A Star Is Born? Take it easy, not so fast. Part 11

Use case

„Uncertainty is the refuge of hope" Henri Frederic Amiel

The Bitcoin Network is the first successful implementation of blockchain technology.

The potential for blockchain technology is not limited to bitcoin. As such, it has gained a lot of attention in a variety of industries including: financial services, charities and nonprofits, the arts, and e-commerce.

In May 2010, Florida's programmer Laszlo Hanyecz offered 10,000 bitcoins in a forum if someone ordered a pizza for it. In fact, he found a partner for the deal.

The Briton ordered online two pizzas worth around 18 euros at Papa John's. For this he received the 10,000 bitcoins, which at that time had a value of around 30 euros.

With a bitcoin price of 7.000, bitcoins today would be worth 70 million euros.

In an interview, Laszlo Hanyecz said, "Nobody knew then that Bitcoin would ever be that big."

But now we know, do we?

We are now in 2018

Nobody could have guessed that bitcoin would have such a price increase. Some things are clearer, it seems like bitcoin will not replace fiat money. Even if? In my opinion and from an economic point of view, it would not be good replacement.

After an initial flurry of interest among merchants in accepting bitcoin in their retail or online stores, interest has largely died down as increasing bitcoin transaction fees and volatile price movements made it less attractive as a way of exchange.

You can still buy a wide range of goods and services but many questions from that time are still unanswered.

The expectations for bitcoin as an everyday currency have not been fulfilled, bitcoin as symbol of fast wealth has lost nothing of its attraction.

But it is ok, this world is big enough, there are hundreds of state currencies, and there are thousands of cryptocurrencies out there. Many state currencies, and more cryptocurrencies will disappear from market.

Competition stimulates business.