Sunday, March 24, 2019

The Journey: Exactly a Decade Since the First Bitcoin Transaction

January 12, 2019: Today marks exactly the tenth year after the first Bitcoin transaction was made in 2009.

The Making of a New Era

When the first bitcoin transaction took place between Bitcoin anonymous creator, Satoshi Nakamoto, and the late influential Hal Finney, not many would have imagined the magnificent impact it was set to have on the global landscape, and how many lives or lifestyles were about to be transformed, altered, or both.

Bitcoin.org, the domain, was bought by an anonymous buyer on August 18, 2008, in what would be the initial platform to introduce the incredible body of work that Bitcoin was, before the famous bitcoin paper, “Bitcoin – A peer-to-peer electronic cash system,” was published a month later.

The journey began then, and it is safe to say the trailblazing cryptocurrency set the pace for other cryptocurrencies to come after it. The rapid journey to adoption and popularity might surprise many, but the beginnings of Bitcoin were tepid and full of unbelievable stories. For example, the story of the rise of Bitcoin from obscurity to global awareness and value is not always complete without the famous pizza story. Programmer, Laszlo Hanyecz famously bought two pizzas for the price of 10,000 BTC in what would be a significant milestone symbolizing the first transaction of BTC for physical goods. One could only imagine what a tenth of that could buy now!

Less Cryptic Evolution

The evolution of crypto king, Bitcoin, has been far from cryptic and has been open to the whole world to witness, braving through rocky times to break records over and over again.

Since Bitcoin rose from $1 to 2300.03 BTC when it was first listed, the cryptocurrency has not only risen exponentially in value, but the underlying technology behind it has also caught the attention of the whole world, fast becoming an integral part of solutions to real-life problems.

The technology’s outstanding abilities which solve issues of trust, transparency, and speed while eliminating the need for middlemen have been a welcome answer to longstanding dilemmas. The technology is most particularly making its way in the financial and fintech sector. Managing director and founder of the Gibraltar Stock Exchange Group Limited, Nick Cowan, talked about the evolution of blockchain in lieu with digital currencies like BTC.

“Cryptocurrencies were the first showcase example of blockchain technology at work, opening the door to new payment practices, while addressing many of the long-standing issues plaguing traditional finance, such as high transaction fees and settlement delays.”

Another admirer, Nydia Zhang, co-founder and chair of the Social Alpha Foundation, has commented on the recent milestone of Bitcoin. If cryptocurrencies could survive the trying times of 2018, Zhang says, then there is only hope that cryptocurrencies will forever be.

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