History of Bitcoin Halvings

Although 9 years may seem like a short time, Bitcoin has grown so much since its launch that today many wonder if they still have time to invest in the market and develop technology.

The person in charge of creating this block was Satoshi Nakamoto, a mysterious entity that soon after creating this technology decided to hide his identity and bequeath to a group of computer experts its development. The first block of Bitcoin gave a reward of 50 BTC, equivalent nowadays to more than $ 750,000 dollars.

Since then, this technology, financial tool, cryptocurrency and ideal, has only grown, leaving astonished its detractors and confirming some of the most ambitious forecasts of its promoters.

After practically emerging as a secret, Pandora’s box was jealously protected by participants from forums such as reddit, users of the deep web, Internet curious and its own developers and cypherpunks, such as Hal Finney, Nick Szabo and Gavin Andresen, who inherited from part of Satoshi Nakamoto some coins; But in the years that followed, mining companies began to emerge, startups that developed applications based on blockchain and portfolio services, exchange houses, and all the other services that could be built on the resilient foundations of distributed accounting technology.

Much has happened in the blockchain ecosystem, as Bitcoin has been the cause and driver of the appearance of hundreds of cryptocurrencies that compete every day for occupying a place that Bitcoin refuses to give up easily, speaking at least in financial terms.

2017 and the escalating price of Bitcoin

By May 2017, Bitcoin was around 1,800 dollars, but for the month of July was around 3,000 dollars, triggering an escalation in its price that undoubtedly generated comments everywhere.

During the month of September it reached $ 4,000 dollars and during the month of November the possibility of institutions such as Cboe, CME, LedgerX and Credit Suisse Bank offering future contracts based on Bitcoin, made Bitcoin reach for the first time the $ 10,000 dollars and a market capitalization that exceeded Coca-Cola, with $ 185.9 billion dollars.

In December the price escalation was particularly special, as Bitcoin managed to double its price to reach $ 20,000, its historic maximum so far, and then down to between $ 12,000 and $ 15,000.

The scalability of Bitcoin takes protagonism

One of the events that marked 2018 most notably was the activation of the SegWit protocol. In mid-August, this was activated in the 481,824 block by the Bitcoin Core developers team, in order to allow an increase in the number of transactions per block to more than 2,000 transactions per 1 MB, causing a decrease in the commissions for its processing and greater speed to realize them.

2018 was a year in which forced bifurcations took an unexpected role in the face of the apparent lack of consensus regarding the scalability of Bitcoin. After having reached agreements with respect to the implementation of SegWit, various personalities of the ecosystem insisted on increasing the size of the blockchain blocks and began, if not to take sides with one or another implementation, to plan the launch of their own chains of Bifurcated block from Bitcoin, as is the case with Bitcoin Cash.

As a result of this initial bifurcation, the best known, there were others, such as Bitcoin Gold, Bitcoin Diamond, Super Bitcoin, Bitcoin Platinum, Bitcoin Uranium, Bitcoin Cash Plus, Bitcoin Silver and Bitcoin God, and even one from Bcash: Bitcoin Clashic.

The activation of SegWit allowed that during the month of November a block of 1.6 MB was confirmed, being the largest one to be mined up to that moment in that blockchain. However, it is still expected that exchange houses and portfolio services implement it, in order to reduce commissions and speed transactions, a real headache for Bitcoin users today.

LEAVE A REPLY

Please enter your comment!
Please enter your name here