10-year anniversary: How Bitcoin changed the world
How time flies: Has it really been ten years since Bitcoin came to life? On October 31, 2008 an unknown user called “Satoshi Nakamoto”, a pseudonym, published his vision “a purely peer-to-peer version of electronic cash (…) without going through a financial institution” in a groundbreaking white paper. At that time, the global financial crisis hit hard and an alternative payment method that wasn’t governed by traditional banks, but instead carried out via the decentralized system we know as blockchain, was more than welcome.
Ten years later, from being valued virtually zero at first, bitcoin, the oldest cryptocurrency, is currently worth about $6,265 per unit. In the early years, however, the public wasn’t really interested in this new concept, instead attracting mainly computer experts. That changed, when bitcoin surpassed $1,000 in 2013: Financial institutions began to notice and Ben Bernanke, then head of the US Federal Reserve, admitted to the potential of bitcoin.
Today, thanks to bitcoin, the idea of a digital currency has progressed a lot with over 2,000 rivals on the cryptocurrency market. These alternatives, such as Dash or BitShares, seem to replace bitcoin as the go-to currency for daily transactions while bitcoin will be mostly seen as an investment asset in the future. Of course, all transactions with bitcoin and other cryptocurrencies can be managed comfortably with Payger.
And although, bitcoin remains mainly an investment asset more and more bitcoin ATM machines are popping up around the world, where users can buy and sell bitcoins with real-life money. In October, Germany finally got its first commercial ATM in Munich, after the Supreme Court in Berlin ruled that bitcoin trading does not require a banking license. Clearly, this is just the first step, but a great opportunity to spread the news about the possibilities of cryptocurrencies. We at Payger are excited what the next decade will bring to this young and fast growing industry. Join the evolution of money and register your Payger account here.