On the occasion of the tenth anniversary of Bitcoin, fanatics and critics have begun to analyze the development of the blockchain: from birth to rise, and the current state of the industry – the industry faces regulatory uncertainty, security issues and scalability Many challenges, including sexual issues.
Looking ahead to the future of distributed technologies and cryptographic assets, we have found industry leaders’ comments on the development of Bitcoin in the past decade. By sticking to the mainstream view, we hope to have a deeper understanding of what the encryption technology will bring to the world in the future.
Aeternity digital marketing director Vlad Dramaliev:
Bitcoin has proven that it is one of the most exciting experimental techniques of our time. It builds the foundation of the entire industry and is currently evolving in areas such as cryptography, data security, and privacy. More importantly, Bitcoin provides a global governance system based on tangible economic incentives and decentralization.
As a substitute for legal currency, it has revived discussions about money and creative currency. In the next 10 years, Bitcoin will still be the dominant currency, the most currency, and the gold in the encryption world. It will be more widely used, and its technical features and user-friendliness will be greatly improved.
Kee Jeffreys, co-founder and technical director of Loki:
I think the most interesting thing in the past 10 years is that Bitcoin dominates the market. From the birth of Bitcoin to the end of 2016, it accounted for almost the entire encryption market (about 80% to 90%).
However, at the peak of the ICO boom, we saw Bitcoin fall by about 30%. I think what we are seeing now is the rebirth of Bitcoin. As the market shrinks and many ICO projects abort, investors’ expectations for Bitcoin may be attributed to a rational state.
In 2017, the main reason for the sharp rise in the currency price was related to speculative behaviour. At the time, many people became interested in the blockchain because they saw that the blockchain could help and the untrustworthy parties built trust. However, blockchain technology is still not being used on a large scale—even the most commonly used dapps are not as large as the number of small, traditional applications.
In the future, I think we will see a lot of applications like the Brave browser, which provides an Internet browser integrated by the Basic Attention Token (BAT). The feature of the app is that it can be used even if the user does not understand the encrypted digital currency.
If users want to interact with other features, they can easily access other features in the app. This type of integration can be modelled on a “freemium model”, and users interested in encryption technology can fund the development of distributed applications and benefit all users.
Fran Strajnar, CEO of Brave New Coin:
Those who have been involved in digital currency from the early days have seen the cyclical rise and fall of Bitcoin. I believe that the supply curve of Bitcoin will continue to follow the cycle of ups and downs.
However, with the sharp depreciation of Bitcoin, by 2020, its supply curve will reach half of the historical high. As an encryption asset, the value of Bitcoin has shown a clear upward trend – the current market value is much higher than the initial level.
At present, many mainstream institutions are adopting blockchain technology one after another. This is the reason why I believe that the blockchain will be scaled up and will continue to develop. In the future, the first distributed “killer” application in the market will be born when we most unexpectedly.
While no one can foresee what will happen in the industry, it is convinced that the technology has been proven to have a huge impact on speed, safety, and value delivery.
Social Alpha Foundation co-founder Jehan Chu:
As industry giants such as Fidelity, Nasdaq and Starbucks enter the encryption market one after another, we can expect that the investment intentions of mainstream institutions will be formed in 2019.
I believe that as a storage tool for value, Bitcoin will be widely adopted. Although, from now on, the technology has not yet developed into Chengdu, which is a payment system. Connext, Lightning and others are trying to come up with a solution to this problem and increase the use of Bitcoin in everyday life.
Crumbs founder Patrick Mrozowski:
Ten years ago, Nakamoto made an idea of completely changing the world. I fully believe in the future of decentralization. We are on the verge of adopting a distributed ecosystem, and it is time for the general public to get involved. Perhaps the biggest advantage of encrypting digital currencies stems from the fact that it frees us from dependence on traditional banks.
In addition, the real charm of encrypted digital currency is that it can return power to individuals who are habitually neglected by traditional financial institutions – regardless of race, socioeconomic status or credit history, you have the ability to participate in the future economic system.
Frank Wagner, CEO of INVAO:
Since the introduction of the blockchain 10 years ago, the development of the blockchain has fully demonstrated that this technology will have a profound impact on the future. We believe that blockchain technology will change the way society works and will change our daily lives in an increasingly indispensable way.
Gaibiele Giancola, co-founder and CEO of Qiibee:
Today, everyone seems to be talking about bitcoin and its future. Although Bitcoin’s popularity has grown significantly since the release of the Bitcoin White Paper in 2008, Bitcoin has experienced dramatic ups and downs since its inception.
In the past year alone, the cryptocurrency market has grown by more than 1200%, and the market value of encrypted digital currencies has exceeded $230 billion.
If the SEC approves the Bitcoin ETF next year, this could have a significant impact on Bitcoin and encrypted digital currencies, as it would increase investor interest and bring stability to the encryption market. If the ETF is approved, institutional investors may use cash payments because it is safer than investing in Bitcoin directly.
Bitcoin hosting and regulatory issues, as well as solutions in the market that address basic technical issues, including scalability and transaction processing time, will determine whether bitcoin and encrypted digital currencies will become mainstream in the future, and there is no The question is that their market prices will also be affected as a result.
Metal CEO Marshall Hayer:
I have been working on encryption for nine years. When I first discovered Bitcoin, my curiosity was motivated. I don’t know how people use it to trade. In the past 10 years, the encrypted digital currency ecosystem has continued to experience ups and downs (both in terms of price and industry maturity).
Although I don’t think the market will stabilize by the end of this year, I am convinced that this technology will become the way of economic development in the future.
The introduction of stable currency has become a huge innovation, which plays a key role in the development of the blockchain. At present, the most urgent task is how to help the public fully understand and utilize blockchain technology.
It took us 10 years to build the existing program, and we need to be committed to educating the world about blockchain technology for the next 10 years.
Ken Lang, Chief Technology Officer, Cosimo Ventures:
On the occasion of the tenth anniversary of the birth of Bitcoin, we began to reflect on how far this industry has gone. Bitcoin is a breakthrough innovation that allows us to understand the circumstances under which people can use digital currency as a unit of account, a trading tool, and a value storage tool.
Bitcoin and other tokens are becoming more popular, which makes us aware of the deficiencies of specific digital currencies for specific uses. This has driven the market’s attempts to address the volatility of bitcoin and Ethereum – such as Stabilizing Coins – indicating that the industry is maturing and trying to solve its own problems over time.
Eiland Glover, CEO and co-founder of Kowala :
Ten years later, we are still talking about Bitcoin and its impact. Why? Because this is one of the most exciting financial technologies in the last 20 years. Although in the global financial system.
The Bitcoin network can remove the middleman of the transaction, it is an incredible and destructive tool, but its limitations will certainly become more and more obvious over time. Its price volatility began to be criticized by its slow trading speed, which means that so far, it is more of a value storage tool, a kind of digital gold.
The volatility of the currency price has promoted the birth and development of stable coins – an encrypted digital currency built to maintain stable value. While some people try to solve the problem of bitcoin networks by enhancing the way of centralization, such as by working with banks to maintain a certain price, others continue to support Nakamoto’s decentralization.
In the next decade, I believe that Bitcoin will continue to prosper, and it will also spawn some stable projects similar to assetless, decentralized, and miners-friendly.
Daniel Peled, President of Orbs:
Without recognizing the basic role played by Bitcoin, it is impossible to see the development of the entire blockchain industry. “Every business use case, every major advancement in infrastructure, is ultimately an affirmation of Bitcoin. Bitcoin proves that blockchain has real application value.
Due to the existence of this core role, it is difficult to see The reality is that technology is constantly evolving and its importance is expanding, while Bitcoin does not enjoy the benefits of this rise.
Although the development of the bitcoin industry has gone far beyond the scope of digital currency, it still establishes the whole Use cases for the legitimacy and potential of blockchain companies. Although the technology is evolving, Bitcoin cannot enjoy the benefits of this change.
Shiv Malik, Streamr Strategy Director:
Although Bitcoin has undergone a turbulent evolution, its impact on the world has been profound. At that time, without being well known to everyone, Nakamoto and other cryptic punks quietly launched a multi-billion dollar industry, which we now call the blockchain.
Their distributed ledger technology is a new way to achieve and record large personal transactions without the need for a bank. This is the most compelling accounting revolution since the Venetians officially implemented double-entry bookkeeping in the late 15th century.
However, Bitcoin’s original vision now hangs over many clouds – mainly about whether it can be a general service for payment services. If Bitcoin remains essentially the same, the power will never be cheap enough for the network to handle enough transactions to reach any significant size. The mission statement “Being your own bank” may have to be downgraded to “do your own safe.”
However, from now on, there are a lot of dark clouds over the original vision of Bitcoin – mainly about whether it can be used as a general payment method. If Bitcoin remains the same, a large amount of transaction information that needs to be processed in the network will place new demands on the power.
The original intention of the birth of Bitcoin may evolve from “doing your bank” to “making your safe.”
However, Bitcoin now has many children, such as altcoin and a variety of digital tokens, which will ultimately not only become the basis of the transaction, but also the basis for acquiring various important digital services in the future.
The encryption revolution, open source and distributed technologies will continue.
GSR co-founder Cristian Gil:
The blockchain is growing so fast that it is difficult to predict the situation in the next two years. We believe that within ten years, digital assets will become an integral part of our daily lives. We will continue to see the popularity of the Internet of Things and the ability to seamlessly transfer value across media.
Regardless of whether Bitcoin itself will be used in these systems when this history is written, Bitcoin will become the primary concern of people.
Angel Versetti, CEO and co-founder of Ambrosus:
In an attempt to take market share from one of the most important power tools, the currency, central banks and governments around the world tried to stifle bitcoin, albeit unsuccessfully. They failed to eliminate Bitcoin and decided to become a proponent and supporter of Bitcoin.
This not only establishes Bitcoin as a unique financial phenomenon, new assets and a social construct, but it also shows the resilience and power of underlying technology, blockchain, stimulating countless revolutionary innovations using distributed ledgers.
The scope goes far beyond the financial sector, using use cases such as identity management, data ownership, decentralized autonomous organizations and digital sharing – all supported by the same flexible technology commitment that all participants build trust and jointly update Book, but no specific party can control it.
Central banks and governments around the world are trying to take market share from one of the most important power tools, the currency, in an attempt to stifle bitcoin. They failed to eliminate Bitcoin and decided to become a proponent and supporter of Bitcoin.
This not only promotes Bitcoin as a unique financial phenomenon, a new asset and social structure, but also highlights the underlying technology – the huge potential of blockchain development, and has inspired countless revolutionary innovation use cases. By using this technology, participants can build trust and share records without being controlled by either party.
Seeing that the situation is correct now, with the influx of institutional investors, many early Bitcoin holders have the opportunity to realize the freedom of wealth, and they are likely to push Bitcoin into a necessary asset for the portfolio. However, things may move in the other direction. Perhaps the push of the BCH community will make BCH exceed BTC.
In addition, it is not excluded that a centralized encrypted digital currency like Ripple will become mainstream, although I don’t want this to happen. I hope that people can learn more about what the blockchain is and how it should work, and people can choose to liberate from censorship and control.
Iqbal V Gandham, Managing Director, eToro UK:
Blockchain technology will change our daily lives like the Internet. From email to the Internet is equivalent to bitcoin to blockchain. It brings the basic technology to the public.
Although the Internet has completely changed the transmission of information, the blockchain will reshape the transmission of value. Bitcoin is the first type of encrypted digital currency, and although the number of other crypto assets is booming, it still dominates the market.
On Wednesday, October 31, we will celebrate the 10th anniversary of the publication of Bitcoin White Paper by Nakamoto. Ten years have passed and we recognize that the devastating effects of this paper are appropriate.
As a company, we believe that in the future, all assets will be certified, and we will see a large number of funds transferred to the blockchain. We can’t set a clear timetable for this shift today, but the speed at which crypto assets are growing is enough to show that this vision is not out of reach.
Max Kordek, co-founder of Lisk and CEO of Lightcurve:
Ten years ago, the Bitcoin white paper published by Nakamoto said a new era of technological innovation and global chaos, which has continued to this day. Community consensus and Bitcoin agreements that have been developed for many years have been regarded as standards by the advocates of the encrypted digital currency market and Bitcoin.
In addition, the birth of the white paper has also promoted the emergence of blockchain technology. At the time, this technology was just a concept and a potential carrier of technological innovation and inspiration. Ten years later, we have a thriving global community that is constantly advancing technology.
The blockchain industry has pushed Nakamoto’s original vision to a new level. It has spawned many landmark technologies and expanded the initial agreement, attracting the attention of elite educational institutions, financial institutions and government agencies. In addition, it caused intense discussions among mainstream economists.
Rethinking the 10th anniversary of Bitcoin, and the subsequent blockchain movement, we can see that it has laid the foundation for evolving technology. At present, this technology is maturing, but in the next 10 years will show more results related to the blockchain.
Nakamoto has inspired hundreds of dedicated teams around the world to realize his vision for the future. The future driven by the blockchain will make it possible for individuals to change the world.