Home CryptocurrencyBitcoin While the banks were closed, Bitcoin reached 5,000 days online

While the banks were closed, Bitcoin reached 5,000 days online

by SuperiorInvest

The world’s largest cryptocurrency reached a milestone on Monday, September 12 — Bitcoin (BTC) celebrated 5,000 days of service. The network ran almost without a hiccup for 13.69 years.

In Bitcoin, the blockchain is online, confirmatory a valid block of transactions on average every 10 minutes for 753,782 blocks (5,000 days). In addition, it has 3,464 days he passed since the last outage.

The first Bitcoin block was mined by Satoshi Nakamoto on January 3, 2009. Bitcoin spent 99.9% of the year online, confirming valid blocks on average every 10 minutes until a time known as the Value overflow incident. Accident refers to to create the “strange block”, block 74,638, which led to the creation of billions more bitcoins. Five hours later, during block 74,691, the blockchain was soft-forked and the nodes reached consensus.

In 2013, the Bitcoin software split and the chain split in two. The blockchain was down for 6 hours and 20 minutes, causing the price to drop by over 23% to hit a low of $37. The combination of Bitcoin network outages between 2010 and 2013 makes up roughly 0.01% of the total time.

Bitcoin lifetime by year. Source: buybitcoinworldwide.com

Bitcoin Influencers (Bitfluencers?) they were quickly to honor occasion with celebratory shipwrecks, events in which Bitcoiners will lose their private keys. Others expressed their gratitude to the anonymous creator of the protocol:

Popular cryptocurrencies like Solana (SALT) or ether (ETH) cannot currently compete with the accessibility or decentralization that Bitcoin is known for. Solana regularly experiences blackouts, marked a “curse” to the network his co-founder, while Ethereum created was the result of a hard fork.

Related: The Fed, The Merger And $22,000 BTC – 5 Things You Should Know About Bitcoin This Week

Vitalik Buterin, co-founder of Ethereum, he boasted in 2020 that “you can be profitable with as little as 60% availability”. However, Bitcoin is still a long way from Nakamoto’s promise of a peer-to-peer monetary system that removes third parties: Scaling payments at Layer 2 is an uphill battle.

In the meantime, Bitcoin will have to settle for being the most secure, decentralized and popular cryptocurrency solution.

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