Looking back on the 11 years of bitcoin
11 years ago today, the white paper of bitcoin was released. The birth of bitcoin has completely changed technology, finance and our relationship with money.
Like other technologies, over the years, the form of money has undergone many upgrades and changes, from buying and selling shells and metal coins, to developing apps and swiping credit cards, to promoting transactions between neighboring countries, to connecting billions of people around the world._DJMINER
However, there are still some constraints in our current financial system, which cause billions of people around the world to be unable to set up bank accounts or obtain stable currencies. International transactions may take several days or even longer to complete.
After thousands of years of technological development, bitcoin is the latest technological breakthrough. Although bitcoin was born 11 years ago, it has completely changed the world's view of money. To celebrate the 11th anniversary of the launch of the bitcoin white paper, we have studied 11 quantitative indicators that show bitcoin's growing trends, economic opportunities created and global utility.
Few transformative technologies, like bitcoin, have been able to attract a lot of attention and stimulate the public imagination in just 11 years. E-mail was invented in 1972, but it was not until 1997 that more than 10 million people used it. Television was invented in 1927, but by the end of the 1940s, only 2% of American families owned one. On the other hand, since the birth of bitcoin in 2008 and the first transaction in 2009, by 2019, there are more than 27 million users in the United States alone, accounting for 9% of the total population of the United States._DJMINER
The first bitcoin deal took place on January 12, 2009, when Nakamoto sent 10 BTCs to Hal Finney, a computer programmer. Since then, Internet activity has been accelerating, no matter how bitcoin prices change.
Big facts of bitcoin: on September 24, 2019, more than 820000 unique addresses were traded on the bitcoin network.
According to Google Trends, people's interest in bitcoin has spread around the world since 2009. For many years, a new country has appeared in the list of countries and regions most interested in CTD, which shows that the global attention and interest in CTD technology are growing.
In 2009, Austria ranked first in the list of countries and regions most interested in Tete, followed by Kazakhstan (2010), Estonia (2011), Finland (2012), Ghana (2015), Nigeria (2016) and South Africa (2017).
Big facts of bitcoin: in 2018, Americans searched "bitcoin" on Google more than a series of other title phrases, including from "royal wedding" to "election results". For details, please read the recent coinbase report: United States of crypto.
More than 55000 nodes (actually computers running bitcoin software) are connected to the bitcoin network. Nodes are the basic real source of bitcoin ledgers, responsible for recording and verifying transactions. Although in theory, bitcoin network can only run on a few computers, more nodes join in, increasing the degree of decentralization and security. By allowing anyone with access to computers and the Internet to run a node, the bitcoin network allows anyone, anywhere, to have the right to vote in this global system.
Although bitcoin was originally considered as a point-to-point e-cash system, it has become far more than that. Bitcoin is also a popular way of investment and value storage, similar to gold, especially in regions with large economic fluctuations.
According to a nationwide survey of 4415 people conducted by coinbase and qriously, investors believe that after 10 years, the return of cryptocurrencies (such as bitcoin) will be higher than that of ETFs, index funds and their own companies' stocks._DJMINER
Since 2013, bitcoin has outperformed the world's most popular stock indexes, including technology stocks and the S & P 500. Although the price of bitcoin fluctuates greatly, after many bull markets, the overall trend of bitcoin price is upward and right. This year, bitcoin also outperformed the global stock market index, delivering a positive 132% return. By contrast, the Nasdaq 100 index rose by only 17%, the S & P 500 by only 12%, the FTSE Europe 100 by 11%, and the FTSE ASEAN 40 by - 3%.
Big facts of bitcoin: according to a survey conducted by qriously and coinbase, investors aged 18-34 are more likely to hold cryptocurrency in their financial portfolio than those with precious metals, while a quarter of investors with MBA or doctor's degree hold cryptocurrency as part of their financial portfolio.
In Venezuela, Argentina and Hong Kong, the P2P BTC exchange, http://localbitcoins.com, has seen a sharp increase in bitcoin premium and trading volume. The economies of Argentina and Venezuela are suffering from inflation, corruption and capital controls. Hong Kong, which has been ranked No. 1 in the index of economic freedom, is experiencing massive protests. Since 2013, the total transaction volume of bitcoin pairs of Argentine Peso, Hong Kong dollar and Venezuela Bolivar has exceeded US $600 million. Recently, as tensions have intensified, Hong Kong's bitcoin trading volume has reached a record high.
Bitcoin was originally designed as "e-cash", which can be used for daily transactions, rather than traditional cash or credit, but so far, except for some areas experiencing economic fluctuations, this is not the main driving force for the growth of bitcoin network. However, millions of people have been trading on the bitcoin network, thousands of stores also accept bitcoin as a payment method, and constantly innovate technology, making the daily application of bitcoin faster and cheaper.
Bitcoin's cross-border settlement is 24 / 7, which is unprecedented in currency history. Billions of dollars worth of funds are successfully transferred through the bitcoin blockchain network every day. On December 7, 2017, bitcoin worth 48.7 billion US dollars was transferred through bitcoin network, which is the largest transfer transaction volume in bitcoin network so far. On June 18, 2019, more than $21 billion worth of bitcoin was transferred._DJMINER
The most famous attack mode of bitcoin is that malicious hackers change bitcoin network by controlling more than 50% of the computing power of bitcoin network, which is called 51% attack, which will allow attackers to "double flower" their transactions, or review other people's transactions.
(Note: double spending refers to the situation that the same digital asset may be reused due to improper operation in the digital currency system due to the replicability of data)
Bitcoin's network computing power is very important because it measures the security of the network. The higher the computing power of bitcoin network, the more computing power is needed to destroy it. Bitcoin's network computing power recently reached a record 108 million T / s. Bitcoin is by far the largest computing network and the safest blockchain network. In other words, controlling most of the computing power requires a lot of computer hardware, and the direct purchase of these hardware will cost more than 4 billion dollars. Even if someone happens to get billions from the sky, the cost of hardware such as purchase, storage and power consumption will be very high.
Compared with the traditional financial system, the transaction fee of bitcoin network is less and the transaction time is shorter. The cost of international wire transfer is about 45 US dollars, which takes several days to process and can only be operated during the bank's business hours. The transaction cost of bitcoin network is usually around us $0.75, 24 / 7 operation, and it can be checked immediately on the network. After six blocks of bitcoin network package transaction are confirmed (about an hour), it is generally considered that bitcoin transaction is safe.
Big facts of bitcoin: in September 2019, a bitcoin address transferred more than $1 billion worth of bitcoin with a handling fee of $700, accounting for only 0.00007% of the total transfer value._DJMINER
The current limit is about seven transactions per second that bitcoin networks can process. Bitcoin lightning network is a way to increase throughput by using bar labels. Lightning network does not need to settle every transaction on the TCB chain, but allows individuals to carry a bar label to trade with others. In this way, many transactions can be carried out back and forth, but only the final consolidated balance will be settled regularly on the bitcoin main chain.
In this year alone, the number of channels in lightning network has increased 19 times. Recently, the number of nodes participating in lightning network in 83 countries in the world has exceeded 10000 ⁰.
The basic code of bitcoin controls the number of new bitcoin and limits the possible maximum supply of bitcoin. Today, on the 11th anniversary of the birth of bitcoin, more than 18 million bitcoins have been dug up, further approaching the maximum supply of 21 million, and the supply ceiling is expected to reach in 2140.
The supply inflation of bitcoin is predictable and stable by programming the number of new bitcoin. However, the supply of legal currency may encounter large fluctuations, which is unpredictable. Since 2008, the average supply of the US dollar has grown by 36% per year, while that of the troubled Argentine Peso has grown by 129% per year. By contrast, bitcoin's annual supply growth rate, currently at 3.7%, will fall to 1.7% next year.
What's next for bitcoin?
Hal Finney, the recipient and computer developer of the world's first bitcoin transfer transaction, said: "computers can be used as tools to liberate and protect human beings, and bitcoin is the world's first global currency to realize global economic freedom by using the power of computers and the inherent innovation needs of human beings. We expect that bitcoin will bring more applications, innovations and concerns in 2020._DJMINER
End note:
1. Bitcoin is a population trend: data analysis
2. In order to evaluate investors' opinions on cryptocurrency, coinbase commissioned a research survey of 4415 people over 18 years old in the United States, asking about their investment strategies, portfolio holdings and opinions on cryptocurrency
3. According to a survey of 983 people conducted by qriously, 19% of investors aged 18-34 hold cryptocurrency and 16% hold precious metals.
4. According to a survey of 38 people conducted by qriously
5. Venezuelans in Argentina feel familiar when the crisis comes
6. Economic freedom index, 116 days of Hong Kong tests
7. Coin.dance
8. Http://coinmetrics.io average median of transaction fees in 2019
9. 700 USD is optional; transaction fee can be as low as 0.75 USD, blockchain.info
10. Http://1ml.com, Internet service provider_DJMINER
Like other technologies, over the years, the form of money has undergone many upgrades and changes, from buying and selling shells and metal coins, to developing apps and swiping credit cards, to promoting transactions between neighboring countries, to connecting billions of people around the world._DJMINER
However, there are still some constraints in our current financial system, which cause billions of people around the world to be unable to set up bank accounts or obtain stable currencies. International transactions may take several days or even longer to complete.
After thousands of years of technological development, bitcoin is the latest technological breakthrough. Although bitcoin was born 11 years ago, it has completely changed the world's view of money. To celebrate the 11th anniversary of the launch of the bitcoin white paper, we have studied 11 quantitative indicators that show bitcoin's growing trends, economic opportunities created and global utility.
Few transformative technologies, like bitcoin, have been able to attract a lot of attention and stimulate the public imagination in just 11 years. E-mail was invented in 1972, but it was not until 1997 that more than 10 million people used it. Television was invented in 1927, but by the end of the 1940s, only 2% of American families owned one. On the other hand, since the birth of bitcoin in 2008 and the first transaction in 2009, by 2019, there are more than 27 million users in the United States alone, accounting for 9% of the total population of the United States._DJMINER
The first bitcoin deal took place on January 12, 2009, when Nakamoto sent 10 BTCs to Hal Finney, a computer programmer. Since then, Internet activity has been accelerating, no matter how bitcoin prices change.
Big facts of bitcoin: on September 24, 2019, more than 820000 unique addresses were traded on the bitcoin network.
According to Google Trends, people's interest in bitcoin has spread around the world since 2009. For many years, a new country has appeared in the list of countries and regions most interested in CTD, which shows that the global attention and interest in CTD technology are growing.
In 2009, Austria ranked first in the list of countries and regions most interested in Tete, followed by Kazakhstan (2010), Estonia (2011), Finland (2012), Ghana (2015), Nigeria (2016) and South Africa (2017).
Big facts of bitcoin: in 2018, Americans searched "bitcoin" on Google more than a series of other title phrases, including from "royal wedding" to "election results". For details, please read the recent coinbase report: United States of crypto.
More than 55000 nodes (actually computers running bitcoin software) are connected to the bitcoin network. Nodes are the basic real source of bitcoin ledgers, responsible for recording and verifying transactions. Although in theory, bitcoin network can only run on a few computers, more nodes join in, increasing the degree of decentralization and security. By allowing anyone with access to computers and the Internet to run a node, the bitcoin network allows anyone, anywhere, to have the right to vote in this global system.
Although bitcoin was originally considered as a point-to-point e-cash system, it has become far more than that. Bitcoin is also a popular way of investment and value storage, similar to gold, especially in regions with large economic fluctuations.
According to a nationwide survey of 4415 people conducted by coinbase and qriously, investors believe that after 10 years, the return of cryptocurrencies (such as bitcoin) will be higher than that of ETFs, index funds and their own companies' stocks._DJMINER
Since 2013, bitcoin has outperformed the world's most popular stock indexes, including technology stocks and the S & P 500. Although the price of bitcoin fluctuates greatly, after many bull markets, the overall trend of bitcoin price is upward and right. This year, bitcoin also outperformed the global stock market index, delivering a positive 132% return. By contrast, the Nasdaq 100 index rose by only 17%, the S & P 500 by only 12%, the FTSE Europe 100 by 11%, and the FTSE ASEAN 40 by - 3%.
Big facts of bitcoin: according to a survey conducted by qriously and coinbase, investors aged 18-34 are more likely to hold cryptocurrency in their financial portfolio than those with precious metals, while a quarter of investors with MBA or doctor's degree hold cryptocurrency as part of their financial portfolio.
In Venezuela, Argentina and Hong Kong, the P2P BTC exchange, http://localbitcoins.com, has seen a sharp increase in bitcoin premium and trading volume. The economies of Argentina and Venezuela are suffering from inflation, corruption and capital controls. Hong Kong, which has been ranked No. 1 in the index of economic freedom, is experiencing massive protests. Since 2013, the total transaction volume of bitcoin pairs of Argentine Peso, Hong Kong dollar and Venezuela Bolivar has exceeded US $600 million. Recently, as tensions have intensified, Hong Kong's bitcoin trading volume has reached a record high.
Bitcoin was originally designed as "e-cash", which can be used for daily transactions, rather than traditional cash or credit, but so far, except for some areas experiencing economic fluctuations, this is not the main driving force for the growth of bitcoin network. However, millions of people have been trading on the bitcoin network, thousands of stores also accept bitcoin as a payment method, and constantly innovate technology, making the daily application of bitcoin faster and cheaper.
Bitcoin's cross-border settlement is 24 / 7, which is unprecedented in currency history. Billions of dollars worth of funds are successfully transferred through the bitcoin blockchain network every day. On December 7, 2017, bitcoin worth 48.7 billion US dollars was transferred through bitcoin network, which is the largest transfer transaction volume in bitcoin network so far. On June 18, 2019, more than $21 billion worth of bitcoin was transferred._DJMINER
The most famous attack mode of bitcoin is that malicious hackers change bitcoin network by controlling more than 50% of the computing power of bitcoin network, which is called 51% attack, which will allow attackers to "double flower" their transactions, or review other people's transactions.
(Note: double spending refers to the situation that the same digital asset may be reused due to improper operation in the digital currency system due to the replicability of data)
Bitcoin's network computing power is very important because it measures the security of the network. The higher the computing power of bitcoin network, the more computing power is needed to destroy it. Bitcoin's network computing power recently reached a record 108 million T / s. Bitcoin is by far the largest computing network and the safest blockchain network. In other words, controlling most of the computing power requires a lot of computer hardware, and the direct purchase of these hardware will cost more than 4 billion dollars. Even if someone happens to get billions from the sky, the cost of hardware such as purchase, storage and power consumption will be very high.
Compared with the traditional financial system, the transaction fee of bitcoin network is less and the transaction time is shorter. The cost of international wire transfer is about 45 US dollars, which takes several days to process and can only be operated during the bank's business hours. The transaction cost of bitcoin network is usually around us $0.75, 24 / 7 operation, and it can be checked immediately on the network. After six blocks of bitcoin network package transaction are confirmed (about an hour), it is generally considered that bitcoin transaction is safe.
Big facts of bitcoin: in September 2019, a bitcoin address transferred more than $1 billion worth of bitcoin with a handling fee of $700, accounting for only 0.00007% of the total transfer value._DJMINER
The current limit is about seven transactions per second that bitcoin networks can process. Bitcoin lightning network is a way to increase throughput by using bar labels. Lightning network does not need to settle every transaction on the TCB chain, but allows individuals to carry a bar label to trade with others. In this way, many transactions can be carried out back and forth, but only the final consolidated balance will be settled regularly on the bitcoin main chain.
In this year alone, the number of channels in lightning network has increased 19 times. Recently, the number of nodes participating in lightning network in 83 countries in the world has exceeded 10000 ⁰.
The basic code of bitcoin controls the number of new bitcoin and limits the possible maximum supply of bitcoin. Today, on the 11th anniversary of the birth of bitcoin, more than 18 million bitcoins have been dug up, further approaching the maximum supply of 21 million, and the supply ceiling is expected to reach in 2140.
The supply inflation of bitcoin is predictable and stable by programming the number of new bitcoin. However, the supply of legal currency may encounter large fluctuations, which is unpredictable. Since 2008, the average supply of the US dollar has grown by 36% per year, while that of the troubled Argentine Peso has grown by 129% per year. By contrast, bitcoin's annual supply growth rate, currently at 3.7%, will fall to 1.7% next year.
What's next for bitcoin?
Hal Finney, the recipient and computer developer of the world's first bitcoin transfer transaction, said: "computers can be used as tools to liberate and protect human beings, and bitcoin is the world's first global currency to realize global economic freedom by using the power of computers and the inherent innovation needs of human beings. We expect that bitcoin will bring more applications, innovations and concerns in 2020._DJMINER
End note:
1. Bitcoin is a population trend: data analysis
2. In order to evaluate investors' opinions on cryptocurrency, coinbase commissioned a research survey of 4415 people over 18 years old in the United States, asking about their investment strategies, portfolio holdings and opinions on cryptocurrency
3. According to a survey of 983 people conducted by qriously, 19% of investors aged 18-34 hold cryptocurrency and 16% hold precious metals.
4. According to a survey of 38 people conducted by qriously
5. Venezuelans in Argentina feel familiar when the crisis comes
6. Economic freedom index, 116 days of Hong Kong tests
7. Coin.dance
8. Http://coinmetrics.io average median of transaction fees in 2019
9. 700 USD is optional; transaction fee can be as low as 0.75 USD, blockchain.info
10. Http://1ml.com, Internet service provider_DJMINER
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