Does Bitcoin have any use outside of it being a digital cryptocurrency? Does it have the power to reshape the world economy? Will it make a difference to everyone or just to the techno revolutionists that thrive on new ideas? Do you want to keep trusting your bank or do you want to spread your financial wings? Bitcoin gets all the obstacles, while keeping it secure and efficient. It’s the best of both worlds and because of this, it presents a whole universe full of usefulness to us all in the new world. Bitcoin was just the first mover, but there are hundreds of cryptocurrencies that are alive and kicking as they follow Bitcoin; the mothership of all things crypto.
The fact of the matter is that Bitcoin can be used for any financial transaction, as long as both parties have a Bitcoin address. Bitcoin has become the powerhouse of cryptocurrency. Back in 2007, the mysterious developer/founder of Bitcoin named Satoshi Nakamoto started developing the Bitcoin concept. At one time it was recorded that he’s living in Japan, but many of you speculate that Satoshi Nakamoto is a collective pseudonym for a number of people.
The 1st Bitcoin Transaction
Let’s move forward to 2008. On exactly October the 31st, the Bitcoin white paper was published. In that white paper Bitcoin was explaining to all and outline that bitcoin was a currency and sold the problem of double spending, so as to prevent the currency from being copied. A few short months later in January 2009, the 1st Bitcoin transaction took place. The transaction was between Laszlo Hanyecz; a developer as well as a cryptographic activist and the developer, Sitoshi Nakamoto.
In 2010, the value of bitcoin was only 8cents, which I’d say was a very pivotal moment in development of Bitcoin. In June 2011 Bitcoin experienced what is called the great “Bubble” of 2011. What happened that day was one of the largest percentage price decreases for bitcoins. On September 2012 the year of the Olympics, is where the Bitcoin foundation was launched and their aim was on implementing a core development team. Now in 2017, Bitcoin market cap stands at over 40 billion dollars approximately. So in seven years it’s gone from a market cap of some few dollars to over 40 billion dollars. That’s just incredible.
What Can’t Bitcoin do?
Well, nothing. Bitcoin and cryptocurrencies strengthen and improve all financial institutions. The ordinary supermarkets where people still pay an old money are already starting to awaken the power of Bitcoin and their businesses. If Bitcoin works for fast-moving consumer goods, there is no business where it wouldn’t work. If a high-volume trader trusts the blockchain and is confident that every transaction is verified, then why should anyone doubt it? It’s all a question of people’s readiness to embrace change to part with the old centralized banking system and join the new cryptocurrency revolution. So, when it comes to motor, household, insurance, satellites, internet service provider, premiums cable, online shopping, Bitcoin has got you covered.
The Future of Bitcoin
It may seem like a lofty vision to some, but when we think of Bitcoin, which is not even a decade old now holds a market share of billions of US dollars it is altogether believable that smart contracts or contracts that are entered into via the blockchain, make every other contract an average expression. Buy with Bitcoin, sell with Bitcoin. No paper, no signatures, no disputes and you’ll make an international payment in seconds, without international payment delays.
The beauty of Bitcoin is that it will not disclose who made the payment or who received it. It is altogether traceable, but your confidentiality remains intact. No lawyer required to draw up a watertight contract, no middleman and again no bank to slow you down .