Unfiltered

This Is How The Bitcoin Monopoly Broke; Did Ethereum Raise Its Tallest Finger?

The Crypto Truth Is Messy And Complex.

Monopoly has helped nobody ever. The best ones have had a beginning, middle, and end. Here is a story about the monopoly of bitcoin that remained untouched for six years, well, in a way.

August 2008, the start of something new. Bitcoin.org gets registered as a domain name. October 2008, Satoshi releases the white paper.

January 2009, The first bitcoin transaction happens. Satoshi sends a computer programmer and pioneer crypto genius 10 bitcoins.

February 2010, 10,000 bitcoins buy a pizza at Papa John’s. August 2010, The first Bitcoin attack – We’ve had a problem here.

February 2011, Namecoin and Swiftcoin come out on the dark web. Not until 2015 Ethereum was not on the map and then it came out and this changed everything.

For a good 6 years, there was no stable currency. There was no real competition. Nothing for bitcoin to steer towards improvement. It could dominate. It was the sole and original crypto, the only one people trusted. It was doing a good job, a few transactions at a time. The good wife did a special episode on it called the good life. 

Things were going great. Bitcoin memes were everywhere, people stopped calling it the internet money and began to trust it. The value slowly crossed the value of gold and gradually more and more people authenticated the idea by explaining their own views.

It was a good, clean and healthy Monopoly. Its biggest challenge was the entry itself, it entered in a new and untapped market, like all new technology it had a lot to explain and because of all the mystery and drama it had a lot more to prove to the trolls.

Bitcoin did exceptional things. People wanted to do everyday things with it, people found new ways to use it and slowly the community grew. The currency rose in power and prestige as days passed and transactions grew. The literature on mining started to expand and more and more people were curious to join.

The hype was real. (This information should not be interpreted as an endorsement of any cryptocurrency. It is not a recommendation to trade.) Back in 2017, the total number of cryptos hit 1000. And by the end of 2018, the number rose to a whopping 2000+ cryptos.

The growth is owed to the original crypto, bitcoin. All rest were followers. Bitcoin maximalists are people who think that no other currency is good enough and the only bitcoin is the true and pure crypto, yes they are very serious about this.

Khunsha Javed

A Filmmaker, PR enthusiast & Editor of BlockPublisher-Unfiltered. I like things that make my brain tingle. Email: khunsha@blockpublisher.com or editor.unfiltered@blockpublisher.com

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