According to the timeline illustrated by our friends at Carsurance in the infographic below, Bitcoin celebrates 10th birthday in 2019. Time flew, and the first decentralized cryptocurrency on the Earth has proven to be one of the most transformative innovations since the internet.
Based on the technical system created by Satoshi Nakamoto, a pseudonymous developer, Bitcoin is a gift from an unknown donor to challenge the establishment in hopes of giving the world a fundamentally sound alternative to the flawed financial system that replaced the gold standard decades ago.
Unsurprisingly, Bitcoin was initially met with skepticism, for it is too good to be true. Upon learning that its blockchain technology is tamperproof and transparent by design, people raised eyebrows, especially the financially savvy ones.
The cryptocurrency has withstood scrutiny over time, eventually earning the confidence of the investors. Despite several price fluctuations throughout its decade-long history, the early adopters were abundantly compensated.
Bitcoin has inspired an entire generation of cryptocurrencies, but it remains at the top of the food chain with about 99,000 bitcoins being sent per hour. In January 2018, when it turned nine, the overall cryptocurrency market capitalization reached $700 billion.
Perhaps the ultimate testament to Bitcoin’s impact on the financial world thus far happened when traditional banks somewhat called a truce by expressing their openness for disruption.
In 2018, blockchain technology, along with robo-advisers, P2P lending, and crowdfunding, was considered one of the most impactful solutions in the financial services industry.
In fact, 80% of banks partnered with fintech companies one way or another to bolster their blockchain capabilities. By 2020, industry experts predict that the mainstream commercial adoption of the technology will be at nearly 50%.
Cryptocurrency owns the latest chapter in fintech history, but its story is just getting started. To learn more interesting fintech facts, check out the infographic now!