Happy 10th Birthday Bitcoin!
By Luke Flowers – Bitcoin Enthusiast
This month we celebrate a decade since the launch of Bitcoin, the first cryptocurrency. After the worst financial crisis back in October 2008, Satoshi Nakamoto publishing the Bitcoin white paper couldn’t have come at a better time to offer an alternative to our traditional banking system. Then on 3 January 2009 the first ever cryptocurrency was launched, and Bitcoin was born!
On 22 May 2010, the first transaction took place when a pizza was purchased and sold at 10,000 bitcoins, this would be a ridiculously expensive meal with today’s prices, however. In October 2013 the first Bitcoin ATM appeared in a coffee shop in Vancouver. This allowed people to exchange Bitcoin for cash. There are now over 200 Bitcoin ATMs in the UK and they allow people to insert cash for exchange to buy Bitcoin.
With a starting value of virtually nothing to hitting an all-time high on 17th December 2017 of almost $20,000 USD, buying cheap cryptocurrency has certainly helped some get rich quick by investing in alt coins. With the identity of Satoshi Nakamoto remaining a complete mystery and a maximum of 21 million coins created, predictions suggest Bitcoin could triumph to replace fiat currency.
There is no doubt that Bitcoin kickstarted the whole cryptocurrency revolution and it has transformed the way the world manages money. There have been predictions that in the next 10 years, Bitcoin will become mainstream and have a more trusted reputation to encourage others to start Bitcoin investing. With over 1500 altcoins to choose from the market has definitely evolved into a strong alternative to our old-fashioned banking system.
People are sensing our current banking system is at risk and are thinking about alternatives. We believe that buying and selling Bitcoin along with other cryptos will be the future for money and are excited to see what the next few years has to offer. Best wishes Bitcoin!