The 4 impressive years of Bitcoin

First we should check out the definition a little Bitcoin halving What?

The bitcoin network was designed to generate only 21 million bitcoins. This total offer is unchangeable. A predetermined amount of Bitcoin will be released on the system in about 10 minutes. This mechanism is called “Bitcoin Reward” and is given to miners who use their computing power to protect the network.

Bitcoin rewards start at 50 BTC every 10 minutes. After 4 years, the reward will be reduced from 50 to 25 BTC in the first halving, another 4 years will pass and the reward thereafter is only 12.5 BTC after the 2nd halving The third halving has happened The official reward was for each block, which will be added to the main network of the Bitcoin blockchain, reduced to 6.25 BTC.

Before we look forward to what could happen, today we should take a look at what has happened since the last Bitcoin halving.

The average 7-day Bitcoin network hash rate was 1.52 TH / s in each case (as of 07/2016). Today it’s 118.88 TH / s, which is an increase in hash rate of over 78x since it was last halved.

Mining revenue was just over $ 1.2 million per day in 07/2016 and now it’s only $ 18.25 million. This is a 15-fold increase over the last 4 years (compared to the price before the 3rd halving).

The market price for 1 BTC is around $ 670 as of July 2016. Today it is trading at around $ 8,700. That’s a 13-fold increase over the past four years.

Bitcoin’s market capitalization was $ 10.6 billion as of July 2016 and is now over $ 160 billion. This number has increased more than 13 times in the last 4 years.

Global trading volume for the day was $ 2.4 million in July 2016. Today at about $ 185 million. That’s a 77-fold increase in four years.

As of July 2016, there were approximately 7.85 million proprietary wallets on Blockchain.com (not all of them). There are now 48.5 million unique wallets on the same platform. This is an increase of more than six times.

It cannot be denied that Bitcoin’s network has gotten stronger, more people have joined the financial system created by Bitcoin’s mainnet, and the market has found that Bitcoin is much more valuable today than it was before. This is partly due to changes in the macroeconomic environment. Some are driven by the passage of time. Some of this will be established through public awareness and the educational materials available will be made more widely available.

In addition, the improvement in infrastructure makes it easier and safer to convert fiat into a decentralized digital currency, giving everyone faster access to the money market.

Regardless of the reasons given above, the market has gotten bigger and stronger. The macro environment is driving many to view Bitcoin as an alternative store of value. (Coronavirus pandemic)

We are currently in the midst of an economic crisis and Bitcoin is outperforming any other asset class. It’s up nearly 40% since the start of the year. Bitcoin has served as the best hedge of value or hedge against the chaos in the financial system. But you don’t have to believe me about the future prospects.

You know, Paul Tudor Jones huh? the legendary hedge fund manager, has announced that he is currently exposed to Bitcoin. He explicitly stated “Profit maximization strategy” the best is own the fastest horse. If he had to predict or bet, he would choose Bitcoin. You didn’t read it wrong. One of Wall Street’s most respected investors exposes Bitcoin as a hedge against impending inflation.

4 years ago we couldn’t even measure what is happening now. And now we have made great strides in the last 4 years, whether in the network or in the general community.

And what do you think about the next 4 years?

Let’s relax and enjoy the trip.

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Of Pomp letter, Editor of Crap – Synthetic team