Bitcoin Blockchain hits 10th anniversary
Bitcoin reaches milestone birthday
by Gerald Fenech
4th January 2019 marks the 10th Anniversary since Satoshi mined the first block, or genesis block, of the bitcoin blockchain. Bitcoin blockchain is a decentralised currency that belongs to everyone and to no one.
Nydia Zhang, Chairman and Co-founder of Social Alpha Foundation, a not-for-profit grant making platform focusing on social impact initiatives and projects, commented: “Ten years on, it’s clear that Bitcoin and its underlying technology was the spark that short circuited the Internet and laid the foundation for a generation of economically incentivised decentralised systems. Though the price of Bitcoin remains volatile, investors would do well to invest a small allocation in largely non-correlated assets like Bitcoin as a hedge against capital market turmoil.
2019 will see both crypto and blockchain mature from 2018’s awkward adolescence into accelerating institutional adoption and enterprise application growth.”
On January 4th, a significant number of bitcoin users will be busy withdrawing their cryptocurrency from exchanges and storing it on non-custodial wallets. The move will be initiated as part of Proof of Keys, a scheme designed to return ownership of bitcoin from third parties to individuals, where the digital coins were always meant to reside.
Frank Wagner, CEO and Co-founder of INVAO, a blockchain asset pool for investors based on automated trading and active portfolio management, commented: “The invention of bitcoin and the mining of the first block of the bitcoin blockchain, which marked the creation of cryptocurrency, has had an undoubtedly enormous impact. Although prices have been volatile, especially within the last year, the financial landscape has been permanently transformed in ways that cannot be measured by market changes.”
We will expect to see plenty of geeky tweets from prominent Bitcoin developers on January 4th that draw upon the rich trove of data at their disposal. A handful of devs have been working on the cryptocurrency’s code since the early days, and thus Bitcoin’s 10th will also be an opportunity for self-reflection. There are no longer service medals to be earned for making code commits to Bitcoin Core or Bitcoin Cash — merely the satisfaction that comes from knowing you’ve played a small part in optimising Satoshi’s creation for the next wave of users.
Robertas Visinskis, Founder of Mysterium Network, an open source, not-for-profit foundation focused on security and privacy, and the world’s first decentralised VPN blockchain project, commented: “If we consider the Gartner Hype Cycle for Emerging Technologies which acknowledges the potential of blockchain, it’s clear that cryptocurrencies are currently experiencing a trough of disillusionment. However, I don’t believe this is an accurate reflection of bitcoin’s impact over the last decade, which extends far beyond price movements and network value.”
Exchanges, wallet developers, P2P platforms and other crypto businesses will be celebrating Bitcoin’s 10th in their own way; expect to see discounts, zero-fee trading and other offers to mark the occasion, plus a whole lot of Bitcoin trivia shared on social media.
Craig Mc Gregor, CEO and Co-founder of DSTOQ, the mobile-first, licensed stock exchange designed for emerging markets, which allows for peer-to-peer trading of tokenized securities such as bonds, stocks, oil, and gold, commented: “The last ten years have seen unprecedented technological advancements towards a new future of finance, investing, and beyond. Recent market volatility is not a valid representation of the overall positive impact of this technology since its inception. We are beginning to realise the true potential of blockchain technology to provide solutions to real world economic issues.”
Natalia Karayaneva, CEO of Propy, a global real estate marketplace with decentralised title registry commented: “Ironically, for Bitcoin to see broader adoption, the only viable path forward involves its acceptance by the international financial system that Bitcoin once sought to defeat. We can argue that the current monetary policies and system are far from perfect and the decentralised manner better suits the global world we live in. What we see now is the attempt of smart regulators to adapt to the innovation. The UK Parliament’s Treasury Committee tries to make the United Kingdom a hub for cryptocurrency markets. At the same time in the US, the SEC is to warm to Bitcoin exchange-traded funds and, with the CFTC will continue to work to improve market transparency.”
While there’s no obligation to celebrate Bitcoin’s birthday (as a permissionless creation, that’s one of its charms), many of those who’ve come to know and love the cryptocurrency over the last 10 years will take a moment to toast this milestone. Whether that means raising a glass, buying bitcoin, or withdrawing coins to a non-custodial wallet, there are numerous ways to observe Bitcoin’s most symbolically significant birthday yet. The next time an anniversary as widely celebrated arrives will likely fall on January 4th , 2059, when Bitcoin turns 50. Here’s to the next 40 years.