The future of Cryptocurrency: Bitcoin and it’s siblings

Cash or Card? isn’t this a question most of us hears it anywhere they try to make a transaction? Well it is and it might be very simple to hear since we are used to hear it, but it actually shows us that the world still recognizes two ways of payments : a liquid cash which what most of businesses prefer to deal with or a card, But recently few businesses have started accepting another methods of payments and they actually prefer to be paid in that ideal method, pay in crypto! Yes some corporations are adopting it and more are willing to

Many dosen’t recognize cryptocurrency and what it is in general even though they heard about it everywhere.

Cryptocurrency started to float in our digital world back in 2008 when it was first published by Sakushi Nakamoto a pseudonymous person or group. In early 2009 Nakamoto released Bitcoin to the public where soon after enthusiastic supporters began exchanging and mining the currency. Bitcoin became not just a trading currency online but also a main method of payments online and on deep web, of of the main deep web platforms where the currency was widely traded was “the silk road” a black market for all illegal substances and activities. Despite the negative feedbacks from people who were skeptical about it because of it’s wide usage on deep web, Bitcoin succeeded in attracting tons of traders.

In 2010 an anonymous owner of 10,000 Bitcoins decided to exchange them for 2 pizzas. Ever since The currency became a big trading platform, and yes if the pizzeria owner kept the 10K BTC in his pocket he would be richer than papa johns CEO by now.

Bitcoin has became a major currency on the internet millions of users sells and buy daily and multiple exchange corporations were founded. Along with a competition floating by the release of few other cryptocurrencies such as Namecoin and Litecoin whom emerged offering features such as pure anonymity and greater speed. Bitcoin kept it’s lead and control of the crypto world until 2013 when bitcoin price crashed after reaching over 1000$ value per a single Bitcoin later on it started to decline until it reached 300$, unfortunately many lost their investments and many left it for good claiming it was nothing but a bubble and it’s popped already, it took Bitcoin more than 2 years to reach 1000$ value again. After many enthusiasts went back on track with trading it and bitcoin went back to it’s usual place as the leading crypto currency. A huge tragedy occurred on January 2014 when the leading crypto currency Bitcoin has proved that it’s not immune to cyber attacks when the largest Bitcoin exchange “Mt Gox” went offline and the owners of 850,000 Bitcoins never saw their wallets again. the amount of bitcoin stolen would be worth 4.4 Billion dollars in today’s exchange. Ever since many exchange platforms strengthened their cyber security systems and traders never gave up on it. it’s since then when Bitcoin started it’s right path again and in 2017 it was the booming era where 1 Bitcoin alone surpassed 10,000 dollars, it’s at that time where even people who never exchanged currencies in their life started getting their tutorials on it and buying it. after ups and downs throughout the last couple of years Bitcoin now is worth 56000 dollars many corporations are officially using it as a method of payment and even billionaires like Elon Musk are using it and investing in it which gives it more credibility than ever.

Many experts claims that crypto will die and by time it’s wrongly proven, more and more people are storming the trade of crypto and the exchange stations are plenty in this ocean.

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Mahmoud Drira

Mahmoud Drira

entrepreneur, content writer, comedian