Bitcoin marked a decade of existence on January 3rd, arriving at the milestone after a punishing 2018. The network went live on the same date in 2009, beginning with the Genesis block. Satoshi embedde
Bitcoin marked a decade of existence on January 3rd, arriving at the milestone after a punishing 2018. The network went live on the same date in 2009, beginning with the Genesis block. Satoshi embedded a headline in the first transaction: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks." A coded message that telegraphed Bitcoin's purpose.
Bitcoin's first ten years brought the launch of more than 1,700 altcoins and wild price swings. The cryptocurrency climbed to nearly $20,000 in late 2017 before falling 70 percent through 2018. On January 3rd, 2019, it traded at $3,850 according to CoinMarketCap.
Some expect the new year to bring continued pain. Robertas Visinskis, founder of Mysterium Network, a privacy-focused open-source foundation, disagrees. "It isn't a bad thing for the industry," he said. "It forces projects to move away from speculation and toward product development."
He continued: "As an industry, we have come a long way since Satoshi mined the first block of the Bitcoin blockchain in 2009. Despite its volatility, building market confidence should be a key priority over the next 10 years, and as projects continue to find product market fits for real-world use cases where tokenomic models are put into practice, I believe this can be achieved."
Volatility dominates discussion, but blockchain advocates argue it doesn't reflect the technology's real potential. The tools solve problems across multiple sectors. Craig McGregor, CEO and co-founder of DSTOQ, a mobile licensed stock exchange for emerging markets, holds an optimistic view. "I think that in future years we are going to see even more transformation of the global economy thanks to this technology, as crypto continues to bring emerging markets into the fold by offering borderless, affordable investment routes and the ability to acquire wealth," he said.
Over the past decade, borderless cryptocurrency alternatives produced technological advancements in finance and investing, McGregor noted. These alternatives also enabled disenfranchised populations to access money.
Bitcoin faces legitimate challenges. Volatility remains a factor. Transaction fees are steep. Mining demands significant energy. Yet Xinshu Dong, CEO of Zilliqa, a blockchain platform focused on performance, scalability, and security, rejects the notion that obstacles cancel out Bitcoin's contribution. "Instead, they create the impetus to develop sustainable solutions to boost mining efficiency and to minimise environmental impact," he said. "As projects continue to explore alternatives that promise a lower energy footprint such as new consensus mechanisms or the use of renewable energy in mining operations, we can hope to see increased utilisation and greater value in the years to come."
