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Home»Bitcoin»14 Years of Bitcoin: A Milestone in Digital Currency History
Bitcoin

14 Years of Bitcoin: A Milestone in Digital Currency History

Saheel KhirodkarBy Saheel KhirodkarJanuary 3, 2023Updated:January 3, 2023No Comments3 Mins Read
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Binance on Twitter: "On this day 12 years ago, Satoshi Nakamoto created the  #Bitcoin genesis block and without knowing it at the time, changed the  world forever. Happy Birthday, #Bitcoin! https://t.co/vPDE93pW3u" /
As of right now, our beloved OG is 14 years old! Satoshi Nakamoto lit the code on January 3rd, 2009, and the Genesis Block started the chain.

Bitcoin’s Journey

I have compiled some charts and performed some calculations on them for you people. Following the Genesis Block:

BTC has been profitable for 3,750 days, or 83% of its existence

According to this chart, if you purchased before November 2020 at the current price, you are probably in the black.

r/CryptoCurrency - Today is Bitcoin's 14th birthday!

A total of 19,248,459.375 BTC entered in circulation (as of writing)

This is equivalent to 21 million coins, or approximately 91.66% of the total supply ever.

More than 259,912 BTC have been paid as transaction fees

Below is a chart showing transaction costs. As one can see, the fees were consistently high throughout 2017. I’ve totaled up every day, and the worth is enormous!

r/CryptoCurrency - Today is Bitcoin's 14th birthday!

The average transaction time has been 7.39 minutes!

As to be expected, the transaction times increased during bull runs. This is nothing new.

Miners had revenue of roughly $47,671,422,165

The revenue graph is shown below, and once more, we can see that the peaks and runs coincided!

r/CryptoCurrency - Today is Bitcoin's 14th birthday!

The average cost per transaction has been $38.66

The revenue of the miner is divided by the number of transactions. It is the cost of the transaction in the network, not the cost of the user sending the transaction:

r/CryptoCurrency - Today is Bitcoin's 14th birthday!

BTC reached over $1T in market capitalization

The market capitalization, which is inversely correlated with the price of the coin, peaked in October 2021 at about $1.25 trillion USD. This is more valuable than the entire crypto market as well as more than half of Apple’s current capitalization:

r/CryptoCurrency - Today is Bitcoin's 14th birthday!

The blockchain started growing exponentially somewhere in 2015 and currently has roughly 450 GB

The turning point in the exponential growth of the blockchain occurred in 2015. Since then, its growth has resembled a straight line:

r/CryptoCurrency - Today is Bitcoin's 14th birthday!

Trivia: in 2010 there was a Bitcoin exploit that shortly increased its supply to 184 billion coins

It took place on block 74,638. The offender is still unidentified!

The problem was referred to as a “overflow bug” because the code used to verify Bitcoin transactions would fail if outputs were so large that they would overflow when added together.

Satoshi himself published version 0.3.1 after five hours and urged the nodes to join the “new chain”:

r/CryptoCurrency - Today is Bitcoin's 14th birthday!

Due to the hard fork, there were two Bitcoin blockchains for a short period of time.

bitcoin Bitcoin History Bitcoin price History Profits
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Saheel Khirodkar
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Saheel works as a content writer for Bitnewstoday. He has always been interested in journalism and enjoys writing. Furthermore, His interest lies in cryptocurrency, and is continuously seeking for new techniques to invest. In his free time, he enjoys staying up to date on the latest industry news and spending time with his family.

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Kraken Announces FLR Token Distribution via Email: Details Inside

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