted over time, according to experts.
“Despite the challenges, Bitcoin has continued to thrive and become an alternative to the centralized financial world. As Bitcoin turns 14, it is worth reflecting on the incredible journey it has taken thus far and the many innovations it has brought. has inspired. Let’s toast to hope that the next 14 years will be just as exciting for Bitcoin and the crypto world in general,” Menon added.
CRYPTOCURRENCIES had a rough 2022 after hitting all-time highs late last year, battered by everything from Federal Reserve policy tightening to implosions of the Terra/Luna ecosystem, Three Arrows Capital hedge funds, and the FTX exchange. Bitcoin, currently trading above the $16,500 level, is down three-quarters from its all-time high of $69,000 that it reached in November 2021.
“Bitcoin turns 14 today. Being the favorite in this fast maturing asset class, Bitcoin had a roller coaster ride. From being traded for a couple of pizzas to giving people ambitious hopes of buying Lamborghinis with their holdings to more rational adoptions such as investment products by financial institutions, Bitcoin has come a long way. We are witnessing a modern financial revolution led by Bitcoin. With nations drafting legal frameworks around the use of cryptocurrencies, the coming times will be key moments for Bitcoin and the cryptocurrency ecosystem," said CEO and co-founder Edul Patel, Mudrex.
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