- Bitcoin is currently trading over $16,500 level
- The cryptocurrency is down by three-quarters from its record high of $69,000 that it had hit in November 2021
Bitcoin, the world’s biggest and most popular cryptocurrency is celebrating its 14th birthday today. On January 3, 2009, the first block of the Bitcoin blockchain, known as the Genesis block, was mined by the pseudonymous developer(s) known as Satoshi Nakamoto. Cryptocurrencies are by-products of the blockchain technology.
“Bitcoin’s USP is its decentralized nature. Unlike traditional currencies, which are issued and controlled by central banks, Bitcoin is not beholden to any single authority. This decentralization is made possible by using a distributed ledger technology known as the blockchain, which allows transactions to be recorded and verified on a public, transparent, and secure network,” said Rajagopal Menon, Vice President, WazirX.
Another key aspect of Bitcoin is its limited supply. Unlike fiat currencies, which can be printed by central banks at will, there will only ever be 21 million Bitcoin. This hard cap on the supply of Bitcoins is built into the protocol and is intended to ensure that the value of the cryptocurrency does not become diluted over time, as per experts.
“Despite challenges, Bitcoin has continued to thrive and has become an alternative to the centralised financial world. As Bitcoin turns 14 years old, it is worth reflecting on the incredible journey that it has been on thus far and the many innovations that it has inspired. Here’s to hoping that the next 14 years are just as exciting for Bitcoin and the broader cryptocurrency world,” added Menon.
Cryptocurrencies had a harsh 2022 after reaching record highs late last year, buffeted by everything from the Fed’s policy tightening to the implosions of the Terra/Luna ecosystem, hedge funds Three Arrows Capital and exchange FTX. Bitcoin, which is currently trading over $16,500 level, is down by three-quarters from its record high of $69,000 that it had hit in November 2021.
“Bitcoin turns 14 years old today. Being the front runner in this fast-maturing asset class, Bitcoin had a roller coaster ride. From being exchanged for a couple of pizzas to giving people ambitious hopes of buying Lamborghinis with their holdings to more rational adoptions, such as investment products by financial institutions, Bitcoin has come a long way. We are witnessing a modern financial revolution led by Bitcoin. With nations drafting legal frameworks around the usage of cryptocurrencies, the coming times are going to be milestone moments for Bitcoin and the cryptocurrency ecosystem,” said CEO and Co-founder, Edul Patel, Mudrex.
“We will see a lot of regulations in 2023 and the years to come and the markets will mature and become stable. All these moves will penetrate Bitcoin more and more in the global economies. The decentralized nature of Bitcoin will prove it to be the most trusted on the in the future as compared to other crypto currencies which are very much centralized,” said Amanjot Malhotra, Country Head – India, Bitay.
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