Clock Check: The Past, Present, and Future Story of Bitcoin

The Past

The story of Bitcoin began in 2008, when an alleged group of people under a pseudonym Satoshi Nakamoto published a design paper called “Bitcoin: A Peer-to-Peer Electronic Cash System.” The main concept is to create an electronic payment system dissimilar to the mainstream and centralized paper money generally used by the government.

On the 3rd day of January 2009, at exactly 18:15:05 GMT, Genesis or the first Bitcoin block was mined. Six days later, Bitcoin version 0.1 was released including the generation system which dictated that only a total of 21 million Bitcoins will exist in this world until 2040. The first Bitcoin transaction between Nakamoto and cryptographic activist Hal Finney occurred three days after. Fast-forward to October 2009, Bitcoin exchange rate was first established at US $1 = 1,309.03 BTC.

The Present

Twelve years later, Bitcoin continued to gain a volume of supporters from venture capitalist millionaire Tim Draper to Microsoft co-founder Steve Jobs. Most Bitcoin enthusiasts believe that Bitcoin is an asset similar to gold as its value is dramatically surging over time. As of October 2017, exchange rate of 1 Bitcoin to US dollar is at $4,770, and it’s still climbing by 10% week on week.

Not just that, Bitcoin has also given birth to other cryptocurrencies such as Litecoin (LTC), Ethereum (ETH), Zcash (ZEC), Dash, Ripple (XRP), and Monero (XMR). These digital currencies are now gaining popularity in the world market as more people discover about its advantages as compared to regular money and bank-mediated transactions.  Even celebrities like Paris Hilton and boxing champion Floyd Mayweather are endorsing digital currency.

The Future

With its well-established reputation, strong popularity, and solid market capitalization, there is no doubt that the story of Bitcoin is far from ending. Skeptics often rant that Bitcoin is a bubble that’s doomed to crash, but time has only proven them wrong. Yes, Bitcoin has experienced its lows, but it only came out stronger and more valuable than before.

Also, with the usage of the amazing blockchain technology which helps authenticate almost everything from location to identity, the story of Bitcoin is indeed expected to turn the financial and banking system into a whole new page.