Bitcoin was born nine years ago on October 31st, 2008. Well, that’s the day the whitepaper was released. Satoshi Nakamoto officially launched in 2009 when he mined the first Bitcoin block. That first block is worth over $321,000 at the time of this writing. Talk about a movement.
The whole scene is still in its infancy days. At only nine years old, it has been picking up extremely quick adoption across Japan, the US, Hong Kong, and South Korea. These four countries are seeing the hastiest pathways of bitcoin becoming mainstream. Bitcoin’s trading volume has peaked to $4 billion in the past. At that number, a once simple open-source project has surpassed the trading volume of tech-giant Apple. It sits at over $2.2 billion as of now.
Business analysts all over called Amazon a bubble. They thought their business model was unsustainable. However, in just 20 years, Amazon transformed from a garage bookstore to a $533 billion business. Bitcoin is seeing this same trend. Click here for a quick opinion on whether bitcoin is in a bubble or not.
image source: Coindesk
Digital assets are making big moves, especially in Japan. Their government recognized cryptocurrency exchanges as legitimate financial service providers. On top of that, a few big companies in Japan have started accepting bitcoin as a payment for their services. Japan’s largest budget airline, Peach, started accepting bitcoin back in May. Bic Camera also started accepting Bitcoin back in July. These are two very big steps in the right direction.
Bitcoin vs. Gold: What’s better?
A very simple question yields a very simple answer: bitcoin. If you bought an ounce of gold in December 2015, you would have spent $1,060 (source). If you bought one bitcoin, you would have spent $429 (source). If you sold your gold today, you would have made $1,272 (source). Not bad. If you sold that one bitcoin today, you would have made $6,426 (source, real-time). Which would you choose?
Bitcoin has turned 9 and already, it is recognized as a leading digital currency, safe haven asset, and digital gold. Several experts including billionaire investor Peter Thiel and Apple co-founder Steve Wozniak have stated that bitcoin has become a better store of value than gold by nearly any measure, which could include transportability, ownership, and liquidity.
”There is a certain finite amount of bitcoin that can ever exist. Gold gets mined and mined and mined. Maybe there’s a finite amount of gold in the world, but Bitcoin is even more mathematical and regulated and nobody can change mathematics,” said Wozniak (courtesy of: Cryptocoinsnews).
featured image source: 99bitcoins