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Today Mark is the tenth anniversary of the Genesis block of Bitcoin, to signal the launch of what has become the number one cryptocurrency.
On January 3, 2009, the network began with the so-called Genesis block or block 0. To begin with, a message in the first transaction read:
"The Times 03 / Jan / 2009 Chancellor on the edge of the second bailout for banks".
The last 10 years have proven to be a roller coaster ride for the cryptocurrency, which has seen over 1700 altcoins, with a market capitalization, enter the market. By the end of 2017, the value of Bitcoin rose to around $ 20,000, touching for the first time the strong interest of retail investors.
However, 2018 proved to be one of the worst years for Bitcoin, with a decline of 70% in value. At the time of publication, it currently stands at $ 3,850, according to CoinMarketCap.
But while the industry enters 2019, some are of the opinion that this year will be a dark thing for Bitcoin. According to Robertas Visinskis, founder of Mysterium Network, an open source non-profit foundation focused on security and privacy, this "is not necessarily a bad thing for the industry as it will force projects to turn to product development as opposed to speculate on the market. "
"As an industry, we've come a long way since Satoshi extracted the first block of the Bitcoin blockchain in 2009," added Visinskis. "Despite its volatility, building market confidence should be a key priority for the next 10 years, and while projects continue to find solutions for the product market for real-world use cases where tokenomic models are put into practice, I believe this can be achieved. "
Volatility has certainly been a problem in the market, but some believe this is not a valid representation of the true potential of Bitcoin's blockchain. Used in various cases of use in different industries, technology is starting to provide solutions to real-world problems.
"I think that in the years to come we will see even more transformation of the global economy thanks to this technology, as the crypt continues to lead emerging markets to sheepfolds, offering boundless and accessible investment paths and the possibility of acquiring wealth" said Craig McGregor, CEO and co-founder of DSTOQ, a mobile license exchange designed for emerging markets.
In the last 10 years, the creation of alternatives without cryptocurrency, cryptocurrency to legal currencies, has brought technological advances towards a new future of finance and investment, added McGregor. It has also allowed private populations to have access to a form of money.
Of course, while Bitcoin has great potential, there are still disadvantages, such as its volatility, high commissions with Bitcoin transactions and the energy needed to extract coins to name a few.
However, according to Xinshu Dong, CEO of Zilliqa, a public blockchain platform designed to provide performance, scalability and security to enable real life use cases, current challenges do not cloud the revolution that brought Bitcoin to life.
"Instead, they create the impetus to develop sustainable solutions to increase mining efficiency and minimize environmental impact," Dong said. "While 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 greater use and greater value in years to come. "
