Bitcoin achievements in the past and challenges ahead

On October 31, Bitcoin will celebrate its 11th anniversary. They released The Bitcoin white paper on October 31, 2010. As part of the anniversary celebration of Bitcoin, it is essential to know the entire journey of Bitcoin. In this article, we will talk about the impressive achievements of Bitcoin till data and the challenges it will face ahead.

Time and again, Bitcoin has defied its critics who have called Bitcoin dead and over many times. No doubt, the price of Bitcoin has been volatile, and at present, it is trading at a market capitalization value of $170 million. However, you will be surprised to know that the market cap value of Bitcoin is more than McDonald’s and CitiGroup’s.

Along the way, Bitcoin has faced many battles, leading to the creation of Bitcoin cash. But, in the last decade, the cryptocurrency community has emerged bigger and wiser. The fast computing power like starting Bitcoin business may lead to a severe problem if it fulfills the quantum supremacy in terms of the future vision.

Almost 5% of Americans now hold Bitcoin, and the total number of Bitcoin users worldwide stands at 25 million. They have mined almost 18 million Bitcoins in the last decade, and a single Bitcoin has a market value of $9,450 at present. When Bitcoin began its journey in 2009, many critics thought it was a buzz and would soon evaporate. But, looking at the way Bitcoin is functioning today, it seems that critics were wrong, and Bitcoin has an impressive accomplishment.

The difference between Bitcoin and Bitcoin cash also garnered attention from users all over the world. The trade-off was related to the speed and diffusion of the transaction approval among the players. The debate was quite intense, and it also interested many crypto-enthusiasts and merchants. But, for many people, the marketing of Bitcoin in the general public’s eyes is something worth watching.

The Achievements

The main achievement of Bitcoin was its peer-to-peer payment system. As per the system, no person or institution was “in charge” of Bitcoin. In an already existing financial system that lacked trust, Bitcoin seemed like a trustless transaction network.

The hard work of the crypto community showed, and many dominant personalities appealed to public opinion.

Many proponents who were against Bitcoin called that it was anonymous and could lead to theft. These proponents were misleading people by telling them that changing the Bitcoin rule is not possible.

You can see that changing the Bitcoin rules would be like changing grammar rules.

If you ask an economist, they will tell you that Bitcoin is more complex than most precious metals as the Bitcoin protocol locks in with a limit of 21 million Bitcoin. Thus, there is no possibility of changing the rules of Bitcoin, and it is one of the positive attributes of Bitcoin.

The challenges

The possibility of quantum computing is one of the biggest threats that Bitcoin may face. But, this threat is not unique to Bitcoin alone. The encryption that is currently safeguarding the internet transaction will also be vulnerable. In general terms, it will be valuable to humankind as the new type of computer will perform calculations in seconds. But, the security of Bitcoin was initially promised by saying that it would take thousands of years for humankind to reverse engineer the private key. But, with the coming of quantum computing, the task will be easy.

It will be advisable to follow strict security protocols to prevent any attack from quantum computers in the long run. The recent announcement by Google is a threat to Bitcoin and other cryptocurrencies.

To conclude, on the 11th anniversary of Bitcoin, we should understand Bitcoin as one of the best achievements and financial innovations. Those people who are aware of the evolution and the path of Bitcoin have become wiser. But, the new-age currency certainly needs evolution to include more people and more businesses into the transaction.

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