The Beginning :
In 2009 Bitcoin blockchain whitepaper was released by an anonymous person or group called Satoshi Nakamoto. His/their purpose was to create a digital money system that did not require trust in ANY central entity to function as a medium of exchange or store of value - a decentralized , deflationary digital global money system as an alternative to the fiat based monetary system that caused the financial crisis of 2008.
Bitcoins software development began as an experiment. The development continued quietly by a grass root movement of computer scientists interested in the Bitcoin technology, and by people who understood the need and potential of a decentralized monetary system.
In the beginning, Bitcoin adoption remained within the cypherpunk, gamers, tech geeks libertarians and darknet communities. As more people became aware of Bitcoins powerful concept, a new level of consciousness emerged. People began to understand what is Hard/Sound money versus our present fiat banking system which negatively affect our economical & social well being. This sparked a social movement to remove money from state centralized control.
Growth - Incentive Driven Adoption :
As more get educated about Bitcoin - less want to be exposed to the failing central banking system which is leading the world to hyper-inflationary conditions and increasing capital control restrictions. The well informed are accumulating Bitcoin as a way to preserve their wealth (like gold/silver) in a financial crisis.
Infact, high Bitcoin adoption has been observed in authoritarian ruled nations and places experiencing economic & financial crisis' (cyprus, greece, venezuela to name a few). People have resorted to using Bitcoin as a means of payment as an alternative to their own hyperinflating currency.
While utility of bitcoin as a meduim of exchange or store of value continues to gather momentum due to global economic uncertainties - Bitcoins technology has sparked a digital revolution leading us to new financial paradigms. Advancements in decentralized concepts like DApps, smart contracts , internet of things (IoT), tokenization of economies, has created a marketplace of 1000s of alternative cryptocurrency/blockchain projects lead by the most popular cryptocurrency Bitcoin.
Bitcoin remains the most decentralized cryptocurrency, it has the largest network effect and most liquidity in the market. Despite volatility caused by market speculation, Bitcoins price continues to trend up towards exuberant highs. In recognizing Bitcoin market growth potential, regulated institutions have cautiously begun financializing Bitcoin into investment products.
Although Bitcoin is only a 10 yr old software experiment, there is a great deal of long term Bitcoin price predictions, technical analytics and fundamentals driving the price. This has caught the interest of masses of people and companies incentivized by profit.
Bitcoin is growing like an organic ecosystem based on free market dynamics. Bitcoin is not a product, it has no CEO, no marketing department, nor head office. It is a free and open software protocol with a governance model that is purely based on human incentives : Need and Greed.
Future - Continued development of Bitcoin:
Presently, transactional throughput of Bitcoin is not prepared for mass adoption as a medium of exchange and only provides limited degree of anonymity. Nonetheless, as Bitcoin price speculation, steady network growth and adoption continue - the development of Bitcoin software is accelerating,
with improvements being made in areas of privacy, fungability and scalability.
Increasing number of developers, venture capitalists and other technological enthusiasts globally are involved in Bitcoins software development creating new standards and solutions adhering to Bitcoins core principals. Bitcoins second layer networks (examples Lightning, Liquid) are introducing revolutionary concepts and models on which economies can be built.
Bitcoin as hard/sound money is only the first application of its network. In the coming years, many envision newly deployed decentralized applications (DApps) that will utilize the Bitcoin protocol and its blockchain. Bitcoins development roadmap is expected to lead the next decentralized evolution of the internet - famously coined as "the Internet of Money".
Andreas Antonopolous -
"Bitcoin is not something you build companies on top of
Bitcoin is something you build economies on top of "
Hello, My name is Uzma