On 12th January 2009, Satoshi Nakamoto made the first Bitcoin transaction when he sent 10 BTC to cryptographer Hal Finnley. More than a decade later, there have been more than 700 million transactions on the world’s first blockchain.
Research conducted by BitcoinCasinos.com reveals the value of all-time Bitcoin transactions is about $100 trillion. Despite the dismal market performance in 2022, BTC miners kept validating transactions on the blockchain, generating $10 billion in revenue.
Edith Reads, a betting expert at the site, commented, “Although 2022 inevitably goes down as the worst year for crypto, activity in the space isn’t dying out. Bitcoin’s long-term opportunity keeps strengthening, thanks to the endless potential of the underlying blockchain technology.”
Bitcoin is Leading the Global Money Revolution
Centralized authorities have long flawed the traditional monetary system, and many agree it has failed in many ways. Thanks to the monopolized system, 4 billion people live under an authoritarian regime, and 2 billion cannot use traditional money transfer apps.
Bitcoin is the solution to the system’s current flaws, and thanks to its impressive features, users globally entrust it to lead the revolution against the centralized monetary system. Barriers to transacting bitcoin are low since users only need a private key. Besides, the King Coin is decentralized and inflation-resistant, thanks to its supply cap of 21 million coins.
Bitcoin has withstood the turbulence of the 2022 crypto market. Transaction volume for the entire year was $38.7 trillion, bringing the all-time cumulative total to $105.3 trillion.
The money revolution is only starting, and the crypto industry is expected to hit $20 trillion in a decade.
Public Blockchains Keep Fostering Multiple Revolutions
Blockchain technology has proved to be one of the most disruptive innovations and a core feature of the fourth industrial revolution. Although the technology experienced a downturn last year resulting from the crashing markets, the report by BitcoinCasinos shows that technology is at the forefront of today’s revolutions.
Besides the money revolution, public blockchain infrastructure is responsible for the financial and internet revolutions, which are also taking shape. Decentralized finance is changing how we view financial services by offering decentralized, auditable, and transparent solutions. In 2022, the DeFi trading volume was $1.2 trillion. Despite dropping from 2021’s $1.5 trillion, the industry has increased by 12x since 2020.
Conversely, the internet revolution is moving the world towards Web 3, where the main focus is overthrowing tech monopolies. Web 3 has been abuzz lately and seems to be reaching a tipping point. NFTs currently dominate the user-owned industry and generated about $22 billion in trading volume last year.