From 2010 to 2019, bitcoin has died 345 times in the hands of reputable media outlets and members of various industries. Headlines such as “Don’t be tricked, Bitcoin is a fool’s game”, “Why Bitcoin is doomed to fail”, and “Bitcoin is a bubble. It will burst on Monday 12 December 2016” have failed to deter investors. Despite being put down due to its price swing, cyber attacks, and market manipulation, the cryptocurrency is still very much alive.
First Bitcoin’s Death Was in December 2010
99bitcoins’ platform shows that bitcoin had died 345 times since December 15, 2010, when it was trading at only $0.33. The highest number of deaths were recorded in 2014 (29), 2015 (39), 2017 (124), and 2018 (93). Nonetheless, many people around the world have come to rely on bitcoin for their day to day living, and they still see a future for the asset.
Based on Forbes’ recent interview with Ian Freeman, minister of the Shire Free Church, Nanu Berks, an artist, and several other early adopters of bitcoin, they believe in the capabilities of the virtual asset. Berks, for instance, revealed that she began using bitcoin in 2016 after she was paid with the virtual currency.
Berks Artworks and Bitcoin Promote the Decentralization of Power
According to the Argentinan artist, the life-savings of her family was lost to banks and the government which made it difficult to cater for themselves. As a result, most of her artworks depicted the decentralization of power which is one of bitcoin’s agenda. Thus, the art world and cryptocurrency were merged by the artist who believes that they strive to achieve the same purpose.
As part of her plan to promote cryptocurrencies, Berks outlined that she now receives payment for her art pieces in bitcoin and ethereum. Also, others are encouraged to make payments using these digital assets with discounts on purchases. The proceeds from these sales are used to pay for plane tickets, food items, art online, etc. using these virtual assets.
Berks also said:
Even if this is just planting a seed for a future conversation or sparking their interest this is how all movements grow, person to person.”
Cryptocurrency Will Transform the Society in Two Ways
Diego Zaldivar, CEO of RSK who also spoke with the media stated that cryptocurrency would transform the society in two ways. This is by creating and transforming the future’s financial system and also improving the “current social scalability mechanisms into trust minimized social contracts”.
Forbes also revealed that people in Keene, a city in New Hampshire are more willing to making daily purchases using cryptocurrencies such as Dash. There has also been significant growth in adoption in comparison with ten years ago. In the same vein, BTCNN has recently reported of bitcoin’s use in Argentina to pay for public rides and in the ordering of food from restaurants around the world.