Bitcoin’s Tenth Anniversary Marked By Growth, Opportunity, New Horizonsbr>
Ten years ago, the white paper that launched a multi-billion dollar industry was issued. Satoshi Nakamoto, who to this day has yet to be identified, wrote the white paper Bitcoin:A Peer-To-Peer Electronic Cash System. Its 2008 appearance was followed a few months later by the first mined block.
A decade later, the cryptocurrency and blockchain industry spans the globe, with everyone from institutional investors to governments to private enterprise actively pursuing solutions.
Block Tribune received reactions to this momentus anniversary from a cross-section of industry leaders. Their comments below.
Danny Kim, Head of Growth at SFOX, a crypto prime dealer that just raised $22M to build an institutional crypto asset management platform:
“I don’t think anyone saw how fast and quickly bitcoin and cryptocurrency would adopt and be where it is today. We knew bitcoin’s innovative technology would eventually capture the interest of various industries, but on a macro level it has impacted a far array of areas we couldn’t have imagined. For example, I never would have thought crypto would be a driving factor in influencing the new and younger generations in having a stronger interest in finance and technology. Another impact is how Bitcoin has brought so many brilliant minds across the globe together. People from every inch of the globe are traveling to various countries for crypto-related conferences to learn more about how it’s impacting the countries locally and then ultimately building projects together. Within two years from now, you’ll start seeing bitcoin and crypto held in traditional 401K plans.”
Cameron Chell, CEO of ICOx Innovations, which creates loyalty, reward, gaming, and payment cryptocurrencies for established companies that can benefit and grow their business through blockchain technologies and crypto:
“In just ten years of existence, bitcoin has gone from a fringe utopian idea to a legitimate investment tool gradually being adopted by institutional investors worldwide. The fact that an anonymous white paper has managed to so quickly garner mainstream adoption among big brands like Kodak, Facebook, and IBM is testament to blockchain’s staying power as a transformative tool for stoking consumer engagement and making it easier and cheaper to do business. Bitcoin was just the beginning — in the next ten years, we will see platforms being built and transacting with real customers at an ever more rapid pace. I predict that every major brand will have its own transactable cryptocurrency in the next decade.”
Rahul Sood, CEO of Unikrn, a voice in applied crypto at the merger of blockchain, esports, and wagering. He also sits on the board of Palladium, a project working to launch one of the world’s first crypto security exchanges and allow users to manage crypto assets and banking with a single unified interface:
“Bitcoin is a pioneering movement in blockchain. It has become among the most important FinTech innovations in the first half of this century. What bitcoin began ten years ago could have as big an impact as the decision to enter the fiat age and leave the gold standard behind. Everybody has heard of Bitcoin today, but what the mainstream fails to understand is that there are dozens of high-quality, innovation-driven, platform-based use tokens in the world today. There may never be another bitcoin, which will continue to lead the crypto world, but as regulators and lawmakers begin protecting consumers, and consumers start engaging smart projects instead of daytrading, we’re going to see the next sustainable crypto boom, which will shape the face of consumer finances, purchasing, and exchange.”
Jimmy Zhong, CEO of enterprise-grade blockchain infrastructure IOST:
“Ten years ago, the pseudonym Satoshi Nakamoto posted an eight-page whitepaper with one clear, disruptive idea: that there can be a world in which people — not financial institutions — hold the power. Since it was first launched, bitcoin has inspired a ripple effect that has grown exponentially, from a mailing list of cryptography experts to an international market disrupting some of the most entrenched institutions that have ever existed. Over the past ten years, an idea that originally targeted financial institutions has blossomed into a global movement to hold centralized authorities accountable, including technological institutions like Facebook, Google, Amazon, and Apple. It has never been a better time for bitcoin and other blockchains. Price has and always will fluctuate, but what truly matters is that the core of engineers, believers, and dreamers have continued to grow, improving the technology and inspiring new projects to push the boundaries of what can be accomplished! In the next ten years, the world will change dramatically — and we believe blockchain will make that change more equitable for every person.”
Sam Radocchia, co-founder and CMO of Chronicled, a tech company offering blockchain solutions for supply chains in industries from precious metals to pharmaceuticals to art:
“Bitcoin has created a snowball effect. What started with simple money transfers on a blockchain has transformed into countless blockchain projects that tackle problems ranging from supply chain to art provenance, charitable donations to retail. The most remarkable byproduct of the Satoshi white paper has been the vast, far-reaching communities that have sprung up around the idea of a distributed ledger. The decentralized nature of blockchains has lowered the barriers to entry so that people of all socioeconomic, cultural, and educational backgrounds can participate in building a brighter future. Blockchain is not merely a technological proposition, but a social paradigm shift from centralized to decentralized, from opaque to transparent, from siloed to open and interoperable. We’ve lived in a system for so long where anything from our finances to our data to what we buy to what we eat and what we know has been centralized. I’m super excited to see the new business models, industries, and governance frameworks that will arise in the next ten years.”
Analyst Piers Courtney of GlobalBlock, a London cryptocurrency broker:
Bitcoin has not been without difficulty; it has had a scalability issue, which came to a head during the bull run in late 2017. Some users were paying up to $16 to send $25 worth of BTC. To understand why this is an issue we need to know a little about how the transactions work on the blockchain.
For a transaction to be accepted and sent, the sender must pay a small fee to be included in a block. The more you pay the quicker your transaction will take to complete. The miners who regulate the blockchain network can only process so many transactions per second. So there is a supply and demand bottleneck. As a comparison, Visa completes 24,000 transactions per second. Bitcoin can only achieve a maximum of 7 per second.
There have been many proposed and attempted solutions to this issue ranging from a hardfork of Bitcoins code base (Bitcoin Cash) to Segwit – a non hard fork solution which allows block sizes to scale in a more malleable way.
In short, Bitcoin has gone from hobbyist to global powerhouse in 10 short years. Bitcoin’s past is interesting enough on its own, but the question on everyone’s lips is what is Bitcoin going to achieve in the future?
One thing about Bitcoin’s future is entirely certain: it has a finite supply. Every four years, or every 210,000 Blocks the reward for new fresh Bitcoin from the miners is cut in half and will do so until it reaches zero.
Bitcoin is set to reach its next “halfing” event in 2020. When block 577,500 is reached, every following block reward will be cut in half. It’s also worth noting that Bitcoin’s supply of 21 million coins is the theoretical total. This total is subject to loss, destruction and technical difficulties further adding to Bitcoins scarcity in the future.
Will it get to a million USD per coin? Maybe. Although it is worth saying that past performance is not indicative of future results.”