Every so often something comes along and changes the way people think. Ford changed how people think about travel, Microsoft changed the way people think about computers, Apple about listening to music and now Bitcoin has changed the way people think about money.
Bitcoin has entered the public consciousness and has now come under attack from the typical areas of the establishment. It was the first decentralized cryptocurrency when it was created in 2009, and nearly 10 years later has become a global phenomenon, creating many debates. Like with many things people don’t understand, people are skeptical about how it works and how it can be trusted.
Some say the currency though might have already had its day, in December it reached a high of $19,783.21 per coin, but currently sits at around half that price. That’s still an incredible achievement for an online currency, but the future remains unclear.
What does seem clear is that there is a climate for a different way of having money. Since the recession which started in 2007, many people have had enough of the historical way of being reliant on banks. There may be mistrust with Bitcoin, but you could argue there is a greater mistrust with the financial institutions we all rely on.
If there is to be a long-term and trusted way of having money, then it may or may not be Bitcoin. It has its flaws, it lacks efficiency, security and there are also privacy concerns. Bitcoin’s blockchain, a public ledger where all transactions are stored, is the type of flaw that could hinder its long-term appeal.
It has its advantages and disadvantages, and Bitcoin now has plenty of competition when it comes to the world of cryptocurrency. Others have come along in direct competition which are more private and offer its users more protection.
Bitcoin isn’t perfect, but it could forever be known as the spark which ignited a whole new world of money and thinking about how people make transactions. As the world grows more accustomed to digital currency and its advantages, Bitcoin may be left behind to the history books as its flaws become fatal.
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