Bitcoin: The Ten Year Old Titan
Yesterday marked a decade that a titan was born. Precisely 10 years ago, on October 31st 2008, Satoshi Nakamoto published the Bitcoin White Paper, to a group of cryptographers. This simple act revolutionized the way money worked all over the world. Although the publication may not have had academic, aesthetic or political merit, it harboured the concept of financial freedom and eventually birthed a new kind of money that is now known as Bitcoin.
Looking back with a smile, it can be wholeheartedly said that the past 10 years have been great. A few bulls have run amok with Bitcoin prices while new, hitherto inconceivable businesses have been founded on it. Remarkably, tonnes of coins and token running on the same principles have been accepted as legal tender in certain countries that believe in it.
Its flourishing embracement and reputation have increased at a balanced stride and stands at an average TPS rate of about 2.9. Bitcoin TPS’s had seen some spikes in the past. However, what stands out now is that there is almost no strain on the network.
Like with all toddlers, struggles with staying erect and walking are expected. Bitcoin’s size is both its strength and weakness. So, it is not surprising that the spike noted in the TPS in December 2017 created a large backup in the blockchain, which resulted in transactions being delayed.
As far as prices are concerned, there is really nothing great to write about apart from the near 2% drop on October 29, which also saw a recovery. This stability has kept Bitcoin within its long-term triangle on technical charts.
Rome, as they say, was not built in a day. Ten years of age do not magically become adults as well. They have to traverse valleys of strain and surmount mountains of spikes. It’s all part of the growth process.
In all, it has been a blissful decade for the titan we call Bitcoin. We hope it grows to fulfil its goal of financial freedom. HURRAY!