Happy Birthday Bitcoin
On January 3, 2009 as banks were being bailed out as part of the start of a massive global recession, the Genesis Block, or Bitcoin Block 0 was mined.
How far we have come from those humble beginnings. A whitepaper and a program written to mine Bitcoin on CPUs had unknowingly started a global phenomenon. It would be another year and a half before the very first vendor would exchange a product for Bitcoin on May 22, 2010 (Bitcoin Pizza Day). Nine years and over 1,300 different coins later the cryptocurrency ecosystem has seen its total market capitalization top half a trillion (yes, with a "T" -- $500 Billion) dollars. Cryptocurrency now represents approximately of 0.6% of GDP worldwide. To put that into perspective, it took the stock markets 25 years to reach 1% of global GDP.
Over the last 12 months specifically, there have been numerous coins that have experienced explosive growth, including Bitcoin, Litecoin, Ethereum, Ripple, Dash, IOTA, Verge, and others. Even after the amazing growth in both market capitalization and vendor acceptance, many people still find Bitcoin to be un-valuable. That is to say, they can not determine the true value of Bitcoin. It could be $0, or $1 million, or anywhere in between. Most assets are valued based on the amount of cash flow they can produce (think company stock), but as 2018 dawns those old rules need to be seriously rethought, if not outright discarded where cryptocurrency is concerned as it produces no cash flow. Rather, it was always intended to be a replacement for cash itself. Not in the fiat sense, with an asset backed by another asset (gold, in the case of the US dollar), but instead a replacement for gold itself. Cryptocurrency was never intended to be treated as if it were a corporate stock. It was always intended first and foremost as a currency, a method of exchange of value. As more and more vendors accept Bitcoin, Litecoin, Dash, Ripple, and more that future becomes closer and closer.
In 2009 Bitcoin was first created. In 2017 the world finally was introduced to the concept of cryptocurrency on a massive scale thanks to the journalism coverage of Bitcoin's price growth. We can only guess how this ecosystem will evolve in 2018. Will it be higher valuations? Can any of the alt coins take over Bitcoins title as the #1 cryptocurrency? Will it be altogether new coins that get created to solve problems Bitcoin's creators could only dream about? We're definitely in for some exciting times, and try to keep everyone as updated as we can.
Happy 9th Birthday Bitcoin!