Updated: Aug 9
Launched in 2009 the Bitcoin network celebrates its 10th birthday this year (2019). Even after a decade, it’s just getting started. Similar to the internet in the 90’s I still consider Bitcoin to be in it’s “dial-up” phase. Most people have heard about it, some it, but few understand it. Eventually like the internet, I believe it will become a part of our everyday lives. It’s come a long way since I got involved as a Bitcoin miner-investor in 2010 back when barely anyone knew about it or even cared. Now it seems even grandma has FOMO. Those in the early days who understood it were enthusiastic and passionate, not because of the price (especially considering 1 Bitcoin = 0.40 cents), but because of the technology, economic philosophy, and decentralized nature. The excitement was over the open-source cryptographic computer code which solved a long-standing computer science problem called the “Byzantine Generals Problem,” making immutable transactions and permanent records possible. In other words, it was the first digital online entity that could not be counterfeit, making a new form of digital money possible. After the 2008 financial collapse, Bitcoin offered a much needed alternative option. It was a more efficient, transparent, and equitable currency and economic system. It's a more secure and private online payment method than credit cards. Currently, many people are interested because of the price and consider it a “get rich quick” investment. It is much more than that. In the next ten years, there are issues of importance. Understanding Bitcoin and the value potential for humanity is paramount. Once the knowledge base has reached a critical level, cryptocurrency will enter the next phase of mass adoption. Until then, this decade will be focused on technical development, infrastructure, and education.
Timeline of Bitcoin’s birthdays…
2010 - 1st birthday
Mentioned “Bitcoin” and got blank stares.
2014 - 5th birthday
Mentioned “Bitcoin” and people were slightly intrigued but watched from the sidelines. Most people laughed saying have fun with your “fake money.” Little did they know that “fake money” was in their bank account.
2019 - 10th Birthday
No need to mention Bitcoin. Everyone else does. Most who own Bitcoin have no idea about the controlled supply, block reward halving, how to securely cold store funds, or how to send a transaction.
2029 - 20th Birthday
People remember credit cards like CDs, as plastic relics. Hipsters still carry them in their wallets. Is cryptocurrency the preferred method of payment?