It was an eventful long weekend for Bitcoin, which reached a symbolic milestone when the 100 millionth transaction was recorded.
It was an eventful long weekend for Bitcoin. On Christmas Day, it reached a symbolic milestone when the 100 millionth transaction was recorded on its network.
The number of transactions per day has been steadily growing over time. The phenomenon is interpreted by some as evidence of the increasing adoption of Bitcoin, though most of the transactions are not commercial in nature.
During the past year, the growth profile is slightly steeper than linear; the count nearly doubled. Over a 5.5-year period, the total increased 100-fold.
[gap]
The other milestone reached on Christmas Day was that total circulation reaching 15 million coins. Based on a price of $455 at the time, Bitcoin's market cap was $6.8 billion. It took roughly 9 months to create the last million; the next million will take longer as the reward level will be halving from 25 to 12.5 coins in the meantime.
The weekend also saw the bitcoin price tumble by as much as 11% before making a modest recovery. According to reported exchange data, new records for trade volume were set, though the figures cannot be verified. Over 90% of the reported volume was on Chinese exchanges. Bitcoin is up by 33% year-to-date.
Assuming bitcoin prices don't crash, the total mining Hash Rate is on pace to reach the 1 EH/s (exahash per second; 1 EH = 1018 hashes, or encryption calculations) threshold in 2016.
Correction: An earlier version of this article stated that the reward halving will be from 50 to 25 bitcoins. The halving will in fact be from 25 to 12.5 bitcoins.
It was an eventful long weekend for Bitcoin. On Christmas Day, it reached a symbolic milestone when the 100 millionth transaction was recorded on its network.
The number of transactions per day has been steadily growing over time. The phenomenon is interpreted by some as evidence of the increasing adoption of Bitcoin, though most of the transactions are not commercial in nature.
During the past year, the growth profile is slightly steeper than linear; the count nearly doubled. Over a 5.5-year period, the total increased 100-fold.
[gap]
The other milestone reached on Christmas Day was that total circulation reaching 15 million coins. Based on a price of $455 at the time, Bitcoin's market cap was $6.8 billion. It took roughly 9 months to create the last million; the next million will take longer as the reward level will be halving from 25 to 12.5 coins in the meantime.
The weekend also saw the bitcoin price tumble by as much as 11% before making a modest recovery. According to reported exchange data, new records for trade volume were set, though the figures cannot be verified. Over 90% of the reported volume was on Chinese exchanges. Bitcoin is up by 33% year-to-date.
Assuming bitcoin prices don't crash, the total mining Hash Rate is on pace to reach the 1 EH/s (exahash per second; 1 EH = 1018 hashes, or encryption calculations) threshold in 2016.
Correction: An earlier version of this article stated that the reward halving will be from 50 to 25 bitcoins. The halving will in fact be from 25 to 12.5 bitcoins.
Bitget's Bitcoin Reserve Ratio Soars Over 300% Following Halving
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
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20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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