If there is one technology that is dominating the 21st century that is cryptocurrency.
A modern currency that is available virtually and in the process of disrupting the global financial systems.
What makes it a competitive contender to replace traditional fiat currency is that it offers countless advantages that its counterpart is toothless to offer.
To name a few:
- Readily accessible
- Impregnable security
- Unobtruded privacy
- Minimal transaction fee
- Lightning fast transactions
- No cap on the amount of currency transferred
Still, we have just scratched the surface – there is so much more that it offers!
Carl Runefelt is a global crypto leader and investor who has poured money into more than 360 crypto startups. He is a strong proponent of crypto in general and Bitcoin in particular.
While speaking on his YouTube channel, The Moon, he said, “I am very confident that crypto is a very good investment. I believe that Bitcoin is not only going to go to $500,000, I think that Bitcoin is gonna go to five million dollars per Bitcoin in today’s money. Obviously, with inflation, bitcoin could go to trillions of dollars per Bitcoin. Actually, it will because it is inevitable, but because the dollar will collapse at some point.
Having said that, let’s explore the history of cryptocurrency – its journey from zero to hero.
A Star is Born – Bitcoin
It all began when an unknown person with the name Satoshi Natamako invented Bitcoin back in 2009. His whereabouts are shrouded in mystery to this date.
The aim behind the invention was to introduce to the world a virtual currency – an alternate form of currency – that will help people break the shackles of dependency on powerful and usurping intermediaries i.e banks and governments.
He presented this innovation as “peer-to-peer electronic cash” to his mailing list.
Remember, Bitcoin is the sequel to blockchain technology that was bred a while back. And it is this technology that knitted the fabric of the first cryptocurrency, Bitcoin – the first line of code of blockchain was written for Bitcoin.
These developments sowed the seeds of the Bitcoin era!
The Future was Reset
With the birth of Bitcoin and blockchain, the future of finance was changed forever.
The very first transaction of Bitcoin was made in 2010. People readily responded to this convenient yet innovative form of payment and started adopting it in herds.
Interestingly, in May 2010, Laszlo Hanyecz ordered two pizzas for $30 and paid the delivery guy 10,000 bitcoins. Who would have thought that if he had kept those Bitcoins, he would have been a millionaire with a net worth of 38 million dollars?
The Bitcoin Era – An Ultimatum for the Financial Systems
The birth of Bitcoin and other cryptocurrencies subsequently went on to jolt the global financial system.
A powerful lot of wealthy bankers and the selfish elite of the traditional financial institutions are hell-bent on crushing this new innovation.
Crypto is a threat to their dominance and global reliance on their services.
Carl Runefelt expresses, “Bitcoin is genuinely game-changing, and it represents a massive transformation for the global economy and, indeed, the whole globe. It represents a paradigm change. The best reason to invest in Bitcoin is the absence of physical institutions, which enable people to make transactions in Bitcoin with ease.”
The Catalyst for Bitcoin Adoption
Crypto posed a latent threat to the prevailing financial systems but practically, the crypto adoption was slow and logically it just couldn’t unhinge the established financial system just like that.
But then happened something that set in motion massive global adoption of crypto, particularly Bitcoin.
The banking crisis ensued which proved to be a tremor for the pillars of the financial system.
The funding institution Reserve Primary Fund had wholly invested in the Lehman Brothers at that time. When the Lehman Brothers declared bankruptcy, it caused a ripple in the financial market – banks were implicated in the crisis.
These events proved to be a catalyst for Bitcoin’s embrace. With traditional payment methods breaching public trust, people turned to Bitcoin to find an alternate form of payment in flocks.
The Boom of Bitcoin
With public trust fast eroding from financial institutions, it was finally time for Bitcoin to shine.
Thousands of people invested in Bitcoin to make hefty profits. And Bitcoin reciprocated.
Investors made millions and continue to do so to this day. Blockchain technology has enormously contributed to building the trust of people in cryptocurrency owing to its credibility.
Today, the crypto craze is around the globe. It’s only a matter of time before cryptocurrency will replace fiat currency. Until then, keep accumulating.
