Wednesday will mark the 10th anniversary since the publication of Satoshi Nakamoto’s whitepaper on a ‘revolutionary peer-to-peer electronic cash system’. This was the first time the concept of bitcoin and the underlying blockchain technology was put out into the public domain.
Ten years on however, this system is being increasingly criticised for its volatility and lack of transparency—calling into question its viability as an alternative monetary system.
For instance, so far in 2018, bitcoin has repeatedly shed its value by more than half from its year end price of $13,000 in 2017.
According to ValueWalk, Fran Strajnar, CEO of Brave New Coin, said: “Those who have been involved in digital currency since the early days have seen the cyclical rise and fall of bitcoin. I believe that bitcoin’s supply curve will continue to follow the boom-bust cycle, but expect all-time highs following block-halving by 2020. As an asset class, bitcoin’s value has witnessed outstanding upward momentum—with the value far above now what it was in the early days following its inception.”
The systematic problems that have contributed to the rise of blockchain and its mainstream adoption have summoned many bright minds to get involved in the industry, which is why I believe that blockchain will scale and is here to stay. When we least expect it, the first ‘Killer Decentralised App’ will be born—it is only a matter of time. And while nobody has a crystal ball to foresee what will happen to this innovative industry, what we do know is that we now have a fourth superclass, which has already been proven useful in transmitting value quickly, safely, and globally.”