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BTC EVIL? // What future for virtual currency? || KENNY16// SPACE //

By CryptoItachi | Kenny16 | 12 Nov 2020


Bitcoin has just celebrated its 10th anniversary. Cryptocurrency is starting to win over the economic and financial world, which was far from obvious in its early days. Return on an atypical course.

On October 31, 2008, a white paper presenting the bitcoin project was published on the Internet. The first bitcoins were issued a few days later, on January 3, 2009. Since then, virtual currency has continued to be talked about, in particular because of its very high volatility. Take a look back at the history and journey of the most famous cryptocurrency.afda3c15452710c69d676c54096d2026df54a89a3845180f0267b5e88772a31a.png

BITCOIN, A CRYPTO CURRENCY BETWEEN FANTASY AND REALITY
The history of bitcoin begins on October 31, 2008, when an author known only by his pseudonym, Satoshi Nakamoto, published a white paper titled "Bitcoin: A Peer-to-Peer Electronic Cash System." This describes digital currency and the technology used to produce and trade it, the Blockchain. Regarded as the birth certificate of bitcoin, it remained a source of interest for only computer enthusiasts for a long time. The first bitcoin issuance takes place a few weeks later. It is followed by the very first transaction between Satoshi Nakamoto and Hal Finney, a brilliant Californian programmer. According to rumors, a million bitcoins initially accumulated by the creator would have remained intact from the beginning. Among the hypotheses put forward, the alleged inventor is dead or several people have shared a piece of the key to access bitcoins.

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Blockchain digital assets
Since its inception, the price of bitcoin has grown from a few cents to more than 5,000 euros in the space of ten years. 17 million bitcoins have already been issued, which is still below the ceiling of 21 million established at its creation. Over 2,000 cryptocurrencies have also been created in its wake.

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THE JOURNEY OF BITCOIN NOT ALWAYS IDYLLIC
It is clear that even ten years after its launch, bitcoin is still not a popular means of payment. This can be explained by a lack of user confidence. It must be said that the history of bitcoin has been marked by multiple scandals, for example with the fall of the Skilroad platform in 2013 on which all kinds of illicit products were traded, part of which was paid in bitcoins. That same year, one of the biggest exchanges, MtGox, went bankrupt following a hack. This concentrated 70% of trading volumes on bitcoin. At the same time, the Cypriot crisis then the Greek crisis allowed bitcoin, perceived as a real alternative currency, to gain notoriety. In 2014, curiosity for virtual currency grew. The number of merchants accepting bitcoin payments is increasing, especially in Japan and the United States.

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Although several analysts are now calling bitcoin a scam or denouncing a speculative bubble, in 2017 a growing number of users are taking an interest in virtual currency. Its price soared to reach $ 19,511 on December 18, 2017. However, the drop was just as impressive, dropping the capitalization of bitcoin to $ 109 billion with a price of bitcoin below 6,000 euros.


10 YEARS LATER, BITCOIN IS KING IN THE LAND OF VIRTUAL CURRENCY
Despite its ten chaotic years, bitcoin remains the leading cryptocurrency and an example for other crypto. It is a real technological innovation allowing cheaper and faster transactions to be carried out in a decentralized environment. In addition to being a computer protocol, bitcoin brings together a community of 20 to 30 million users.

Likewise, virtual currencies are increasingly used by businesses looking for an alternative to the stock market. Recently, the possible launch in the United States of a bitcoin-backed index fund raised hopes among supporters of decentralized currency who were anticipating a further rise in prices. However, the Security and Exchange Commission (SEC) rejects all requests for now, believing that the cryptocurrency is most often traded on unregulated platforms and, as such, risks being manipulated.

Thus, the theme of bitcoin has moved from a subject reserved exclusively for geeks to one accessible to the general public. For example, fundraising in cryptocurrencies or ICOs have become frequent modes of financing, to such an extent that regulators have been forced to supervise them. But more than crypto-currencies, the Blockchain through smart contracts, suggests an unprecedented transformation movement in many sectors.

W8b057b3f1d2a690e0b3e8da6c25e415a6ff19980a66fd45b3bbf40750a446565.pngWhat future for virtual currency? 

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CryptoItachi
CryptoItachi

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