Note: “This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro.”
- It’s the 10th anniversary of Bitcoin White Paper being circulated
- Crypto markets still remain tepid despite a 2% decline on October 29
- Transaction on Bitcoin’s Blockchain continue to increase at a steady pace
- Despite rising number of transactions, the blockchain remains strong and uncongested
Bitcoin growing bigger and stronger
A decade has gone by quickly. Yes, its 10 years and exactly 10 years back on this day, 31st October, Satoshi Nakamoto published the Bitcoin White Paper, to a small mailing list of cryptographers. Little did he know that his paper would one day challenge the basics of how money works across the globe. The paper though was loosely written and didn’t have concepts that were revolutionary, but the whole idea of financial freedom gave rise to a new form of money that we call today as Bitcoin.
And this 10 year has been amazing- we have seen a few bull runs in Bitcoin prices, businesses being formed around it, tonnes of coins and token working on similar principles and yes certain regulations in countries that believe in it. The growing acceptance and popularity of bitcoin has increased at a steady pace and stands at an average TPS rate of about 2.9. Bitcoin TPS’s had seen some spikes previously as well but what stood out this time that there was that there is virtually no strain on the network. Last time when a spike was noted in the TPS was in December 2017 but it also ad created a large backup in the blockchain, which resulted in transactions being delayed.
As far as prices are concerned, nothing great movement to write about apart from the near 2% drop on October 29, which too saw a recovery. This stability has kept bitcoin within its long-term triangle on technical charts.
Well, we can just wish Bitcoin a happy birthday and pray for it to grow bigger and stronger and soon achieve the goal of financial freedom.