Bitcoin has officially reached its birthday as of October 31st, nine years after Satoshi Nakamoto first published the cryptocurrency’s white paper.
Some nine years ago, an anonymous author writing under the pseudonym Satoshi Nakamoto published a white paper describing an ambitious and novel peer-to-peer version of electronic cash, dubbed Bitcoin. Today, that idea has given genesis to a cryptocurrency which enjoys a market cap of over $100 billion USD and has over three million participants.
The news arrives at the same time as Bitcoin’s newest all-time high, as the cryptocurrency celebrates values over and above the $6000 USD mark in the face of its forthcoming SegWit2x hard fork and mounting regulatory pressure from nations around the world.
Read: How to buy Bitcoin in South Africa
2017 has perhaps been one of the most exciting years for Bitcoin investors; the cryptocurrency kicked off in January with a price of $1,000 USD, and has steadily moved from strength to strength.
Happy 9th Birthday to #Bitcoin! Many many many happy returns!!! pic.twitter.com/gZVqQRGQRR
— Ran Neu-Ner (@cryptomanran) October 31, 2017
Adversity along the way saw China crack down on ICOs and Bitcoin exchanges operating within its borders, and while the cryptocurrency’s value plummeted, it quickly resumed focus – tackling not only the hard fork that created Bitcoin Cash, but further its most recent challenge in the form of Bitcoin Gold.
There are currently 3 million daily users of #Cryptocurrencies, by 2024 this number is expected to exceed 200 million. #Cryptocurrency $BTC pic.twitter.com/VpqKHQ034Y
— Blockchainlife (@Blockchainlife) October 29, 2017
Projections estimate that the total user base of all cryptocurrencies might swell to reach 200 million in the next seven years, while territories around the world begin to mull the creation of their own national cryptocurrency. This year alone, Russia, Estonia, and Kazakhstan have all announced their intent to create their own digital currency, while the city of Dubai has announced its plans to similarly launch emCash.
Investors remain keen on the prospect of Bitcoin reaching a $10,000 USD value before to the end of the year as China may resume cryptocurrency trading, though – as always – only time will tell.
Read: The International Monetary Fund may develop its own cryptocurrency
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