The world’s largest cryptocurrency reached a milestone on Monday, Sept. 12 — Bitcoin (BTC) celebrated 5,000 days of uptime. The community has functioned nearly and not using a hiccup for 13.69 years.
In Bitcoin communicate, the blockchain has been online, confirming a legitimate block of transactions each 10 minutes, on common, for 753,782 blocks (5,000 days). Plus, 3,464 days have handed since the final downtime incident.
The first Bitcoin block was mined by Satoshi Nakamoto on Jan. 3, 2009. Bitcoin spent 99.9% of the yr online, confirming legitimate blocks on common each 10 minutes till what is called the Value Overflow Incident. The incident refers to the creation of a “strange block,” block 74,638, which resulted in the creation of billions extra Bitcoin. Five hours later, throughout block 74,691, the blockchain was soft-forked, and nodes reached consensus.
In 2013, Bitcoin software program break up, and the chain forked into two. The blockchain was down for six hours and 20 minutes inflicting a worth drop of greater than 23%, hitting lows of $37. Combining the downtime of the Bitcoin community between 2010 and 2013 creates roughly 0.01% of the complete time.
Bitcoin uptime by yr. Source: buybitcoinworldwide.com
Bitcoin influencers (Bitfluencers?) were fast to honor the event with celebratory boating accidents, occasions by which Bitcoiners lose their non-public keys. Others expressed their gratitude for the nameless creator of the protocol:
5000 days of #Bitcoin pic.twitter.com/oTdbmJG0Tk
— Lina Seiche (@LinaSeiche) September 11, 2022
Popular cryptocurrencies similar to Solana (SOL) or Ether (ETH) can’t at present compete with the uptime nor decentralization for which Bitcoin is understood. Solana frequently experiences outages, labeled a “curse” to the community by its cofounder, whereas Ethereum’s creation was the results of a tough fork.
Related: The Fed, the Merge and $22K BTC — 5 issues to know in Bitcoin this week
Vitalik Buterin, Ethereum’s cofounder, boasted in 2020 that “You can be net profitable with as little as 60% uptime.” Nonetheless, Bitcoin remains to be a way from reaching Nakamoto’s promise of a peer-to-peer money system that removes third events: Scaling funds on layer-2 are an uphill battle.
In the meantime, Bitcoin must accept being the most safe, most decentralized and hottest cryptocurrency resolution.