A look back on the year in Bitcoin
A global outbreak, a huge market crash, a contested US election, and the world seemingly being shut down. In spite of all this Bitcoin and cryptocurrency kept marching on, most recently seeing an unprecedented price rally.
This week, we take a look back at some of 2020’s biggest stories in the world of Bitcoin and what will likely shape the cryptocurrency industry moving into 2021.
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Use the Bitocoin.com wallet to swap between Bitcoin and Bitcoin Cash, or escape the volatility of the markets altogether with USDT and USDH.
In the news in 2020
It’s been a remarkable run to close out the year, with the price of Bitcoin showing a 300% gain in 2020.
No one knows what the future has in store, but many are touting 2020 as a defining year for bringing Bitcoin into the mainstream and silencing skeptics.
The economic fallout from the coronavirus pandemic has been felt globally, but the actions by the US Government in particular drove many individuals and corporations directly to Bitcoin.
With trillions of dollars in stimulus funds seemingly printed out of thin air, the Federal Reserve doubled down on its actions by declaring inflation increases would become an official policy moving forward.
2020 saw the explosion of the DeFi phenomenon. DeFi, short for Decentralized Finance, is a blanket term for coins and applications that create traditional financial instruments in a decentralized architecture.
Moving into 2021, DeFi could be a common term in the financial industry.
2020 saw the internet’s largest payments giant Paypal finally open up to cryptocurrency. They announced that crypto payments would be available to US customers before years end and that all 305 million of their users would be able to make and receive payments in crypto shortly thereafter.
Some of the world’s largest companies launched projects in the crypto space. Microsoft patented a crypto system based on biometric data, and Visa launched a program to create a digital currency.
Beyond technical developments, an unprecedented amount of institutional investors made the news. NASDAQ-listed Microstrategy became the first publicly-traded company to move a significant amount of its cash reserves into crypto, and Grayscale made headlines with their massive fund having over $10 Billion dollars worth of Bitcoin under management.
The long-awaited upgrade will move the Ethereum blockchain from a proof-of-work model to a proof-of-stake model.
In the past, Ethereum has been plagued by network congestion and scalability issues, but these are to be addressed in the 2.0 upgrade. 2021 is looking like an exciting year for the number 2 cryptocurrency by market cap.
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Updates to your Bitcoin.com wallet
Major improvements to the Bitcoin.com Wallet this year make it easier for you to manage your Bitcoin and Bitcoin Cash. You can now back your wallet up to iCloud or Google Drive, meaning you don't need to worry if you lose or damage your device. You can now restore your wallet simply by logging into your Apple or Google Account.
You can also now send cryptocurrency to anyone, anywhere in the world, regardless of whether they have a crypto wallet or not - using a hyperlink.
We’re always working to make it easier for more people to use crypto, and are looking forward to more exciting updates for you in 2021.
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