It is a big day today and we are celebrating. Bitcoin, the most popular cryptocurrency has completed ten successful years since its inception. These last ten years have undoubtedly made it a major invention in the market but have also witnessed the long and hard struggle of crypto, in becoming a legitimate force in the markets across the world. On its 10th birthday, we at BTC Wires are taking a look at where bitcoin stands right now.
Satoshi Nakamoto’s vision led to the origin of bitcoin some ten years ago. The whitepaper, Bitcoin: A Peer-to-Peer Electronic Cash System, was released on this day. It was meant to be a tool that people could use to control their own money as opposed to trusting the government to do so, post The Great Recession in 2008.
The digital currency has come a long way since then and the market has expanded with rising demand. There are currently above 2,000 cryptocurrencies on the market, 1,700 of which have a market cap. However, ten years later, bitcoin still remains at the top of the ladder and no other currency has been able to dethrone it.
Giants in the tech industry who other people look up to have often come out in support of this e-cash and praised its benefits. Bill Gates, co-founder of Microsoft, investor and philanthropist who has generally been skeptical of bitcoin, had previously said:
“Bitcoin is exciting because it shows how cheap it can be. Bitcoin is better than currency in that you don’t have to be physically in the same place and, of course, for large transactions, currency can get pretty inconvenient.”
Various countries have considered making cryptocurrency as their national currency. Venezuela for example has come out with Petro, the government backed national crypto, in a bid to save the country amidst an economic hyperinflation crisis. Iran too has plans to soon launch their own cryptocurrency, in a bid to soften the crushing blow of the US sanctions that have been levied on it. Hence, it is clear that bitcoin and cryptocurrency in general has become an important aspect of politics and global governance.
The currency has spawned a multibillion dollar industry and has compelled some of the world’s biggest corporations to sit up and take notice of it. Due to the technology it runs on, blockchain, which is essentially an open ledger on a decentralized network, the currency offers faster, safer and cheaper transactions as a benefit of using it.
Bitcoin has seen massive highs in the last year. For example back in 2017 December, Bitcoin had almost touched $20,000. Today however, it is on a modest value of $6,340, according to CoinMarketCap. It has attained greater stability and is a more mature currency now.
The past two years have seen bitcoin suddenly shoot up to fame and has institutional investments have really boosted the currency. Big names like Fidelity Investments, IBM and the Intercontinental Exchange (ICE), which owns and operates the New York Stock Exchange, have looked into bitcoin and its accompanying technology, blockchain.
The future looks sunny and bright for the currency, with a hint of clouds. We just have to see if the rains make any difference.