Almost 11 years ago, the first, original cryptocurrency appeared. It happened on January 3, in the year of 2009, and the cryptocurrency we are talking about is the incredibly popular Bitcoin or BTC. At that moment, another process has begun, which has become one of the main ways of earning digital money, which is so-called mining.
The first person to mine the first-ever BTC block (value 50 Bitcoins) was Satoshi Nakamoto, the man who created this cryptocurrency and advanced blockchain technology.
In recent years, BTC has gone from glory to despair, and back to glory. The value of one BTC crypto coin was initially nothing, and only in 2010, the first value worth mentioning was $0.003.
However, from that moment on, it can be said that Bitcoin has started its growth and the path to its highest value so far in 2017. Back then, the value of one BTC was a whopping $19,891. Although a lot of people were involved in the cryptocurrency trading back then, it can be said that, from 2017, more and more people wanted to enter the world of digital currencies.
In this way, BTC has revolutionized the financial system, technology, cybersecurity, etc. New decentralized money transactions, impenetrable blockchain technology, higher transaction speeds are some of the benefits that BTC has brought to us.
However, the question is, is Bitcoin the future of money? We will try to clarify this in the following text and present some interesting things about the first cryptocurrency ever. In the meantime, we suggest you visit bitcoin-champion.com, one of the best cryptocurrency trading sites that offers you top-notch support, statistics and the opportunity to enter the world of Bitcoin and other altcoins. Now, let’s find out if BTC is the future of money.
Bitcoin has made general advances in technology and financial systems
It is true that BTC is one of the most influential things in the 21st century so far. There are so many good things it has brought us. First of all, there is blockchain technology that provides greater security for money transfers, anonymity, but also transparency at the same time.
In a way, blockchain is an open-to-public ledger, but on the other hand, a highly encrypted decentralized system that allows secure transfer of cryptocurrency, in this case. This advanced technology is based on peer-to-peer (P2P) architecture which means that there are no intermediaries or third parties involved in transactions. Unlike banks, this system and technology are not under the control of any person.
An interesting fact is that BTC was created in 2008 and was officially released in 2009. If you recall, there was an economic crisis in the world during that period. It is alleged that the creator of this digital coin, Satoshi Nakamoto, was inspired by poor financial systems that are centralized, and therefore created a new decentralized system.
In any case, looking over the past few decades, BTC is definitely one of the most revolutionary things that have come up in the world that has brought us a lot of positive things.
Bitcoin has inspired the emergence of new cryptocurrencies
In addition to advanced technology, BTC has brought us new terms that have not been used before. These are “cryptocurrency” and “altcoin”. The first term refers to all digital coins and tokens in use. These include Bitcoin, Ethereum, Ripple, Litecoin, and other virtual coins. However, when it comes to ETH, XRP, LTC, they are called altcoins, like all other cryptocurrencies that originated after BTC which is the first and original currency of this type.
It is currently estimated that there are almost 3000 different cryptocurrencies and circulating tokens. And it’s very interesting that more and more people are getting into these digital assets. This is probably caused by a lack of confidence in banks and their centralized systems.
It is important to say that transfers involving cryptocurrencies have significantly lower fees, and that is much faster than traditional bank transfers.
In addition, cryptocurrency trading can be a lucrative way to make money. Today, there are a huge number of people who own and trade these digital coins. Quite simply, Bitcoin and other altcoins provide us with something we cannot accomplish with traditional FIAT currencies.
First of all, there are faster transfers, low fees, security thanks to advanced encryption that makes it impossible to break or crush this system, especially when it comes to BTC (there were more attempts to bring down BTC, but all were unsuccessful), a limited number coins (21 million BTCs), etc. All this undoubtedly conditioned their great popularity.
There are problems Bitcoin facing with
Yes, there are problems that BTC is facing and that is cause why there is still no global acceptance of this digital currency. For example, some people find it difficult to understand how the whole system works. Therefore, they don’t choose to accept BTC as an asset in trade.
Also, many countries have no regulated laws when it comes to BTC or any other cryptocurrency. This means that Bitcoin is not yet sufficiently accepted as a means of payment.
However, it is important to note that there is a steady increase in the number of restaurants, shops and venues generally where you can pay for services or products using BTCs, both online and in the real world. This is encouraging when it comes to the future of this cryptocurrency.
Conclusion-Is the Bitcoin the Future of Money?
When you look at all the benefits that BTC has brought over the years and the popularity it has gained, it is very hard not to wonder-Is Bitcoin the future of money? Well, we think it is, because it has many advantages over the traditional FIAT currencies we mentioned earlier.
In addition, the popularity of BTC is no longer dwindling, and more and more people want to enrich by cryptocurrency trading. Therefore, we believe that at some point BTC and other cryptocurrencies will simply replace FIAT currencies, perhaps not completely, but will likely become the dominant payment and trading method in the real world.