Bitcoin is the most disruptive creation of the last 20 years in the world of technology. Its impact has not only focused on the world of economics, its niche of birth but has also moved to practically every unimaginable activity. All thanks to blockchain technology and its previously impossible capability: eliminating intermediaries while ensuring unrivaled decentralized security.
It’s hard to think that it was 11 years ago that this revolution began when a character under the pseudonym Satoshi Nakamoto released the Bitcoin whitepaper. But basically, Bitcoin is the same: a digital currency, a technology that uniquely transforms world.
Beginnings of bitcoin
In January 2009, the immutable history of Bitcoin began to be written. Its operation began, you generated its genesis block, and thus a revolution began. The late and much remembered Hal Finney and Nakamoto made history with their first transaction on this network, one in which they were the only parties. To get another currency, you need to work in the country where that currency is used. But, of course, Bitcoin is not under the control of the central bank and will not be acquired by work.
All this meant that the timid project began to take shape and capture the world’s attention in a short time. This is made the project evolve and improve rapidly, the community began to grow, and bitcoin was shaping up with a promising future ahead. Despite criticism from many economic ” specialists ” who took it as a game, Bitcoin continued on its way, one that would give everyone great surprises.
The awakening of a new era
Suddenly Bitcoin was seething with activity and development, Nakamoto who had not anticipated such an impact, quickly created a main team or Core Team. Among them, the name of Gavin Andressen would go down in history. Andressen would rewrite most of the source code on his own to make Bitcoin a tool capable of technological expansion.
As a result, Bitcoin is today a highly active, stable, and secure development. His technology and capabilities continue to expand to achieve the dream that Satoshi Nakamoto envisioned, although many deny that he has lost that direction. The truth is that keeping the base of its code and protocol unaltered has prevented the dismemberment of Bitcoin. A situation that has led the surrounding community to establish itself stably. After all, the operation of Bitcoin remains unchanged with an uptime of 100% during its ten years of life. A feat that few such complex computer systems have managed to achieve.
But the changes were not only lived in the code also in the community. Companies interested in Bitcoin began to emerge. Quickly began the services of exchanges, service companies that accepted payments in bitcoins, and payment systems that promised to bring the power of Bitcoin to everyone.
All this activity led to investments in both development and money for the infrastructures that supported the cryptocurrencies. Mining farms multiplied to dream levels. It was the boom and flourishing of Bitcoin, and it is something that continues today. It was the awakening of a new era, and Bitcoin was the main protagonist. The future of Bitcoin looked bright back then, but what about now?
What the future will bring
The future of Bitcoin remains as bright as before. Numerous companies continue to invest in developing and researching technology that exploits the capabilities of this great invention, from RSK, BitHalo, and Counterparty platforms for full-time smart contracts, to side chains and options to scale Bitcoin from Block stream and Omni Layer. Technologies like Lightning Network, already functional at this time, will allow us to forget about the current impossibility of making micropayments with Bitcoin when they are well established. DApps are a perfect dream for Bitcoin developers, and that’s a job that RSK and Miniscript do. If you are looking for automated trading platform bitcoin evolution software is the best option for that.
RSK increases the value of the profits generated by merged mining
The most promising case of smart contracts on Bitcoin is perhaps the one presented by RSK. This Argentine company has done an extraordinary job to make RSK one of the most promising smart contract platforms. Using the power of Solidity and its virtual machine, RSK enables the ability to bring Ethereum DApps onto the Bitcoin blockchain. The company also has development plans that would lead RSK to be a smart contract platform that would rival others such as EOS or TRON in its capacity. All thanks to Lumino, a second-layer solution that is being designed to exploit RSK’s capabilities fully.
For its part, the Lightning Network is perhaps the most anticipated Bitcoin technology. Although it is already in operation, its adoption has not yet reached everywhere. Once LN becomes a massive option, it will be a fact that will push the use of Bitcoin to levels never seen before. The ability to use instant payments for safe and affordable businesses would lead to a boom in adoption. This fact seems distant, and many who denigrate this work think that it will never be ready. The truth is that LN continues to grow rapidly.
Risks of bitcoin
- Like other cryptocurrencies, Bitcoin carries a set of risks that need to be emphasized to know exactly how big this currency is. To identify them, they will revisit the Bank Payment Systems Division Operations, Markets and Payment Systems Administration reports.
- With the proliferation of new electronic payment systems through the organized crime network, there is a possibility to create a negative reputation for digital settlement methods.
- In principle, any computer can also actively participate in the process of creating a new bitcoin unit. The high computing power required means that a small number of actors group has dominated this activity.
- High price fluctuations characterize private trading platforms that can exchange Bitcoin for fiat currencies due to speculative movements.
Bitcoin and blockchain technology made the cypherpunks’ long-haunted dream of a secure, private, and uncensored digital currency a reality. What they had sought for years was achieved by a character of which you only know a pseudonym and nothing else. Despite this, the code always tells the truth. The community endorsed the development of Bitcoin and its free software model.