Bitcoin celebrates its 10th birthday as the world’s leading cryptocurrency grows in terms of price and adoption. What do the next decade hold for Bitcoin?
Bitcoin Marks 10th Birthday
Today marks the 10th Birthday of the world’s leading cryptocurrency Bitcoin. It’s been ten years since Satoshi Nakamoto released the whitepaper of this digital currency viz. “Bitcoin: A Peer-to-Peer Electronic Cash System.”
Since then, more than 2,000 cryptocurrencies have made entry into the market and more keep on coming. But no altcoin has been able to trump Bitcoin.
Over the years, it has slowly gained attention and mainstream adoption while tackling the issues of scalability, security, and regulatory uncertainty. In terms of price as well, it has grown to a great extent as shown in the graph below:
34-year old, Marshall Hayner who started mining Bitcoin in 2009 and founded payments company Metal Pay shared with Reuters, “I have seen these run-ups and drops in bitcoin and I didn’t even flinch. I believe in this technology. I really believe that bitcoin is the next digital gold.”
While, Israeli entrepreneur Daniel Peled, who has been buying Bitcoin since late 2013 and believes another price explosion is still a few years away shared, “If the price goes down, I am happy because I was able to sell some. And if it goes up, I am happy too because I am still holding some.”
Vlad Dramaliev, head of digital marketing at æternity, an open-source blockchain platform, says Bitcoin is one of the “most exciting technological experiments of our time,” and further shared,
“It established the foundations of an entire industry that is currently engaged in extensive R&D in the fields of cryptography, data security, privacy, and self-sovereignty. Perhaps most importantly, bitcoin has presented an alternative system of global governance, based on tangible economic incentives and decentralization.”
Currently, Bitcoin volatility has taken a serious drop as it reaches to its all-time low at around 1.5 percent. Now, with the entry of institutional investors from mainstream industries and the potential of Bitcoin ETF is keeping the market excited and hopeful of a new peak in Bitcoin price.
Gabriele Giancola, co-founder, and CEO of Qiibee, the Swiss loyalty token protocol said,
“[This] would arguably be transformative for bitcoin and cryptocurrencies, since it would boost overall investor interest and provide stability to the crypto market. If the ETF was to be approved, institutional investors are likely to cash in on the new product, given that it is relatively safer than directly investing in bitcoin.”
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Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.