Bitcoin is a widely renowned cryptocurrency that is not still used on a global scale, but its popularity has dramatically increased, especially in the past couple of years. Since it was created in 2008 and launched in 2009, it has had a huge impact, more or less on different segments of society. Let’s take a look at what kind of impact Bitcoin has had in the last decade.
The Alternative to Fiat Currencies
Satoshi Nakamoto is the anonymous creator of Bitcoin, which has developed innovative technology – the blockchain network- and the virtual cryptocurrency that is decentralized and independent from the financial market and isn’t governed by any entity.
Although there have been attempts to create this kind of technology and a virtual cryptocurrency before, no one found a solution that has allowed cryptocurrency to exist separately from the financial institutions.
One example is an unsuccessful virtual currency DigiCash. With the launch of Bitcoin, not only were investors able to buy the virtual cryptocurrency, but they also remain anonymous and have complete ownership of their BTC.
Moreover, the transactions on the network are completed within minutes or instantly, which wasn’t the case with traditional currencies. As time passed, more investor organizations were interested in Bitcoin, and they realized there are a lot of benefits this alternative virtual currency can offer.
Today, as the price of Bitcoin rises, we notice that many companies and even governments are looking to reduce their reliance on fiat currencies. This wasn’t possible before Bitcoin was introduced.
Rise of the Cryptomarket
If you want to get Bitcoin, you can either start mining, which isn’t a task for everyone that hasn’t got the time and equipment to mine. And another very popular viable alternative is to trade online. In fact, you can sign up on a trading site and exchange your field currencies for BTC or serial BTC for other cryptocurrencies.
For example, the yuan pay group app uses high-end technology to offer trading at high accuracy for its members. Actually, as this is a top-performing trading robot,
As the popularity of Bitcoin and other cryptocurrencies were growing, there was also a huge rise in the number of online trading sites. Moreover, the number of other cryptocurrencies that were developed on a similar underlying technology like Bitcoin was increasing.
The first cryptocurrency that was created not long after Bitcoin was launched was Litecoin, and soon after, there were many other altcoins that were created not just by individual developers but also organizations. Today there are over 4000 cryptocurrencies available on the cryptomarket, and we also expect the launch of the first digital currency created by a government, the E-Yuan.
Implementation of Blockchain Technology
Blockchain technology is maybe the most influential technology that was released as part of Bitcoin in 2009. The first time we learned about it was in the white paper ‘ Bitcoin: peer to peer electronic cash system,’ where Nakamoto explains a peer-to-peer based, decentralized cash system, which operates based on individual contribution (computing power) of the participants in the network known as miners.
One of the important aspects of the blockchain network is that the records are distributed across the nodes (computer systems) around the world. Anyone who wants to become a miner can install the software on its computer.
Another advantage is that the transaction fees are very low, which promotes trading and online shopping with Bitcoin, and also, there is transparency in terms of the data in the network. Otherwise, the miners also have an option to vote on subsequent changes in the network, which means the majority of the miners get to decide whether each proposal is accepted or denied.