The first de­cen­tralised global cur­rency


It’s quite prob­a­ble that his­to­ri­ans will one day look upon the 2009 emer­gence of the Bit­coin and see it was as ground­break­ing a dis­rup­tion as PCS were in 1975 and the In­ter­net was in 1993. That’s right, it’s up there with the best of them. Even Bill Gates called it a “tech­no­log­i­cal tour de force”. So, what is it ex­actly? In a nut­shell, Bit­coin is a form of dig­i­tal cur­rency cre­ated by a soft­ware devel­oper by the name of Satoshi Nakamoto. Its most im­por­tant char­ac­ter­is­tic, and the thing that makes it dif­fer­ent to con­ven­tional money, is that it’s in­de­pen­dent of any cen­tral au­thor­ity. What’s more you can trans­fer funds vir­tu­ally in­stan­ta­neously, with­out the need to pay com­mis­sions, it’s vir­tu­ally fraud proof, anony­mous, and given that it has a fixed sup­ply, im­mune to in­fla­tion. For all these rea­sons, plus the fact that more and more con­stituen­cies are par­tic­i­pat­ing in it, we fore­see Bit­coins in­creas­ing dra­mat­i­cally in value. To­day, a sin­gle coin is worth 200 USD but it’s not fan­tas­ti­cal to pre­dict triple this val­u­a­tion within the next five years alone.

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