The Bitcoin “Birth” Story Everyone knows.
In 2008 Bitcoin creator Satoshi Nakamoto (pseudonym) a computer programmer or many programmers sent out a 9-page white paper. The wp was named: A peer to peer electronic cash system.
Releasing the first decentralized cryptocurrency, Bitcoin software, and changing history forever gifting the world with a cryptocurrency. In 2011, after collaborating with other developers, Nakamoto vanished.
Eventually, everyone wanted to know who this man or group was because he or they were so mysterious.
Anyhow, soon enough reporters found Dorian Satoshi Nakamoto and truly thought he was Nakamoto, but he wasn’t.
No one knows why Nakamoto disappeared. Some believe he vanished to allow Bitcoin to create its own wings, and others believe he realized Bitcoin was a big deal, so he decided to remain anonymous.
He holds enough power to control the industry, with about 1 million bitcoins worth about 7 billion in today´s market. But, no matter what the facts are, he certainly has changed the world forever.
Bitcoin was designed to be a medium of exchange. It uses cryptography to manage its creation instead of relying on central authorities.
Over the years, it has gone through rapid growth to become a significant currency. It made its way into businesses all around the world, which started accepting cryptos in addition to fiat.
It´s 2019 and Bitcoin is celebrating 10 years of existence! What a Journey!
A cryptocurrency experiment that turned out to make headlines and news. It became a hot topic captivating developers, economists, investors, computer scientists, bankers, and others.
Crypto is an impressive technology, it is doing what many didn’t think it could.
It gives freedom to money, my money, your money, our money, their money, everyone´s money.
“Bitcoin is for money, what the internet was for information.”
October 31st 2008 — BTC PRICE: $0
- Satoshi Nakamoto posted a whitepaper to a cryptography mailing list titled “Bitcoin: a peer to peer electronic cash system”. As a result, it changed how the world´s view of money and traditional financial systems.
‘I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party’ — Satoshi Nakamoto, Oct. 31, 2008, 06:10:00 PM
Here is a list of all of Satoshi´s emails.
January 12th, 2009 — BTC PRICE: pretty much nothing.
- First Bitcoin transaction happened on block #170, the sender was Satoshi Nakamoto, and the receiver was Hal Finney.
February 6th 2010 — BTC PRICE: $0.003 USD
- The first official cryptocurrency stock exchange is launched, and the bitcoin market is born.
February 9th 2011- BTC PRICE: $ 1.00
- Bitcoin reaches the USD price the exchange rate was one BTC to the USD.
February 27th 2012- BTC PRICE: $2.00
- The Bitcoin magazine is launched with Bitcoin and crypto articles, where Vitalik Buterin the creator of Ethereum worked as a writer.
April 1st 2013- BTC PRICE: $266
- The exchange rate of Bitcoin reaches 100 USD to 1 BTC
December 2014- BTC PRICE: $630
- Microsoft began accepting bitcoin to buy Xbox games and Windows software.
March 2015- BTC PRICE: $300
- Bitcoin startup 21 Inc. published it had amassed to 116 million USD in venture funding, the highest amount for any digital currency-related organizations.
September 2016- BTC PRICE: $630
- Over the last 18 months, Bitcoin ATMs doubled reaching 771 ATMs worldwide. As a result, bitcoin became more accessible.
December 2017- BTC PRICE: $7,300
- Bitcoin price exceeds USD 19,000 by mid-month of December 2017.
February 5th 2018- BTC PRICE: $6,200
- Bitcoin´s price drops a drastic 50% in about 16 days below the 7,000 line.
January 2019- BTC PRICE: $3,820
Bitcoin today April 9th, 2019, costs $5,256 USD
May 27th, 2019 Bitcoin rises like a phoenix making its way to $9,000 a piece.
Today, there are over 2,000 different cryptos. By now, there are at least 1,000 dead coins, which either failed or have ceased operation.
But even with all the volatility and diversity, Bitcoin is still going strong. It´s not just the first crypto, it is still the strongest crypto at the moment.
The events surrounding bitcoin range between extremely high prices, and extreme lows, scams, frauds, ups, and downs. Businesses are embracing it worldwide, bitcoin saving nations from crisis and transforming the traditional financial system.
Therefore, this is all part of the process of something new. This is a necessary process to help us understand how it will fully affect our communities.
So what is in store for Bitcoin and other cryptos?
Some will say the future of BTC is to become the new USD, others might say it’s digital gold. And others like Warren Buffett, one of the most successful investors in the world will say — “Delusional!”.
According to Chamath Palihapitiya, a venture capitalist, cryptocurrencies are the future. He says it is imperative to have a least 1% of your portfolio in cryptos as a hedge. Because it is a representation of the generation we are in now and especially the ones to come.
He goes on to explain that this generation doesn’t want anything to do with gold or traditional ways of investing. They want something that represents them, who they are, and what they believe.
In other words, cryptocurrency is the future of money. We should all be smart enough to take at least a small entrance in it. Even though exceptional investors like Warren Buffett disagree.
While Buffett established a net worth of 87 billion, he admits to being completely disconnected from technology.
“Warren Buffett is exceptional at what he does.” — Chamath Palihapitiya said this in reply to the fact, Mr. Buffett, dislikes cryptos.
He was saying although he admires him, his opinion is irrelevant to the crypto industry because he cannot understand it. It is not a part of his generation, and therefore with all due respect, he cannot give a valid opinion.
Cryptos are the future because this generation wants it to be (period). But another reason cryptos are relevant is the need for increased security.
This generation doesn’t trust banks, centralized authorities, credit cards, etc. Identity theft is growing daily, and consequently, it all cooperates to guarantee a place for cryptos in the future.
And last but not least, Harvard economists are saying bitcoin and cryptos will go down to zero!
Oh wow, well I guess we will have to wait and see…
To finish it off, criminality (money laundering, drug dealing, human trafficking, etc.) accusations towards cryptos continue to be irrelevant. Consider the fact that the same things are done with fiat currency and have been for centuries.
If we were to accuse one we would have to blame them all, wouldn’t we? However, we are not, why not? Because it doesn’t make sense.
Besides, those who cannot understand the technology make up limited analyses for not accepting what they cannot understand. And that´s at least understandable, as Mr. Buffett says, “only invest in companies you understand”.
Let us know your thoughts about Bitcoin reaching this far in the game. What do you believe is reserved for the future of Bitcoin and other cryptos!?
Disclaimer: This is not legal advice. Although our team works hard to bring you the best content in the cryptocurrency market, this is only our view. Consequently, it may be divergent from other opinions. So, do not make any decisions without concluding studies of your own. Please, with due diligence, try to understand the profit possibilities and uncertainties involved at your own risk.