Believe it or not but the 9th of January marks the tenth birthday of cryptocurrency giant Bitcoin. In this article, we look at how cryptocurrency has changed over the last ten years and what cryptocurrency means to us in 2020.
A Decade of Crypto – The Good
Well to start off the article, there are some very good things worth celebrating that have happened over the last ten years. First and foremost is the innovation of blockchain in non-cryptocurrency industries. Blockchain is smart, efficient and secure and these three attributes have seen it being adopted in industries like healthcare, agriculture and real estate.
The wide-spread appeal of blockchain technology should not be underestimated and because it is so successful, cryptocurrency has a firm platform to have a tremendous decade going forward.
Beyond that, there is other good news. Namely all the naysayers at the beginning have been proved wrong, it wasn’t just a phase, it wasn’t going to die after a year, and it wasn’t going to turn out being a scam. All in all, there have been some truly great achievements made by cryptocurrencies and over the next decade there are sure to be more to come – which is excellent if you invest in it.
A Decade of Crypto – The Bad
While there have been lots of memorable accolades clocked up by various cryptocurrencies, there have also been some bad times. A couple of significant market crashes have caused financial ruin for investors who had backed cryptocurrencies with their life savings – hoping to become the next crypto millionaire.
There have also been a few downright nasty aspects to cryptocurrency such as big scams, Ponzi schemes and the realisation that most ICOs were fraudulent. Unfortunately, in any emerging market there are always those that are malicious and seek to profit at the expense of others.
It would be amiss to hail cryptocurrency as an all-out success over the last ten years, but by and large it has been mostly positive.
A Decade of Crypto – The Ugly
Along the way there have been some uglier moments that often fly under the radar. Here are the three ugly truths about cryptocurrency after a decade;
- There still hasn’t been a mainstream cryptocurrency – although with the imminent launch of Facebook’s Libra this may well change soon.
- Many people got rich, but many also lost out. It is worth remembering that crypto investment carries risk and it is vital investors read up on cryptocurrencies regularly.
- Cryptocurrency is still largely unknown and hopefully over the next ten years more people are educated about the merits of cryptocurrency which should in turn open the market to new investment.
The last decade of cryptocurrency has certainly been turbulent, but for the most part it has exceeded expectations, especially when most thought it would die out before anyone even took notice. The next decade looks set to be every bit as exciting.