It is difficult to think that Bitcoin was not around 10 years ago. Bitcoin has become one of the most disruptive technologies to have ever appeared. A true gamechanger. But back then, it was just only a paper written by a no-name guy, Satoshi Nakamoto. While some did think about the possible implications of this work, it passed mostly underappreciated and was treated as a weird bug. Little did they know that it would become the worldwide phenomenon that it is today.
Bitcoin: A Most (Un)Welcomed Paper
“Bitcoin: A Peer-to-Peer Electronic Cash System”, that is how everything started. This is not to say that other essays of this kind of systems had not been designed in the past: Hashcash was a system designed to avoid spam mail that used a proof of work as a means to determine if the mail sent was legit or from a spammer. But the idea of using Proof of work to aid in the creation of a cash replacement was unheard of.
At the time, bank institutions were not troubled by it. The few that acknowledged the danger that such a revolutionary technology could have over the world believed that it will be gone with the same quietness that it was born. But they were wrong.
It did not die in its nascent stages, and it evolved evolving little by little to show the world that it could be a viable choice for people to break free from the clutches of the economic powers of the financial institutions.
Bitcoin: A Multipurpose Tool
While Satoshi Nakamoto created it as a replacement for cash, and a way of sidestepping financial institutions, such a new instrument clearly could not be adopted as such so early. And while things have improved, Bitcoin is still not so popular as a payment method by a plethora of reasons.
But what Bitcoin did do was to launch a new market: an exchange market that consisted on trading this new “crypto asset” by cash. This would be considered as an intermediate point in the run for total adoption.
It kinda worked out: the cryptocurrency exchange market popularized Bitcoin as an investment tool and not as it was intended to be since its beginnings: a cash system. Regulations also stepped in to prevent it to be massified as a cash replacement, because governments could not control it. And governments always fear what they cannot control.
What It Is In The Future For Bitcoin?
While no one can predict the outcome of all this, we think that bitcoin will continue to grow up in the near future, maybe not so much in price, but in adoption and widespread recognition. Bitcoin turns 10 soon, and while it has been a good child till now, there are many things to learn for the years ahead.