The first block of the Bitcoin blockchain was mined on January 3, 2009. 14 years later, the cryptocurrency is in a tough spot after it dominated the crypto market in a good way. However, the place of Bitcoin is not in question.
On the contrary, some analysts believe that the stock will return to higher paths in the new year. On the occasion of fourteenth anniversary of the bitcoin blockchainlet’s take a look at the events that marked the year 2022 of the number one cryptocurrency.
In 14 years, the status of Bitcoin has changed a lot
Bitcoin (BTC) has become a reference currency around the world where it is used as a means of payment. But this was not always the case, especially in the beginning when the “Zanafilla” block was mined.. Bitcoin was then mostly used by cypherpunks.
The king of crypto has undergone a permanent evolution over time. Its value rose to $48,000 before experiencing a rapid decline in 2022. Its price reached $16,700 last year, despite some interesting news.
One of the strong Bitcoin news in 2022 is its adoption by the Central African Republic as a legal instrument. The Central African Republic has followed in the footsteps of Salvador April 26, 2022, i.e. an 8-month gap between the two officializations. To date, these are the only two countries that have adopted Bitcoin as legal tender.
19 million BTC mined
The global supply of Bitcoin is limited to 21 million tokens. In 2022, we reached 19 million tokens mined on April 1st. This is a milestone as there are only 2 million BTC left for mine.
This information should be put into perspective because of the halving. It’s a process that reduces block production by two every four years. This means that the mining of new Bitcoin can no longer be done so quickly. According to this process, it takes an average of 4 halvings to mine 6.25 new Bitcoins after mining a block. As a result, the 21 millionth BTC will be mined approximately in 2140.
Taro protocol integration
In 2022, the Taro protocol was launched on the Bitcoin network. The Taproot Asset Representation Overlay allows all types of digital assets (stable currencies, tradable tokens, non-tradable tokens) to be issued on the Bitcoin blockchain.
A first version appeared on the Bitcoin blockchain testnet on September 28.. It will undergo improvements over time, integrating new features.
Lightning Network Progress
The Lightning Network, Bitcoin’s scalability network, continued to evolve. Initially at 3,300 BTC at the beginning of the year, had 5,130 BTC as of December 31, 2022.
During the year, the Cash App payment app has integrated the BTC Scalability Network into its BTC payment services. The app has 45 million monthly active users.
In addition, Microstategy, an American company which is accumulating large amount of Bitcoins, launched the development of a platform dedicated to the Lightning Network. it development should enable the scalability of the Lightning Network to gain new uses for e-commerce.
Bitcoin was soon considered a means of payment in its own right
Bitcoin is considered a currency in its own right by more and more people. Businesses started accepting BTC payments in 2022 and the trend is expected to spread a bit more over time.
Here is a list of some companies and brands that started accepting BTC in 2022 are:
- Gucci: luxury ready-to-wear brand;
- Vueling: Spanish airline;
- Watches World: buy-resell platform for luxury watches;
- Breitling: Swiss watchmaker;
- Novelship: Southeast Asia’s largest online sneaker retailer;
- Tennessee Titans: American football franchise.
Bitcoin gains the trust of institutions
Unlike previous years, BTC is generating more confidence among institutional investors. The fall in the price of the token has not changed the attitude of operators who still offer this means of payment to their customers.
In the United States, for example, Fidelity, the leading provider of retirement savings plans, continues to offer BTC among its investment options. Its members have the opportunity to put up to 20% of their savings account in Bitcoin with this system.
In addition, BNY Mellon, the oldest bank in the United States, launched a custody service for its clients’ cryptocurrencies. The service is operational since October 2022 and supports Bitcoin as well as other digital assets.
Bitcoin enters the Guinness World Records, but loses one of its most loyal developers
In 2022, Bitcoin entered the Guinness Book of World Records like “The first decentralized cryptocurrency“. It is listed in a new category called “Cryptomania”. The book traces the history of the creation of digital currency. This is a historic moment for Bitcoin and crypto-assets as Guinness World Records has global recognition.
Despite this progress, the project lost him the developer and chief of maintenance, Wladimir van der Laan. He held this position for over 8 years after taking over from Gavin Andresen, himself a successor to Satoshi Nakamoto, the founder of Bitcoin. This is sad news for the project because Van der Laan has contributed greatly to building the network to date.
What does 2023 hold for Bitcoin?
The past year was full of events and lessons. Now, it remains to be seen how 2023 will unfold.
According to some observers, the price of BTC may experience an upward trend during this year. In question, the next halving would be scheduled for the middle of 2024. According to what is usually observed, the price of BTC rises about a year before the date of the next halving. If this is confirmed, the price of BTC should start to rise by mid-2023.
Given the current trend where its price is trying to recover, it is difficult to predict that this trend will be confirmed. However, some analysts are confident of a possible increase.