Since its inception in 2008, Bitcoin was mostly regarded as decentralized peer-to-peer payment network and due to its substantial limits on scalability, in the past few years, it couldn’t compete with the ecosystem of decentralized financial applications that have mushroomed in the Ethereum Ecosystem.

The significance of Bitcoin reaching $100,000 is symbolic. From the point of Bitcoin's long-term development, it might be regarded as small number, especially compared to the future price levels that it is expected to achieve in the coming years. As we know, the total number of Bitcoins that can be mined is limited to 21 million. It's expected that by the year 2140, all the bitcoins that will ever exist will be available, with more than 90% of bitcoins already mined by now. When Bitcoin came into existence in 2009, miners received 50 BTC for each block they mined. The latest halving happened on April 19, 2024, and the miners' rewards for each block were lowered to 3.125 BTC.

While Bitcoin is commonly associated with money, it also has a lesser-known but equally important use case — smart contracts. Smart contracts form the foundation of Bitcoin and were first proposed by Nick Szabo in 1995. They are computer protocols designed to execute, verify or enforce contract negotiations or executions, essentially acting as a contract rather than code. Smart contracts enable trusted transactions without third parties and can facilitate self-executing agreements without central authority intervention, providing a safer and more convenient alternative to traditional contracts.

BiHelix team was well represented in Bangkok, Thailand at one of the longest-running crypto industry event of the year in Asia – DEVCON. The weather might seem hot and dry on most of the days, but the electric atmosphere, energized projects and enthusiastic crowds were hard not to spot. Bangkok also hosted Thailand Blockchain Week, WOW Summit and ETH Global in the month of November.