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When did the Bitcoin mainnet launch (When did Bitcoin start)?

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The Bitcoin mainnet, when did it launch? What is it? What are the main functions

When did the Bitcoin mainnet launch (When did Bitcoin start)?

The Bitcoin mainnet, when did it launch? What is it? What are the main functions of Bitcoin? In the past few months, we have seen an interesting development. There is a network node on the Bitcoin network called “Ontology,” which will run all transactions and smart contracts on the Bitcoin mainnet. Recent research by developers indicates that this issue is very similar to many other cryptocurrency projects – despite having no commonalities or fundamental differences. (coindesk)

When did Bitcoin start?

Editor’s Note: This article is from Cointelegraph China (ID: CoinTelegraphChina). Author: HELENPARTZ, authorized republication by Odaily Star Daily.

Bitcoin creator Satoshi Nakamoto has been paying attention to the development and emergence of Bitcoin since the beginning, but it doesn’t seem to be that simple. Since its birth on January 17, 2009, it has gone through about ten years.

Nevertheless, only 21 million Bitcoins (BTC) in the world can be considered as legal currency. According to Chainalysis data, there were over 65,000 Bitcoin transactions in circulation in the last few days of 2011, reaching more than 29,000 BTC by the end of 2012, a historical high.

However, this is far lower than the over 31,000 reached in early 2018 when the price of Bitcoin was only slightly above $3,000, but it didn’t soar to over $100,000 until the mid to late 2013 – meaning the current price of Bitcoin is less than $10,000.

Although Bitcoin initially operated as an investment product, its development has been strong over the past few years. In fact, there was a brief trough in late 2017 when the price of Bitcoin rose. Given that the supply of Bitcoin is limited and production halves every four years, this situation is unlikely to occur this year. In addition, many other investors are also looking for new sources of digital assets. For example, Grayscale Ethereum Trust Fund has also experienced a similar situation. Since December 21, 2017, with the economic recession caused by the COVID-19 pandemic, the volatility of the cryptocurrency market has decreased.

Therefore, early adopters of Bitcoin are considering investing their money in it. In fact, in July 2015, when the U.S. government announced sanctions against Ukraine, “Russia” used “Bitcoin” in the country shortly after.

At the end of 2017, the value of Bitcoin exceeded $500 million, then dropped back down and is now below $40 million. The drop that occurred before the end of September 2016 indicates that during the economic recovery, people still hold Bitcoin and hope to make a profit. “If it’s not because of fear of inflation or because no one knows what they want,” a person named “cryptocoinsplit_in.eth” told CoinDesk: “We should keep our money in a safe place.”

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