The Bitcoin White Paper celebrates on December 31. October the tenth birthday. Ten years after Satoshi Nakamoto introduced the world with his idea on the head, it’s time to take measure of the situation. What happened to Bitcoin and the Blockchain-industry?
It all began with the words:
“I’ve been working on a new Form of an electronic cash system that does not need any third party as a fiduciary.”
A mysterious radio station with the name Satoshi Nakamoto this Mail wrote on 1. November 2008 to the Mailing list of Cypherpunks. The attached, inconspicuous White Paper quickly turned to attentive ears, and not half a year later, theory was transformed into practice. The Rest is history.
Download now: The Bitcoin Whitepaper (German version)
A major Innovation Satoshi’s: the Bitcoin Blockchain. With his Proof-of-Work-based Blockchain Nakamoto pushed the mankind to the next evolutionary step in the age of the Internet. For the first Time, it was possible to make digital goods rar. So you could send the global values; user-to-user – without a Trustee. But the Blockchain technology should have more fields of application than just a money system.
The Gold Rush
Values over the Internet to send and receive? The dream of a decentralized and digital currency drew first, especially followers of the Central Bank of critical-thinking directions. The Mining of the digital gold attracted many profit-driven gold rush. Over the next four years, gathered a Bitcoin, more and more idealists, pragmatists, and opportunists. Similar to must have at the time, feels like the Wild West. Many dug the crypto-currency with their own computers and fantasized about the possibilities of Innovation. Satoshi left the stage. The Silk Road saw the light of the world. Some of the projects you copied the Code-base of Bitcoin and changing only a few parameters.
In any case, Bitcoin has received attention from developers and investors. The technology has grown more sophisticated and user-friendly. However, the Bitcoin culminated Mt-euphoria, finally, with the collapse of the stock market.Gox, and then found himself in a deep valley again.
The Glow Of The Gold Rush
The end of the year 2016, the next major wave of Bitcoin and crypto currencies began. The price of Bitcoin climbed back to the previous all-time high of EUR 1,000, and celebrated new records. The chance to multiply their own wealth through an alternative crypto-currency, short-Altcoin, attracted many. Ethereum caused a commotion. ICOs opened a new paradigm. Suddenly, it sprouts like mushrooms from the ground. The crypto-market lapsed into renewed gold-rush mood. But instead of Bitcoin, the “Shitcoins were booming now”. The goal of many investors to increase with Altcoins their share of Bitcoins. The ICOs were used only as a Pump and Dump: Buy the rumor, sell the news!
Parallel to the apparent gold rush of the ICOs, the Narrative is not established that the Blockchain is Bitcoin the true Innovation Satoshi Nakamoto. A perspective that has survived in some places until today. Bitcoin is dead, you heard during the last ten years over 300 Times.
The Wind, the chaff and wheat
The updraft in the year 2017, pumped up many castles in the air. If the breeze blows just strong enough, not unnecessary Ballast. The prospect of rich gains is infused with the acumen of the investors. Also average citizens who knew already rudimentary with Bitcoin and Ethereum, began to invest money. ICOs, which had nothing more than an idea and a web site that collected millions of dollars in. The market was heating up more and more and Bitcoin climbed to a new all-time high of US $ 20,000.
The virtual trip to Jerusalem could not go on forever. So the music ended at the beginning of 2018, suddenly, and the prices plummeted. The Wind had dropped. The flow of money. To date, this consolidation will take. The projects that were able to win in 2017, with great promise to those interested, is now in Zugzwang, and to deliver. On this losing streak decides which technology can have resistance.
Bitcoin, the Rock in the Surf
What ICOs 2017 dreamed of, the crypto-currency Primus since the Genesis Block: a unique, revolutionary product. Bitcoin had not only won the euphoric speculators, but also the curious developer. Over the last ten years, he has changed massively. The initial casino feature and OP-Codes have been deleted. SegWit should make the Blockchain for the next step in the scaling ready. The Lightning Network gives hope to raise the capacity of the digital gold to a new level. Tiny transactions can be instantaneously sent global. The scaling plan for Bitcoin.
Until today, perched Bitcoin as the undisputed proof for the security of Proof-of-Work-based Blockchains. A success that has no equal. While Bitcoin is open and lives in the merciless Internet. The fact that it has not been hacked until today, speaks for his safety. The crypto-currency can survive in the gutter of the Internet. If you compare the current price with the before 365 days, Bitcoin held as a store of Value. Then, as now, a Bitcoin was worth slightly more than $ 6,000.
The time grid. Ten years, the White Paper is now old. In this time the Bitcoin of the car theory grew to be a bold honey badger. The bigger it is, the more interested. The progress seems to be also with the number of developers and inspired to accelerate the company. Every day happens so much so that a year such as ten to the touch. This Trend will not are expected to reverse.
Where are we in 2028?
If you look today, in the past, and the previous development, inevitably raises the question of the future. If we did it in the first ten years of a nine-page White Paper to a multi-billion-dollar Asset, what is in store for us?
Bitcoin gathers Momentum. It is not only a bold concept, but a now battle-tested network. Clear should be that Bitcoin is still perfect. The recent inflation Bug shows, that despite the hundreds of pairs of eyes of the gaps in the Code. Lightning makes progress, makes the Mainstream however. The next ten years will show whether Bitcoin is a global payment system or not.
In this time of need to prove the Ethereums and IOTAs of the world. A good idea alone is not enough, it is also about the implementation in the real world. Probably the least crypto-projects 2028 will still exist. However, the presumption is that those projects that survive, stronger than ever from the hard time.
So we celebrate Bitcoins intellectuals birthday with a thank you Smile to Satoshi Nakamoto and all the brilliant people that enable this technology.
“You change things by fighting the existing reality. To change something, you have to build a new Model that makes the existing Model obsolete“,