On May 22, 2010, the first transaction in bitcoin took place. It was the day when people discovered that something called bitcoin existed, and it is only available on the internet. It can be bought using the Fiat currency, but it does not have any value in terms of today’s Fiat currency.
On May 22, United States residents purchased two pizzas worth 10,000 bitcoins, and it was the first-ever commercial transaction made using cryptocurrencies. Therefore, May 22 is marked as the bitcoin pizza day as it was the first-ever day when a bitcoin transaction took place. However, it was also one of the most significant evolution in the theory of cryptocurrencies.
Later on, they took the controversy of silk Road. In this controversy, substantial drug dealers were using cryptocurrencies for facilities in transactions over their network.
After the silk Road tragedy, bitcoins were being used on gaming platforms. World of Warcraft is a game where you can use cryptocurrencies like bitcoin. Also, it became the first game to facilitate triple currency transactions, and bitcoins were on loot in this game. It was as prize money in the gaming tournaments back in time, and now, bitcoin is entirely different.
As 2022 is approaching, bitcoin stands at a value of $900 billion, which is the largest market capitalization in the whole world. It is one of the most popular and polarising cryptocurrencies globally, making it the best investment today.
However, Satoshi Nakamoto made bitcoin for the common purpose of facilitating daily transactions, but that is no longer the purpose it is serving. Now it is being used as an incredible medium of making money, and it is trendy in this field.
Today, bitcoin is standing at an inflexion point. Some of the most popular global players like the United States and India are looking forward to banning cryptocurrencies. However, it is not a complete ban, but they want to regulate these digital tokens, a 10,000 strong cryptocurrency market. However, the market’s uncertainties still exist, and we do not know about the decisions of the most important players.
Some of the players in the whole world are entirely ambivalent about cryptocurrencies, while others are not extremist. For instance, China is the country that has played a complete ban on mining, holding, and trading cryptocurrencies, and therefore, this is a crime in China. For trading, go with something like yuan-pay-group.io.
On the contrary, another country, El Salvador, has adopted bitcoin. Also, some countries are expressing their concerns over the increasing trend of cryptocurrencies in different areas. India is one of the most influential nations looking forward to controlling the transactions of bitcoins in their country.
The prime minister of India says that bitcoin technology is being used for cross-border terror funding and money laundering, which is a matter of concern. It can also seriously undermine the financial system of different nations, which is a matter of concern for every country in the world.
Therefore, he clearly stated that bitcoin technology should not undermine democracies, and it needs to be regulated as soon as possible. Hence, it is unclear what the future holds for digital tokens.
What does BTC hold?
The first block for the transaction of bitcoin was mined in 2008, right after the financial crisis in the United States. This massive financial crisis sent the United States into a devastating recession stage. However, the United States solved the problem by printing excessive currency and saving the world from a vast depression.
However, some banks managed the recession, but people were suffering back in time. It led to erosion of trust among the people, which was the primary concern in the West. Also, creating financial currencies is not the ultimate solution to managing recession as people will suffer.
Bitcoin is deflationary, and therefore, it points towards the fact that it will help people resolve the issue of the value of their money. If people can store their money in bitcoins, they will prevent their savings from getting degraded.
Furthermore, the word states that bitcoin prices will surge after the considerable dip taking place right now. Therefore, it is entirely evident that they will rise in the future, and hence, bitcoin is here to stay for a very long period. Therefore, bitcoin has three chances of entering the financial system of different nations and becoming real money in the future.