Bitcoin completed 10 years of being announced as a cryptocurrency to the world on Jan. 3, 2019. The Bitcoin has seen many ups during its relatively short journey in the economic world, has had its fair share of criticism and speculation, with many even after 10 years of its existence, label it as an economic bubble.
The basic idea behind the Bitcoin is pretty straightforward. It is a digital currency that can be used to carry out transactions like most credit cards or cash transactions, but most importantly, it is a decentralized form of currency, with no intermediaries involved for payments taking place on a peer-to-peer network.
The Bitcoin achieved its all-time high on 17 December 2017, with 1 BTC token costing $19,666. But since then, some countries have banned the use of cryptocurrencies in general, leading to a decrease in its value, with the current price of 1 BTC token being $3664.72 at the time of writing.
However, the concept of any cryptocurrency (like Bitcoin) and blockchain go hand-in-hand and the potential of its use in some major industries could put things on the right track again. In fact, many people have already benefitted from transactions that make use of a “smart contract”, one which self-executes, manages, and enforces the deal, making the payment in cryptocurrency, after the criteria’s have been met.
The most affected by the soon to come cryptocurrency era will be banks and fintechs. Those who have already adopted blockchain technologies might indeed benefit from this change and those that remain vocal in their dissent of the crypto trade, in general, might be in for a huge shock. The blockchain is also effective in storing medical records, personal records, history of data transactions, in short, being the perfect aide to governments all over the world in the sense that it is incorruptible, highly secure, honest and unbiased.
The governments all around the world should incorporate the Bitcoin currency, as it is the most traded cryptocurrency in the world, to some extent within their financial mainstream. This can help startups and innovators to eliminate the need for middlemen, provide a banking alternative to the unbanked and in the long run prove to be beneficial to the cryptocurrency industry as a whole.
In the coming decade, a new revolution, you may call it BTC 2.0, is going to transform the world like it has and continues to do so as of now.