10 Years of Bitcoin: The Pioneer of a Financial Revolution

The Financial Revolution

Bitcoin was initially created to be a decentralised P2P (peer-to-peer) exchange option without the need for an intermediary. In fact, for years Bitcoin was the “official” way to pay for products and services in the deep web (a protocol of the World Wide Web that is not indexed by search engines like Google or Bing, thus making it much harder to access through standard methods). In its early years, it was common to associate cryptocurrencies with criminal or illegal methods of commerce, like buying and selling of drugs, sexual services, etc.

The total amount of that purchase in 2010 was approximately $30. Today, those 10,000 BTC are worth more than $36,000,000. The owner of that pizzeria must be really happy about that. Source: cryptobase.com

The Bumpy Road of Regulation

It did not take long for governments and regulatory entities to have their eyes on Bitcoin. Due to its decentralised and digital nature, the cryptocurrency was being widely used in illegal matters or even to avoid taxation. In 2013, the Department of the Treasury of the United States issued an official report about centralised and decentralised digital currencies and extended its anti-money laundering regulations to include Bitcoin.

In 2017, the american bank Chase unexpectedly closed accounts that had traded Bitcoin. Source: youtube.com

“One Cryptocurrency To Rule Them All”

At the same time that Bitcoin was gathering more and more popularity around the world, lots of other types of cryptocurrencies started to appear that followed the same model. The technology behind Bitcoin (blockchain) enabled the birth of new coins like Ethereum (ETH) in 2014, which was born from the idea of “improving Bitcoin” with a development language for applications in the same network.

The majority of cryptocurrencies today were born from Bitcoin’s initial idea. As J.R.R. Tolkien would have said (if he knew about Bitcoin): “One cryptocurrency to rule them all”. Source: smartereum.com

Is the Future Decentralised?

Bitcoin’s influence in today’s world cannot be ignored. Its existence started from a growing demand for an online, secure, and decentralised payment system. Even though today there are many studies pointing out that Bitcoin is not the ideal candidate for a single worldwide currency because of its problems of scalability, slow transaction processing time, and high fees, there is no denying that its initial idea is genius and that there is a demand for such a technology.

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Juarez Weiss

Juarez Weiss

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Blockchain writer, translator of ICOs and crypto-projects