01 / 22 / 20
If there’s one thing we’ve learned in the last few years, it’s that cryptocurrencies are an important and rising element in today’s digital economy. At the center of this world is Bitcoin, a digital currency that has made strides in escaping false conceptions to attain legitimacy as a type of money.
In 2009 the premise for a digital currency called Bitcoin was introduced in a paper published to a cryptography newsgroup. The author, an anonymous individual calling themselves Satoshi Nakamoto, is still unknown. Nakamoto described a world where paper money would be replaced with Bitcoin. The ideas were initially met with mockery by governments and financial institutions.
Bitcoin has somehow managed to not only endure an entire decade of skepticism, but thrive. Now more than 10 years old, Bitcoin is actively traded on exchanges that deal exclusively with cryptocurrency. Individuals buy and sell Bitcoin to make a profit. Others invest in the token and hold it in hopes its value will go up.
Why are people attracted to Bitcoin? For one, the currency stands for freedom. There are many oppressed people and places in this world, where governments control everything from their money, to their communications, and other aspects of their lifestyles. Cryptocurrency is not controlled by banks or governments. Everyone is equal. Bitcoin can be used across geographical borders, saving individuals the cost of currency conversions. Moving money has never been easier or cheaper.
Bitcoin is an appealing option to the nearly 2 billion people worldwide who don’t have access to a regular bank account. Bitcoin requires no ID, and those who use it are not required to be tied down to a specific residence. Freelancers and merchants can work all over the world and never have to worry about having a traditional bank account to get paid.
One thing is sure. Bitcoin is not going away. Too many people have found that it is a better means of exchange than fiat currency. The same traditional financial institutions that were once mocking it are now changing their tune and embracing blockchain and cryptocurrency. They’ve realized that it is here to stay, and if they don’t embrace and adopt it, they will be left behind.
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