Is the World's Financial System Ready to Take on the Challenge of Crypto Currencies?

AUSTIN, Texas - May 20, 2021 - PRLog -- Today, we will look at the future of cyber currency and ask the million-dollar question (or, in current Bitcoin terms, the 18 Bitcoin question):

Will the world's financial systems one day do the unthinkable and tear up centuries of reliance on traditional paper banknotes in favor of some form of electronic currency, such as Bitcoin?

To answer this question, we'll first take a high-level look at the timeline of events in the history of Bitcoin, the most well-known of the cyber currencies. Then we'll look at the other competing digital coins that have come onto the market more recently, such as Etherium, the stablecoin Tether, the hype-driven Dogecoin, as well as the current craze for investing in these digital currencies that's led to coin prices climbing to once unimaginable new highs.

The Strange History Of How Bitcoin Became An "Overnight Success"

With the price of a single Bitcoin rocketing up to a record high of $63,346 on April 16th, 2021 (a six-fold increase from 2020), many may consider Bitcoin to be a proverbial overnight success.

Yet, like many "overnight success" stories, the programmers behind Bitcoin struggled for years to develop a workable electronic money framework that would inspire the confidence of mainstream users to accept the new digital currency.

So how did the so-called overnight success of Bitcoin come about?

The Bitcoin story, as told by NYTimes reporter Nathaniel Popper in his book Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money, has many unexpected twists and turns – many of which might come as a great surprise to today's Bitcoin investors, who seem blissfully unaware of the "unsolved mysteries" quality that characterizes the early Bitcoin backstory.

To start, consider that to this day we are uncertain of the true identity of the Bitcoin project founder, who goes by the online name of Mr. Satoshi Nakamoto. (Nakamoto's last "official" communication, a note saying goodbye, was transmitted ten years ago, on April 23, 2011.)

Over the years, several individuals have come forward, claiming to know the true identity of Nakamoto – and a few of them have even claimed to be Nakamoto (perhaps an unsurprising development, given that unspent Bitcoin holdings attributed to Nakamoto are estimated to be worth as much as $7 billion dollars). Yet, despite this, no conclusive proof of Nakamoto's true identity, national origin, education, family life, or work history exists.

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