- Bitcoin continues to transform both the financial sector and other industries in the world.
- Experts are confident the growth will thrive into the 10 years.
Bitcoin whitepaper was introduced by Satoshi almost 10 years ago. The cryptocurrency industry will celebrate the 10-year anniversary for Bitcoin on October 31, 2018. Since the introduction of Bitcoin, the world economy has been transformed in a massive way. Aside from the financial services sector, which Satoshi intended to transform the blockchain technology has been a paradigm shift to other industries as well. For instance, the health sector, real estate, escrow, legal, financial, logistics among others.
Several experts in the industry have come forward with interesting view of the journey the blockchain has had in the past 10 years. Moreover, the revolution the blockchain is expected to bring to the world economy is immense. The Vice president of Business Operations BTC.com, the largest Bitcoin mining pool Alejandro de la Torres:
“Bitcoin’s Proof of Work (PoW) algorithm has proven to be the most successful consensus model, and I believe it is the best way forward for decentralized consensus systems. It provides a strong economic incentive for miners, while automatically adjusting difficulty to maintain long-term mining incentives. This PoW, based on Game Theory, provides the security that is fundamental to the vision of blockchain. It is the best economic incentive as miners have to spend resources from outside the bitcoin system, and are rewarded from resources inside the system. Concurrently, due to the smaller block rewards and the higher stale block rate of Ethereum compared to Bitcoin, Ethereum needs at least 37 confirmations to match Bitcoin’s security levels. All of these elements combine to make Bitcoin a reliable and secure platform that will continue to thrive into the next 10 years.”
Another expert of the Starfish Network, a coworking community for blockchain companies, Jose Luis Zamorano stated:
“After the crypto party at the end of 2017, 2018 has been a hangover year. Bitcoin is still far from mass adoption and 2018 will be remembered as a transition year. But in 2019 we should see positive news from the SEC. The most important will be the approval of Bitcoin Exchange Traded Funds (ETFs) backed by Bitcoins, which would allow financial institutions to invest and HODL Bitcoin (unlike 2017 Futures) following regulation in a compliant manner. The Federal Reserve Bank of San Francisco wrote on May 2018 an Economic Letter stating that ‘the rapid run-up and subsequent fall in the price after the introduction of futures does not appear to be a coincidence’ and ‘it is consistent with trading behavior that typically accompanies the introduction of futures markets for an asset’.’ So the potential for the impact ETFs could have on the crypto market is huge. When it comes to the underlying technology of Bitcoin, I see the addition of Lightning Network to speed up transactions will have a major impact in 2019 and beyond.”
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