Bitcoin (BTC) has achieved a significant milestone in its history by running non-stop for a decade without any downtime, paving the way for a new era of decentralized finance.
In particular, data retrieved from BitcoinUptime, shared by Reddit user Tasigur1 on March 17, indicates that Bitcoin has run continuously, 24 hours a day, seven days a week, for the last 10 years with no issues at all. The period translates to 3,650 days of operating without disruption.
Bitcoin’s historical uptime as retrieved on March 17. Source: BitcoinUptime
Since the cryptocurrency’s inception in 2009, the network has suffered two major downtimes. One notable incident occurred in 2010 when a block contained a transaction that created an astronomical number of Bitcoins due to an overflow in the code. However, the community quickly discovered and fixed the issue, ensuring the integrity of the Bitcoin network. Interestingly, Bitcoin’s uptime stood at 99.908% in 2010.
Another issue arose in 2013 when a block with more transaction inputs than previously seen was mined and broadcasted, causing a fork in the blockchain.
Similarly, the community quickly detected and resolved the issue, preventing any significant damage to the network. The incident resulted in a Bitcoin uptime of 99.932% for 2013.
Implication of Bitcoin’s 10 year uptime
The fact that Bitcoin has been running without downtime for ten years is a testament to the resilience and reliability of its underlying blockchain technology. Notably, the decentralized nature makes it extremely difficult for anyone to take down the network or compromise its security.
The uptime status further validates Bitcoin’s founding ideologies of solving the traditional finance sector’s shortcomings. The 24/7 availability means that it is always accessible to users, regardless of their location. This has made it an attractive option for people who want to make transactions outside of regular banking hours or live in countries where traditional banking services are not readily available.
Additionally, the milestone coincides with a period in which the United States banking sector is facing a crisis following the high profile collapse of three lenders within days.
Renewed interest in Bitcoin
Indeed, Bitcoin’s ten-year milestone comes when the cryptocurrency is experiencing renewed interest from investors and traders.
The price of Bitcoin has been steadily climbing in recent days, reaching new multi-month highs. By press time, the maiden cryptocurrency was trading at $26,877 with 24-hour gains of over 7%. On the weekly chart, BTC is up 35%.
Bitcoin seven-day price chart. Source: Finbold
The digital currency has generally ignored the banking sector contagion, leading the crypto market in recovery, as highlighted by the sector’s $200 billion inflow in a week.
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