While most people will be celebrating today with Halloween candy, trick-or-treating and costume parties, those of us in the crypto world are celebrating Bitcoin’s 10th birthday.
Bitcoin has transformed from a mere 9-page white paper, to the dominant market player it is today. 10 years ago, the pseudonymous creator of Bitcoin, Satoshi Nakamoto, published ‘Bitcoin: A Peer-to-Peer Electronic Cash System’ in an online forum. Nakamoto’s brilliance combined with the computer scientists Hal Finney creativity, Bitcoin’s first coins were created and traded in early 2009.
Back then, a Bitcoin was worth less than a penny. In late 2017, a Bitcoin was within sneezing distance of being worth $20,000. Bitcoin is now valued at around $6300, which is still over a million fold increase in value during the past 10 years.
Bitcoin has not only given value to itself, but it created distributed ledger technology that is now being utlizied in many industries besides crypto. Besides that, Bitcoin laid the foundations for the over 2,000 cryptocurrencies that are now in circulation.
Some say what sparked it all was the 2008 financial crisis. Nakamoto is said to have a hatred towards the financial sector, which makes as he created a way to bypass all financial central authorities entirely. The Bitcoin Blockchains Genesis Block was created on January 3rd 2009 and has the statement “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks” embedded in its code.
Bitcoin is one of the greatest inventions of our time and it has entirely changed the way we look at banking. In fact, its changed the way we look at assets, especially digital assets. The cryptocurrency markets have now attracted some of the biggest names in the financial industry including Fidelity and the Intercontinental Exchange (ICE) who owns the New York Stock Exchange. None of this would have happened without the creation of Bitcoin.
Though Bitcoin’s volatility and value is down on its 10th birthday, it doesn’t change the fact that Bitcoin has changed the financial market. It’s hard to say what’s to come for Bitcoin over the next 10 years. While some can speculate that Bitcoin will undergo further security measures, identity management, and the incorporation of the digital commons, no one really knows.
What we do know is that Bitcoin created a multi-billion dollar industry that’s here to stay. And as Bitcoin continues to hold a 50% dominance, it’s easy to say Bitcoin is here to stay.
Happy Birthday Bitcoin ~ The CryptoChats Team