Bitcoin News: BitMEX, a Bitcoin Mercantile Exchange, celebrates the 10th anniversary of the first cryptocurrency on January 3, 2019. BitMEX published a research article titled “Would mass adoption of Bitcoin turn the whole financial system around?”
Satoshi Nakamoto (the creator of cryptocurrency) mined the first block in the chain, aka the Genesis block, on January 3, 2019. The first block contained the headline from The Times on January 3, 2009: “The Times 03/Jan/2009 Bank Chancellor at the brink of the second bailout”.
BitMEX’s Article
According to the research article, physical cash and Bitcoin have more advantages than electronic cash deposits and BTC. BTC can be used electronically while physical cash has many advantages, including zero transaction fees, 24*7 payment, instant payments, and the ability to be concealed by authorities. It is also difficult to confiscate and highly anonymous. It says:
Bitcoin aims to emulate some of the characteristics of physical cash but in electronic form, an “electronic money system”. People had to choose between using bank deposits or physical cash before Bitcoin. In 2009, Bitcoin allowed the use of a bearer asset electronically for the first time.
BTC is the new hybrid money, which combines the best of both the bank deposits and physical cash. It is also stated that BTC is a “middle-ground option” as it can be positioned in such a way that it can have a subset of both electronic money and physical cash. It said:
Bitcoin, for example, may not have the same throughput as traditional electronic payment systems nor the ability to be used without electricity. As technology improves, Bitcoin could slowly gain more strength and slowly improve its capabilities to close the gap.
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