Bitcoin in 2022.. The kingdom of the virtual currency prince is expanding

Cryptocurrency price crashes dominated the headlines in 2022, but it was a year of significant progress for Bitcoin far beyond its price range.

The price of a Bitcoin unit has fallen more than 70% since its peak in November 2021, from $68,000 in November 2021 to $16,000 now.

In 2022, Bitcoin becomes a protocol that allows for large-scale innovation that meets any needs identified by developers and entrepreneurs without the need to make any changes to this protocol.

Bitcoin.. Another year of 100% uptime

Bitcoin’s biggest achievement this year has once again been Bitcoin itself. The currency’s founder has continued to function flawlessly, adhering strictly to what was said in Satoshi Nakamoto’s 2008 white paper.

Once again, Bitcoin offered 100% uptime and was available worldwide for the entire year against anything coming in 2022; Billions of dollars worth of Bitcoin are transferred on its blockchain every day.

Bitcoin did all this without any foundation, without any direct employees, without any leaders or venture capitalists. Thus, sustainable developments that depended on the reliability and predictability of Bitcoin were able to move forward.

Lightning Network growth

While the Bitcoin core layer remains static, its most important protocol, the Lightning Network, will see exponential growth and development in 2022.

The Lightning Network enables cheap, instant off-chain payments, eliminating the need to wait for a block to confirm transactions. It is completely decentralized and permissionless and improves the scalability of Bitcoin while still benefiting from security guarantees.

In 2022, the total liquidity on the Lightning Network was approximately 4,771 bitcoins, up from 1,900 bitcoins in 2021.

El Salvador…where no nation has gone before

In 2022, El Salvador experienced the largest branding in the country’s history under President Neb Boquel’s economic freedom and Bitcoin policies.

Bukele was featured on the cover of Bitcoin Magazine’s year-end issue, and the president was shown as a founding father of the internationalization of Bitcoin as the currency of an entire country, the engine and leader who dared to adopt Bitcoin around the world.

Bukele urged all bitcoiners around the world to recognize that El Salvador’s fight against the global elites is also their fight.

Bitcoin led to boom times in El Salvador; Tourism numbers are increasing rapidly, GDP is increasing, and the country continues to accumulate foreign exchange despite the decline in the market value of the currency.

Last October, El Salvador established the world’s first “Bitcoin Embassy” in Lugano; This chamber of commerce will be headed by a Salvadoran bitcoin miner and investor turned bitcoin diplomat.

Machankura in Africa

This new service was coded over several weeks by African developer Kgothatso Ngako, who noted the problem that most Africans have phones but cannot access a reliable internet connection.

Therefore, he created a solution based on receiving and spending bitcoin via text messages without the need for an internet connection. Because 94% of financial transactions in Africa are done via text messages, of which 6% use Bitcoin.

This new service allows people all over Africa to use bitcoin for the first time on technology already at their disposal.

Off-grid computing with Bitcoin mining

People all over the world live with very little or very expensive electricity or no electricity at all; Bitcoin mining changes all that; An example shared by Twitter co-founder Jack Dorsey was powering a rural Kenyan village while providing redundant hydropower to the bitcoin network.

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