Important Milestones of Bitcoin
Bitcoin is one of the most surprising innovations in the last decade that has definitely left a mark on the global financial markets. Today, Bitcoin is one of the greatest cryptocurrencies in the crypto market and has reached a market capitalization of $1 trillion.
Bitcoin has become a revolutionary cryptocurrency, and it is the primary reason for the existence of the crypto market and blockchain technology. In this article, we will go through the important milestones of Bitcoin from its last decade.
Bitcoin’s First Halving
Bitcoin is a decentralized cryptocurrency that is based on a peer-to-peer based blockchain network. For this purpose, Satoshi Nakamoto created Bitcoin halving, an event that cuts in half the block reward for the miners that are working on the network mainly for this reward. The original block reward was 50 BTC, until the halving in 2012 when it was cut to 25 BTC.
The main outcomes of the halving event are – a halved block reward, reduced supply of BTC, and decreased inflation rate. The first halving event wasn’t as nearly as popular as the other three as the crypto community wasn’t sure about the long-lasting effects of the event. After the first halving, however, the price of Bitcoin rose from $11 to $12 in 2012, Bitcoin’s price has exceeded $1,000.
First Business to Support Bitcoin
One of the most important milestones of Bitcoin is the support from the business sector because Bitcoin was basically seen as a scam or perceived as an unreliable payment option. Of course, this has changed over the years, and today there are over 15,000 businesses around the world that support BTC, including brands like Bloomberg, OK Cupid, Home Depot, PayPal, and others.
Some of the first businesses to ever support were Overstock, PayPal, and Microsoft, although PayPal would change its decision late. Today Bitcoin is widely accepted as a crypto payment around the world.
First Online Trading Site
The first online trading site is bitcoinmarket.com which is defunct today, but it was the first trading site specifically created to allow BTC trading. Moreover, today there are hundreds of different online trading sites, including automated trading sites like the Bitcoin Profit app, where you can invest in BTC and other cryptocurrencies.
The platform uses Artificial Intelligence technology which offers a high-quality trading experience at a high-win rate to the users. You can become a member by depositing $250 on the site.
First Bull Cycle
The first notable Bitcoin’s bull cycle happened in 2017 after the halving event in 2016. This will become a pattern that is expected after a halving event because the supply becomes smaller than the demand.
The bull cycle resulted in a high price of Bitcoin of over $19,000 by the end of the year. It is one of the most important events for Bitcoin because it popularised the cryptocurrency and mainstream media covered its successful bull run. Therefore, Bitcoin attracted even more investors in the future thanks to this bull cycle.
Bitcoins’ Market Cap
Bitcoin has become the first asset in a period of just ten years to reach a market capitalization of over $1 trillion. This is one of the most important milestones of Bitcoin because it cemented the status of Bitcoin as a safe-haven asset which is extremely valuable and also made Bitcoin the largest cryptocurrency in the crypto market with a competition of over 10,000 other altcoins.
Bitcoin managed to reach this milestone thanks to the longest bull cycle in its history, which lasted more than a year in 2020, and it also and also produced its highest value of over $65,000 in November 2021. In conclusion, Bitcoin is one of the most valuable cryptocurrencies that will remain a successful crypto asset in the future, especially since its overall supply keeps dwindling.