10 Years of Bitcoin: A Review
The world’s most valuable cryptocurrency is a decade old this week. A paper published by Satoshi Nakamoto on Wednesday 31st October 2008 claimed to offer an alternative to the traditional banking system: ‘Bitcoin: A Peer-to-Peer Electronic Cash System'. With the belief that cryptography could overtake traditional bank-linked fiat currencies the world’s first cryptocurrency was launched on 3rd January 2009. With it also bought the hope of inspiring political, social and economic change.
So how has Bitcoin changed the face of payments and impacted the way we buy products? The first purchase made with bitcoin was a pizza. Worth $41 at the time, 10,000 bitcoin would be worth $26million today. With the last Bitcoin expected to be mined in 2140 and with only 21 million in circulation, how many more products will we be able to buy with Bitcoin? Are we likely to see more products available for purchase and will Bitcoin holders want to buy everyday items with Bitcoin?
With a pizza being one of the first items you could purchase, the last year has seen a lot more products being available to buy with Bitcoin and other cryptocurrencies.
In my previous post, I spoke about how you could now purchase a BrewDog beer with Bitcoin Cash in one of their new cashless bars in London. Publica, Latvian based blockchain publisher allows readers to buy books with their native coin, Pebbles (PBL).
So it was little surprise to hear that HTC, the Taiwanese consumer electronics company, has now launched a Blockchain Smartphone called ‘Exodus’, 10 years after their first ever Android phone (and 10 years after the birth of Bitcoin). Just in time for the Christmas rush, this DLT powered smartphone can be bought only with Bitcoin
Pre-orders for the Exodus 1 are listed at around $960 (0.15 BTC or 4.78 ETH), with shipping date stated as December 2018 and can only be bought using digital currency, particularly Bitcoin (BTC) and Ethereum (ETH).
As per the official announcement on Twitter, the company states it is seeking collaboration with “a community of developers and enthusiasts [...] to keep building security.”
HTC first revealed its plan to launch blockchain-powered smartphone back in May 2018. The company then promised Exodus 1 would support “multiple blockchain protocols,” such as Bitcoin, Ethereum, Lightning Network (LN), and Dfinity network, as well as boast a universal cryptocurrency wallet.
As we see more everyday items now becoming accessible to the everyday user, are we now at the tipping point of blockchain and is bitcoin moving into the mass adoption market?
I suspect those purchasing this phone will initially be the early adopters, those keen to understand how this phone works and perhaps those who have been involved in the development of it.
However, this is yet another promising sign that more industries are waking up to the potential of blockchain and embracing it into their business model where relevant. As more products become available to be bought using Bitcoin, they will move into the wider scope of everyday people and perhaps crypto will become a currency of choice. I’m looking forward to seeing what else we can spend Bitcoin on in the coming year.
Written by Sukhi Jutla
Sukhi Jutla is the author of 3 books and the co-founder of MarketOrders, the online B2B marketplace for gold jewelry and diamonds. As a female tech ambassador, Sukhi is a regular keynote speaker, passionate about supporting female entrepreneurship. She is an IBM Blockchain Foundation Developer and her efforts have been recognized by a number of industry awards including the Asian Women of Achievement Awards, We Are The City Rising Stars Award, Management Todays ’35 Women under 35′ and listed as one of the Top 100 Asians in UK Tech. In April 2018 Sukhi made global headlines when she became the World’s First #1 Bestselling ‘Blockchain’ Author.
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