Today, a guest post from the folks over at Bitcoin Play:
The Unprecedented Rise of Bitcoin: From Industry Joke to Industry Heavyweight
When it comes to the financial sector, Bitcoin, which started as the joke to most of the sector’s elite, is now becoming a heavyweight with clout rivalling, if not surpassing, a lot of the industry. Bitcoin was once considered a scam by many or seen as a fad or a useless instrument. Today, it is the awe of a marketplace that was in desperate need of reform and upgrading. Bitcoin’s adoption and market value is continuing to beat market expectations and its own all-time highs, on what seems to be a weekly, if not daily, basis. As of Thanksgiving 2017, it currently sits at a value of over $10,000 USD per BTC and is poised to rise even further to emphatically end a year that can only be described as Bitcoin’s. Additionally, Bitcoinplay’s research into Bitcoin adoption shows that governments, investors, businesses and even the conventional financial sector are now embracing Bitcoin capping its triumphant rise to a true financial giant. Here is a recap of its unprecedented rise.
Created in 2009 by Satoshi Nakamoto, Bitcoin is the world’s first decentralized currency and the internet’s first crypto-currency. The main benefit of Bitcoin is that it is not under the control of any central authority, government or company and is free of transaction fees or manipulation. Additionally, the creation of Bitcoin is limited to only 21 million total BTC and, unlike a fiat currency, it can’t be printed but must be earned by a complex method of mining that generates it. As of September 2017, around 16.5 million Bitcoins are in circulation. Bitcoin, when first introduced to the market, had a value of only a few cents and has grown exponentially since. $100 invested in July 2010 is now worth over $6 million, making Bitcoin the biggest winner in the history of the financial sector. Bitcoin started as only 3,000 lines of code and is now well over 100,000 SLOC and counting. Its blockchain technology has the same computing power today as over 500 supercomputers. In other words, Bitcoin is growing and growing fast.
2017 Has Been The Year Of Bitcoin
When the year 2017 started, Bitcoin was trading under $1000 and, throughout the year, has seen its value increase over 10 times. Furthermore, Bitcoin has seen more publicity, which has driven heavy adoption by the internet masses this year. Organizations, including some of the world’s leading businesses and brands, have begun accepting it as payment, and a few governments have even legalized it as a form of tender and others as a commodity. 2017 has definitely been a break out year for Bitcoin and has made its adopters very happy, in some cases millionaires, from its success this year and we still have a month to go until 2018.
Market Adoption Trends
The biggest news in terms of market adoption is likely the news that Japan, the country where Bitcoin was created, legalized it as a payment method earlier this year. It is expected that, by the end of 2017, over 300,000 merchants in Japan alone will accept Bitcoin as a payment method and those numbers are expected to increase even further in 2018. Additionally, Belgium, Finland, and Switzerland all exempt Bitcoin from VAT. Falcon, the famed Swiss bank, became the first conventional bank to offer it to its clients. Dell, Expedia, Microsoft and The Dish Network are just a few of the big businesses that accept Bitcoin. Even Virgin Galactic is accepting it for future space tourists. With over 5.8 million digital wallets registered and that number increasing, Bitcoin’s market adoption is continuing to grow and will push the value of the currency skyward for the foreseeable future.
With the markets finally catching onto the Bitcoin craze and usership expected to skyrocket even further, Bitcoin is a true financial sector heavyweight and innovator. Not only is it no longer a joke, but it is continually looking more like the future of the same sector that used it as the butt of its jokes only a few years ago. Bitcoin’s unprecedented rise, in one word, can be summed up as “phenomenal.” If its history is any indication, it is likely the best investment available in the modern marketplace.
Take a look at this infographic, created by the team behind BitcoinPlay, that illustrates in details some interesting facts about this incredibly popular virtual currency.