A review of bitcoin's 11 years: what has it achieved?
The history of bitcoin is only 11 years, but its achievements are amazing. It is the first cryptocurrency to realize large-scale low-cost transfer of value. Compared with the traditional financial system, it not only has lower transaction cost, but also faster, 24-hour global operation. What's more, based on bitcoin, people abstract out the blockchain. With the birth of the smart contract platform, blockchain innovation has entered a blowout stage. All of this started with the publication of the bitcoin white paper on October 31, 2008. No matter how it develops in the future, bitcoin will be a big event in human history._DJMINER
11 years ago, on October 31, the bitcoin white paper was released. It forever changes technology, finance and our relationship with money.
Like other technologies, currencies have experienced many upgrades over the years. It has evolved from trading shells and metal coins to applications and swiping cards, from facilitating transactions between neighbors to connecting billions of people around the world.
However, there are still many limitations in our current financial system, which leads to hundreds of millions of people being unable to open bank accounts or obtain stable currencies, and international transactions take days or even longer.
Bitcoin is the latest breakthrough in a technology thousands of years old. (the technology of thousands of years in this paper refers to the technology of money)
Although bitcoin was invented 11 years ago, it has changed the way the world understands money. To celebrate the 11th anniversary of the bitcoin white paper, we studied 11 quantitative indicators. These indicators show that bitcoin is gaining momentum, bringing economic opportunities and increasing global utility.
Few transformative technologies, like bitcoin, have quickly attracted public interest and imagination in just 11 years. E-mail was invented in 1972, but only in 1997 did it reach more than 10 million users. Television was invented in 1927, but until the late 1940s, only 2% of American households owned one. Bitcoin began to generate ideas in 2008, and the first transaction took place in 2009. In 2019, it is estimated that there will be 27 million users in the United States alone, or 9% of the population of the United States._DJMINER
The first bitcoin transaction took place on January 12, 2009. At that time, Nakamoto sent 10btc to Hal Finney, a computer programmer. Since then, activity on the bitcoin network has steadily increased regardless of price changes.
Fact: on September 24, 2019, more than 820000 unique addresses traded bitcoin online.
According to Google Trends, since 2009, people's interest in special currency has expanded around the world. For many years, the new country's relative highest interest in bitcoin ranked first, indicating the growing global interest in the technology.
In 2009, Austria had the highest relative interest, followed by Kazakhstan (2010), Estonia (2011), Finland (2012), Ghana (2015), Nigeria (2016), South Africa (2017).
Fact: in 2018, Americans entered "bitcoin" on Google more than a series of headline phrases, such as "royal wedding" and "election results".
More than 55000 nodes (computers that essentially run bitcoin software) are connected to the bitcoin network. Nodes are the basic real source of bitcoin ledgers and are responsible for recording and validating transactions. Although bitcoin networks can theoretically run on only a few computers, more nodes add decentralization and security. By allowing anyone with a computer and access to the Internet to run the node, bitcoin allows anyone to vote anywhere in their global system._DJMINER
Although bitcoin was originally designed as a point-to-point e-cash system, it is gradually surpassing this point. It has now become a popular investment and value storage, similar to gold. This is especially true in areas of economic instability.
According to a survey of 4415 people across the United States by coinbase and qriously, investors believe that cryptocurrencies (such as bitcoin) will have higher returns than ETFs, index funds and their own companies' stocks.
Since 2013, bitcoin has outperformed the world's most popular stock indexes, including technology stocks and S & P 500. Although bitcoin's price fluctuates, with the bull market coming, its price is on the rise.
This year, bitcoin has also surpassed the global stock market index, generating a + 132% return. By contrast, the Nasdaq 100 returned 17%, the S & P 500 12%, the European FTSE 100 11%, and the ASEAN FTSE 40 - 3%.
Fact: 18-34 year olds are more likely to hold cryptocurrencies in their portfolios than precious metals. A quarter of investors with MBAs and PhD hold cryptocurrencies as part of their portfolio._DJMINER
If you start buying $10 bitcoin on October 21, 2015, and continue to invest $10 each month for the next four years, you will invest $480 in total, while the value of bitcoin investment now reaches $3337, with a return of 595% (as of October 21, 2019). Average dollar costs or regular purchases of bitcoin are popular ways to gain long-term exposure to this new asset class. The method of buying bitcoin on a regular basis is also called "hoarding cong", which is calculated according to Cong, which is one billionth of bitcoin.
Fact: according to the qriously survey, 77% of investors with higher income (200000 + USD annual income) in cryptocurrency in their portfolio hold bitcoin.
Venezuela, Argentina and other regions have experienced economic fluctuations this year, and local bitcoins, the point-to-point BTC exchange, has experienced a surge in premium and trading volume in these regions. The economies of Argentina and Venezuela suffer from inflation, corruption and capital controls. Since 2013, more than 600 million US dollars have been traded in bitcoin pairs in Argentina peso, Venezuela Bolivar and other places.
Bitcoin was originally created as "e-cash" for daily transactions, which can replace traditional cash and credit payment, but so far, except for a few regions experiencing economic fluctuations, bitcoin has not become the main driving force for its growth. But millions of people are already trading on the bitcoin network, thousands of stores are accepting payment from bitcoin, and new technology makes using bitcoin faster and cheaper.
Bitcoin's ability to settle large-scale value across borders (24 / 7) is unprecedented in currency history. Every day, billions of dollars of value are successfully transferred through the bitcoin blockchain.
Bitcoin's most well-known attack vectors involve malicious actors changing the bitcoin network by controlling 50% of the network computing power (hash rate). As you know 51% of attacks, this will allow attackers to spend both their transactions and be able to censor others' transactions.
Bitcoin's hash rate is important because it measures how secure the network is. The higher the hash rate is, the more computing power is required to get it in danger. Bitcoin's hash rate recently reached a record 108 million THPS. Bitcoin is undoubtedly the largest computer network and the safest blockchain in history.
That means controlling most of the computing power requires huge amounts of computer hardware that will cost $4 billion to buy directly. Even if it happens that someone has billions of dollars to burn, buying, storing, and supplying hardware with energy are expensive._DJMINER
Compared with the traditional financial system, bitcoin has little cost and transaction time. Sending international wire transfers through major U.S. banks costs about $45, takes days to complete, and can only be processed during bank working hours. The transaction of bitcoin generally costs only about $0.75, can be completed 24 / 7 of the time, can be viewed on the network in real time, and is considered safe after confirming six blocks (within about an hour).
Fact: in September 2019, a bitcoin address transferred over $1 billion worth of bitcoin for $700. The cost only accounts for 0.00007% of the total value. (note to blue fox: transaction costs could have been cheaper. Traders set such high costs. Many community users say that this is a kind of ostentatious behavior, ha ha.)
The current limit is the number of transactions bitcoin can process per second, currently around 7. Bitcoin's lightning network increases its throughput by using the concept of bar labels. Lightning network does not settle each single transaction on the bitcoin blockchain, but allows individuals to carry bar labels with others, so that multiple back and forth transactions can be carried out, and only the final consolidated balance is settled on the bitcoin main chain regularly.
In this year alone, the channel of lightning network has increased by 19 times, and more than 10000 nodes have participated in lightning network nodes in 83 countries around the world recently. (the development obstacle of bitcoin lightning network is not a technical problem, but an application scenario problem in essence. It's a problem of what bitcoin itself is.)
Bitcoin's underlying code controls how much new bitcoin can be generated and limits the maximum supply of bitcoin. Today, in the 11th anniversary of bitcoin, more than 18 million bitcoins are mined, which is getting closer to 2100 bitcoins, and it is expected to be completed by 2140.
The supply inflation of bitcoin is predictable and stable by programming the number of new bitcoin mining. However, the supply of legal tokens may be highly volatile and unpredictable. Since 2008, the average supply of dollars has increased by 36% per year, while the Argentine Peso has increased by 129% per year. By contrast, bitcoin's annual supply is currently only 3.7% and will fall to 1.7% next year.
What's the next step for bitcoin?
Hal Finney, a computer developer, is the recipient of the world's first bitcoin deal. "Computers can be used as tools to liberate and protect people, not as tools for control," he said Bitcoin is the world's first global currency that utilizes the power of computers. Human beings have inherent innovation needs to realize global economic freedom. What we look forward to in 2020 in terms of bitcoin adoption, innovation and interest._DJMINER
11 years ago, on October 31, the bitcoin white paper was released. It forever changes technology, finance and our relationship with money.
Like other technologies, currencies have experienced many upgrades over the years. It has evolved from trading shells and metal coins to applications and swiping cards, from facilitating transactions between neighbors to connecting billions of people around the world.
However, there are still many limitations in our current financial system, which leads to hundreds of millions of people being unable to open bank accounts or obtain stable currencies, and international transactions take days or even longer.
Bitcoin is the latest breakthrough in a technology thousands of years old. (the technology of thousands of years in this paper refers to the technology of money)
Although bitcoin was invented 11 years ago, it has changed the way the world understands money. To celebrate the 11th anniversary of the bitcoin white paper, we studied 11 quantitative indicators. These indicators show that bitcoin is gaining momentum, bringing economic opportunities and increasing global utility.
Few transformative technologies, like bitcoin, have quickly attracted public interest and imagination in just 11 years. E-mail was invented in 1972, but only in 1997 did it reach more than 10 million users. Television was invented in 1927, but until the late 1940s, only 2% of American households owned one. Bitcoin began to generate ideas in 2008, and the first transaction took place in 2009. In 2019, it is estimated that there will be 27 million users in the United States alone, or 9% of the population of the United States._DJMINER
The first bitcoin transaction took place on January 12, 2009. At that time, Nakamoto sent 10btc to Hal Finney, a computer programmer. Since then, activity on the bitcoin network has steadily increased regardless of price changes.
Fact: on September 24, 2019, more than 820000 unique addresses traded bitcoin online.
According to Google Trends, since 2009, people's interest in special currency has expanded around the world. For many years, the new country's relative highest interest in bitcoin ranked first, indicating the growing global interest in the technology.
In 2009, Austria had the highest relative interest, followed by Kazakhstan (2010), Estonia (2011), Finland (2012), Ghana (2015), Nigeria (2016), South Africa (2017).
Fact: in 2018, Americans entered "bitcoin" on Google more than a series of headline phrases, such as "royal wedding" and "election results".
More than 55000 nodes (computers that essentially run bitcoin software) are connected to the bitcoin network. Nodes are the basic real source of bitcoin ledgers and are responsible for recording and validating transactions. Although bitcoin networks can theoretically run on only a few computers, more nodes add decentralization and security. By allowing anyone with a computer and access to the Internet to run the node, bitcoin allows anyone to vote anywhere in their global system._DJMINER
Although bitcoin was originally designed as a point-to-point e-cash system, it is gradually surpassing this point. It has now become a popular investment and value storage, similar to gold. This is especially true in areas of economic instability.
According to a survey of 4415 people across the United States by coinbase and qriously, investors believe that cryptocurrencies (such as bitcoin) will have higher returns than ETFs, index funds and their own companies' stocks.
Since 2013, bitcoin has outperformed the world's most popular stock indexes, including technology stocks and S & P 500. Although bitcoin's price fluctuates, with the bull market coming, its price is on the rise.
This year, bitcoin has also surpassed the global stock market index, generating a + 132% return. By contrast, the Nasdaq 100 returned 17%, the S & P 500 12%, the European FTSE 100 11%, and the ASEAN FTSE 40 - 3%.
Fact: 18-34 year olds are more likely to hold cryptocurrencies in their portfolios than precious metals. A quarter of investors with MBAs and PhD hold cryptocurrencies as part of their portfolio._DJMINER
If you start buying $10 bitcoin on October 21, 2015, and continue to invest $10 each month for the next four years, you will invest $480 in total, while the value of bitcoin investment now reaches $3337, with a return of 595% (as of October 21, 2019). Average dollar costs or regular purchases of bitcoin are popular ways to gain long-term exposure to this new asset class. The method of buying bitcoin on a regular basis is also called "hoarding cong", which is calculated according to Cong, which is one billionth of bitcoin.
Fact: according to the qriously survey, 77% of investors with higher income (200000 + USD annual income) in cryptocurrency in their portfolio hold bitcoin.
Venezuela, Argentina and other regions have experienced economic fluctuations this year, and local bitcoins, the point-to-point BTC exchange, has experienced a surge in premium and trading volume in these regions. The economies of Argentina and Venezuela suffer from inflation, corruption and capital controls. Since 2013, more than 600 million US dollars have been traded in bitcoin pairs in Argentina peso, Venezuela Bolivar and other places.
Bitcoin was originally created as "e-cash" for daily transactions, which can replace traditional cash and credit payment, but so far, except for a few regions experiencing economic fluctuations, bitcoin has not become the main driving force for its growth. But millions of people are already trading on the bitcoin network, thousands of stores are accepting payment from bitcoin, and new technology makes using bitcoin faster and cheaper.
Bitcoin's ability to settle large-scale value across borders (24 / 7) is unprecedented in currency history. Every day, billions of dollars of value are successfully transferred through the bitcoin blockchain.
Bitcoin's most well-known attack vectors involve malicious actors changing the bitcoin network by controlling 50% of the network computing power (hash rate). As you know 51% of attacks, this will allow attackers to spend both their transactions and be able to censor others' transactions.
Bitcoin's hash rate is important because it measures how secure the network is. The higher the hash rate is, the more computing power is required to get it in danger. Bitcoin's hash rate recently reached a record 108 million THPS. Bitcoin is undoubtedly the largest computer network and the safest blockchain in history.
That means controlling most of the computing power requires huge amounts of computer hardware that will cost $4 billion to buy directly. Even if it happens that someone has billions of dollars to burn, buying, storing, and supplying hardware with energy are expensive._DJMINER
Compared with the traditional financial system, bitcoin has little cost and transaction time. Sending international wire transfers through major U.S. banks costs about $45, takes days to complete, and can only be processed during bank working hours. The transaction of bitcoin generally costs only about $0.75, can be completed 24 / 7 of the time, can be viewed on the network in real time, and is considered safe after confirming six blocks (within about an hour).
Fact: in September 2019, a bitcoin address transferred over $1 billion worth of bitcoin for $700. The cost only accounts for 0.00007% of the total value. (note to blue fox: transaction costs could have been cheaper. Traders set such high costs. Many community users say that this is a kind of ostentatious behavior, ha ha.)
The current limit is the number of transactions bitcoin can process per second, currently around 7. Bitcoin's lightning network increases its throughput by using the concept of bar labels. Lightning network does not settle each single transaction on the bitcoin blockchain, but allows individuals to carry bar labels with others, so that multiple back and forth transactions can be carried out, and only the final consolidated balance is settled on the bitcoin main chain regularly.
In this year alone, the channel of lightning network has increased by 19 times, and more than 10000 nodes have participated in lightning network nodes in 83 countries around the world recently. (the development obstacle of bitcoin lightning network is not a technical problem, but an application scenario problem in essence. It's a problem of what bitcoin itself is.)
Bitcoin's underlying code controls how much new bitcoin can be generated and limits the maximum supply of bitcoin. Today, in the 11th anniversary of bitcoin, more than 18 million bitcoins are mined, which is getting closer to 2100 bitcoins, and it is expected to be completed by 2140.
The supply inflation of bitcoin is predictable and stable by programming the number of new bitcoin mining. However, the supply of legal tokens may be highly volatile and unpredictable. Since 2008, the average supply of dollars has increased by 36% per year, while the Argentine Peso has increased by 129% per year. By contrast, bitcoin's annual supply is currently only 3.7% and will fall to 1.7% next year.
What's the next step for bitcoin?
Hal Finney, a computer developer, is the recipient of the world's first bitcoin deal. "Computers can be used as tools to liberate and protect people, not as tools for control," he said Bitcoin is the world's first global currency that utilizes the power of computers. Human beings have inherent innovation needs to realize global economic freedom. What we look forward to in 2020 in terms of bitcoin adoption, innovation and interest._DJMINER
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