BTC After 10 Years: Moving Forward
Back in 2008, the first cryptocurrency was introduced into the world. It represented a weird, complicated system that was viewed closely by wary eyes. The initial whitepaper from Satoshi Nakamoto showed the conveyance of a true political stand for BTC.
What BTC Did
The main idea of the BTC whitepaper, the token today stands at around $6,400 per unit after launching at zero, was for a P2P option of digital money that allows online Txs to take place straight from one place to another with no need to go through a third party. As a decade has passed, this main idea continues on via blockchain, a decentralized registry network.
BTC has continued to grow since its inception for some time away from the spotlight, but after it exceeded $1,000 in 2013 in a first-time record, financial organizations began to take notice.
At the beginning of 2014, bitcoin suffered a major hit, still considered its largest crisis to this day, when Mt Gox, a Japanese exchange platform, was hacked and lost about 80% of all BTC being traded. A huge collapse in BTC value closely followed, which had many people predicting the end of the trend behind cryptos. It was unable to fully recover until last year.
Regaining Momentum in 2017
Last year was the tipping point for BTC, as it jumped to an amount that exceeded $19,500 as 2017 ended. These analyses show that BTC’s total capitalization exceeds $300 billion. By the start of 2018, the total value of cryptos together topped $800 billion.
The very idea of a cryptocurrency has grown so much in popularity and it all began with BTC, which led to the surfacing of a lot of competitors. It became so much more than just a breakthrough in innovation and technology for most people; it became a part of who they are.
Anthony Lesoismier, Swissborg's co-founder, a company that provides blockchain-based portfolio solutions, described it as a true revolution based on a deep philosophical outlook. On the other hand, Nouriel Roubini, the famous economist, stated that the idea of decentralization in cryptocurrencies was to him an illusion.
If the very first goal of BTC was to make payments easier, most bystanders recognized that it has been used mainly as a sort of stored value or even a speculative tool thanks to its value's volatile nature.
Today, around five to ten BTC Txs in total are being processed per second in comparison to a few thousand when it comes to Visa cards.
Looking towards the future, the United States market regulators have been considering various applications that are based on bitcoin technology exchange-traded assets, which if authorized through the SEC, would see the cryptocurrency as an essential integration into the financial network it first wanted to leave behind.