It has nearly been 10 years since the innovative technology 'Blockchain' was first introduced to the world. A distributed ledger system that allows peer-to-peer transactions from any point of the world with near-to-no fees and no need for a third-party entity. The first cryptocurrency to accompany this technology is Bitcoin and is the house-hold name for people involved in the space today.
Bitcoin is a digital currency which has gained a lot of attention over the last two years, especially when reaching all-time highs ($20,000 USD per bitcoin) which has caused individuals to pay more attention to the space and Bitcoin. The first cryptocurrency entered the market below 1 cent in 2009 and was considered "nerd money" or "gamer's things" at the time by individuals who didn't take the time to educate themselves and understand the technology behind Bitcoin.
Bitcoin is very scarce due to the supply being 17 million. 17 million split between 8 billion people doesn't seem like their is much Bitcoin to go around. As a result of this, the world is starting to treat Bitcoin as a store of value rather than a payment processing system as it is being viewed as a digital gold. Some individuals agree with this statement, some individual's don't. Personally, it has all the fundamentals for Bitcoin to be viewed as a digital gold but the space and technology is very new. No single individual knows whether the Bitcoin network can handle a massive influx of a billion users or if there will be any complications along the way.
There are roughly only 50 million people out of nearly 8 billion people who are involved in the cryptocurrency/blockchain space. It is still young in this innovative market and Socrum is an example of that. More and more interesting projects will continue to emerge and major players such as Bitcoin will be involved or have an influence in the see able future.
What are your thoughts on Bitcoin? What are you thoughts on any other cryptocurrencies? Leave a comment and let me know!
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