Fifteen years after the first block of Bitcoin was mined, the original cryptocurrency has battled critics, haters and agitators, and emerged victorious – and is now ranked as one of the top ten most valuable assets in the world.
While many commemorate October 31, 2008—the release date of the Bitcoin whitepaper—as Bitcoin’s birthday, others take a more technical approach to determine its true age. For the latter case, January 3 is seen as the day Bitcoin was actually realized as a store of value and a transferable currency.
The genesis block, also known as the first Bitcoin block, was mined on January 3, 2009, by the mysterious creator Satoshi Nakamoto. This marked the beginning of several years of triumphs over adversaries including critics, mainstream media, politicians, and governments worldwide. On Bitcoin’s 15th birthday, we’ll take a comprehensive look at the Bitcoin ecosystem.
Bitcoin ATM Network
The first Bitcoin ATM was established nearly 5 years after the first block was mined, with historical data confirming that the first ATM became operational in October 2013. The motivation was to provide an alternative way for people to exchange their local fiat currency for Bitcoin.
While the Bitcoin ATM network initially witnessed remarkable growth, with thousands of Bitcoin and cryptocurrency ATMs added globally each year as adoption took off, the geopolitical tensions and negative investor sentiment amid a bear market saw a sudden decrease in the number of Bitcoin ATMs post-2021. However, as of January 3, 2024, nearly 34,000 Bitcoin ATMs are still operational worldwide.
Nearly 1 Million Bitcoin Blocks Mined
15 years after the creation of the first block, Bitcoin miners continue to mine blocks to earn rewards. Increasing interest from individuals and corporations in Bitcoin mining confirms this process as a viable business model that also helps secure the Bitcoin network against external attacks.
Over 15 years, millions of Bitcoin transactions have been permanently recorded in 825,000 blocks, with both miners and investors showing no signs of slowing down.
Mainstream Adoption of Bitcoin
Despite strong opposition to mainstream adoption, the significance of Bitcoin as the future of currency was first recognized by those from hyperinflationary economies.
El Salvador took the responsibility of establishing Bitcoin as a legal tender, demonstrating its potential for economic recovery in times of global economic instability over the past two years.
President Nayib Bukele indirectly instilled confidence in Bitcoin among leaders of other nations to reconsider its adoption. On the other hand, some countries like China and Saudi Arabia continue to restrict Bitcoin usage due to concerns about its potential to provide freedom from centralized control.
Bitcoin’s Journey from Worthless to Priceless
Overcoming all odds, Bitcoin now proudly boasts a market capitalization of nearly $900 billion, a valuation accumulated in just 15 years. In 2010, the first Bitcoiner convinced a pizza shop to sell him two pizzas for 10,000 BTC. Today, he could start his own pizza business with just one Bitcoin.
Businesses across various industries have started accepting Bitcoin for their services. From real estate to concert tickets, vacations, and education, Bitcoin can be used for most purchases without involving banks or other centralized institutions. Read this article to learn more about spending Bitcoin in practice.
As of January 2024, Bitcoin ranks as the 9th most valuable asset in the world based solely on market capitalization. Professional trader and financial author Oliver Velez notes that Bitcoin has surpassed 7,963 assets in 15 years to rank 9th and predicts it will rank third by 2025.
