Bitcoin is gaining more popularity daily amongst digital investors, but the origin of this currency dates back more than 10 years. With multiple changes over the years, Bitcoin has produced surprising, obscure, and interesting results. Various domains of this digital currency have some well-known facts.
In this comprehensive post, let’s walk through some of the best and most reliable facts regarding Bitcoin that we came across.
Price hikes in BTC depend on the investor’s and the industry’s interest in its opening price. With the release of some new products, BTC has shown volatility in the market, though all of this only depends on the flow of Bitcoin over the day. Look at BTC’s price range (U.S. dollars) over the past 10 years.
|72% of Bitcoin holders are under the age of 34.
|63% male population and 37% female population.
|More than 70% of the owners are graduates or hold higher degrees.
|Bitcoin owners have an annual income of US$ 25,000 or higher than that.
Top countries who owns decentralized digital currencies are:
Above are the statistics that Bitcoin holds in various areas of interest, but as we are gradually moving toward the new year, some predictions have a high chance of becoming future trends for 2024.
The upcoming year in Bitcoin can be groundbreaking. New technologies emerge with multiple developing regulations, and much more is to come. Here are some predictions regarding top trends that can proceed in the upcoming year.
Bitcoin miners receive their incentives for validating transactions and generating new coins. This can be done through Proof of Work(PoW) and Proof of Stakes(PoS). One provides block mining rewards, whereas the other rewards you for staking. Generally, block rewards are paid out for each mined block; on average, this happens every 10 minutes.
These rewards halve every 210,000 blocks, roughly around 4 years. Bitcoin halving is designed to create scarcity, which benefits it by increasing the price over time, reinforcing the value of BTC, and enhancing its security. Often, Bitcoin is called digital gold or a haven asset.
Bitcoin halving will happen in the upcoming year, so let’s see its trend from the previous one. Bitcoin blockchain started in the year 2009 with a block reward of 50 BTC, and with the consecutive halving, the rewards became,
|Block Rewards (BTC)
It is one of the long-existing approvals the U.S. Bitcoin community eagerly awaits. The potential for regulated spots has seen some notable positive developments in 2023. In some current circumstances, the United States court has passed the judgment in favor of Grayscale regarding the dispute arising with the U.S. Securities and Exchange Commission.
The favorable ruling came for GBTC to be a spot BTC ETF; this led the prominent players to file the same for their own, including BlackRock, one of the world’s largest asset managers, and Fidelity and Invesco. Currently, 13 spot BTC ETF applications are under commission review, with an early deadline of January 2024 and the latest in August 2024.
|Final SEC Deadline
|10th January 2024
|21Shares & ARK
|14th/15th March 2024
|BlackRock, Fidelity, Bitwise, VanEck, Wisdomtree, Invesco & Galaxy
|19th March 2024
|19th April 2024
|30th May 2024
|Hashdex, Franklin Templeton
|8th August 2024
|Deadline passed directly to the SEC for negotiation
As the industry matures and protocols move towards generating revenue, the generated fee of top crypto projects will be a metric that needs to be followed. Throughout 2023, the cost has been on the rise; compared to January, the fee in November was 88% higher.
Fee generation is an indicator of a sustainable business model. Moving to the following year, it should be considered that it follows the new protocol and subsectors for best fee growth.
Blockchain applications have specific social potentials, and they have been anticipated for a long time. This proceeds to the emergence of SocialFi, which means “Social Finance,” mentioning the combined result of DeFi and social media. This indicates the potential of Web3 social applications.
In 2024, SocialFi will receive more traction, defining the shape of social media interaction over Web3 in upcoming years.
Getting more and more profit from a single asset will become the priority, and people will be investing in the Bitcoin products that provide them with returns that are regenerative in multiple forms. Finance will become a point of investment, and a decentralized environment will play an essential role in this trend.
To unlock a more significant potential of technology, specific improvements like blockchains need to be communicated with each other. There are chances for uniquely designed solutions to come together using distributed ledger technology, where the data can be transferred easily from one source to another.
Experts from all around the world are predicting large-scale breakthroughs in blockchain technology. There will be a market surge in blockchain adoption by enterprise and government organizations. This will provide particular results like the expansion of Defi, involvement of various crypto tokens, and convergence of A.I. and blockchain technology with an expansion of the Bitcoin metaverse. The increased regulations and enhanced education over blockchain tech will also be a lookout.
There are 219 million Bitcoin owners globally, of which 190 million are active users, meaning these people utilize Bitcoin in their daily lives in one way or another.
The total amount of Bitcoin that has ever been created is 21 million, but currently, there are approximately 19.5 million in existence.
The market size of the Bitcoin payment ecosystem is valued at USD 1.1 trillion as of 2022.
The market cap of Bitcoin changes on a minute-to-minute basis. As of December 2023, it is $849.74 billion.
The current level of Bitcoin transactions per day is 662,880.