There's a strong case to be made for claiming that Bitcoin is the "most reliable monetary system," According to Riot Platforms Executive Pierre Rochard.
In a tweet dated Jan. 5, Rochard claimed to be the vice president of Research at the crypto-mining firm. “Bitcoin is engineered to be the most reliable monetary system in the world for savings and payments.” His statement is backed by Bitcoin's uptime of almost 99.99% since its launch on Jan. 3, 2009.
Bitcoin only experienced two outages: one in 2010 and another in 2013. Bitcoin was down in 2010, due to the “value overflow incident.”
According to the Bitcoin Wiki, on August 15, 2010, the overflow occurred when the miners accepted block 74638, which included a transaction creating over 184 467 440 737 BTC. This was for three different addresses. Two of these addresses received 92.2 BTC and the miner that mined the blocks received an additional 0.01 BTC.
Value overflow was exploited in the transaction. The check to see how much Bitcoin is available is incorrect when the value of the transaction is too high. It is called a stack-overflow vulnerability.
Bitcoin developers issued a “soft fork” within 5 hours of finding the flawed block. The soft fork resolved the issue, and the unlegitimately generated Bitcoin was rejected. The fork divided the blockchain in two but at 74691 block height, the correct blockchain was established.
In 2013, a CVE-2013-3320 bug caused network downtime. downtime. Bitcoin’s network was split when the versions of node software 0.7 & 0.8 diverged. Also, a mistaken double-spend by a malicious actor led to the Bitcoin network splitting into two.
Bitcoin was already being used before the bug that caused its price to fall by 23%. This issue was solved by rolling the entire system back to version 0.07.
Bitcoins have been operating without problems for many years now. The Bitcoin network was processing transactions last week. “more than $19 trillion worth of BTC transactions in 2024.” This was his view. “that Bitcoin is both a store-of-value and a medium of exchange.”
As of press time, the Bitcoin price has made its way north of $102,000, the first time it's seen six figures in the new year. BTC is up 4.2% from the previous day, and by 11% since this time last Monday.
Things weren't always looking this rosy, though. Alex Obchakevich, founder of Obchakevich Research, told reporters earlier today that BTC had already surpassed $100,000. Decrypt The following are some examples of how to use “if we see a breakout of the $100k resistance level this week, it will be a powerful signal for further growth.”
Tom Wan from Entropy Advisors, the Head of Data also said that “Bitcoin’s price is poised to retest $100,000 soon,” He highlighted that he had reached this milestone the first time back in December. He stressed the fact that “we’ve seen a strong start to the year with $908M in BTC ETF net inflows on January 3, 2025, marking the 5th highest single-day inflow since BTC ETFs were launched.”
Wan says that those flows show the continued interest from institutional investors for Bitcoin “fueled by optimism around the U.S. market potentially expanding under the upcoming Trump administration.” He believes that more asset managers, financial advisors, pension plans, family offices and private banks will be able to access Bitcoin ETFs.
Wan went on to say that the BTC permanency funding rates had decreased dramatically. “dropping from overheated levels of around 20% back to a more normalized rate of approximately 10%.” He highlighted that “this suggests that a market deleveraging event has occurred, resetting the market dynamics and potentially paving the way for continued growth."
Stacy Elliott is the editor.