Currencies

What 10 Years of Bitcoin have Taught Us & What You Need to Know

It’s a few days before Thanksgiving in 2017 and Bitcoin has surpassed the 7500 USD valuation mark for the first time. A few years ago, many would have considered even a $1000 valuation for the cryptocurrency impossible, or at the very least, highly unlikely. Regardless, Bitcoin defied us all and has today become a true financial instrument that has earned its place in our financial sector.

We learn from BitcoinPlay.net that Bitcoin is being adopted by a broad and diverse sector of businesses and individuals. With more and more market penetration, Bitcoin’s value as a commodity, currency or security has been fueled by increased demand for the coveted BTC. Furthermore, as Bitcoin and the first known block chain technology, it is based around gain momentum, and it has given birth to a new sector of FinTech, supporting technologies and businesses. When it comes to Bitcoin, the markets are raging and it seems all of a sudden everyone is clamoring to get their piece of the millionaire making Bitcoin pie. For anyone considering dipping their toes in the Bitcoin pool, here is what 10 years of Bitcoin has taught us all.

Considering that Bitcoin has lasted against heavy criticism, security breach’s and general discord from the established financial elite, it says a lot. Many people assumed Bitcoin would simply fade into obscurity and the general markets would never accept it as a true member of the financial sector. They were all wrong. Not only has Bitcoin outlasted its critics and detractors, but has soared to market adoption like no one expected. There have been times when a Bitcoin has traded well under a dollar but has always bounced back stronger than ever. Security breaches, tougher government legislation and bad press have all taken a shot at Bitcoin and it has remained bulletproof.

Bitcoin’s early adopters are cashing in big. Roger Ver, Charlie Shrem and Dave Carlson are all Bitcoin-made millionaires that have made over 8 figures through investments into the cryptocurrency. Additionally, as many Bitcoin investors are able to remain anonymous, it is fair to say that many others exist, too. Furthermore, considering that Bitcoin’s creator, Satoshi Nakamoto, owns some large swaths of the first Bitcoins ever created, valuing over 5.9 Billion USD, Bitcoin has created at least one billionaire to date.

Bitcoin is Feared by Government & The Establishment

With Government around the world banning or trying to highly regulate Bitcoin, it’s safe to say the establishment isn’t too happy about the Bitcoin rise. Bitcoin is not controlled by any government and is not regulated by any existing market legislation. Furthermore, as Bitcoin can allow for adopters to make large capital gains outside of the established and monitored markets, taxation is difficult, if not impossible. Saudi Arabia, Bolivia, Kyrgyzstan, Ecuador and Bangladesh have all outright banned the cryptocurrency and many others have made varying attempts at taming it. Even the FBI has attempted to thwart Bitcoin by purchasing as much of it as possible, and currently owns 1.5% of the world’s supply.

Bitcoin is Disputing the Entire Financial Industry

Though the conventional financial sector took their time to get on the Bitcoin Bandwagon, Bitcoin’s influence within the financial industry is growing. 69% of banks who participated in Infosys surveys are experimenting with block chain technology. Block chain ledger technology, when used by the top 10 investment banks, could save the industry 8-12 billion USD yearly.

Bitcoin is Building a New Financial Sector

With any new technology comes the supporting cast that helps propel it to market domination. In the case of Bitcoin, various FinTech have risen to service the growing sector. Various Bitcoin wallets, exchanges and even other cryptocurrencies are joining the newly created Bitcoin market. The newest of these are ICO or Initial Coin Offerings, that are, in essence, similar to stock offerings but are far less regulated. These ICO’s are raising loads of capital for the sector and are the investments driving the ever-growing financial sector built on Bitcoins back.

Where To Get More Information

With Bitcoin continuing its unprecedented rise, more and more people are looking to get informed on what is likely the biggest financial revolution of modern times. If you are one of those that is looking to educate yourself on the Bitcoin revolution, check out these 62 amazing Bitcoin facts from.