October 31 15 years of Bitcoin: from savings savior to global economic game changer
Bitcoin, created by the mysterious Satoshi Nakamoto, not only provided an alternative means of storing value, but also proved to be an indestructible and tamper-evident asset. As we reflect on its journey over the past 15 years, Bitfinex has become more determined in its mission to spread the word of Bitcoin and show how it can provide financial freedom and liberate communities from the high fees and inefficient operations of the traditional financial system.
The birth of Bitcoin – a pioneering concept
In 2008, an individual or group using the pseudonym Satoshi Nakamoto released a white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System.” This document explained how the first decentralized peer-to-peer (P2P) digital blockchain would work, maintained by an ever-growing network of computers that would ensure its stability and integrity. The first block was mined on January 3, 2009, marking the birth of Bitcoin. Since then, the influence of currency and technology has been extraordinary.
Savings protection
One of the main advantages that Bitcoin brings to the table is its ability to protect individual savings. In a world where economic mismanagement has left millions impoverished by a weak currency or rampant inflation, Bitcoin has emerged as a haven for those seeking to protect their savings. Unlike fiat currencies, which can be subject to inflation, the supply of Bitcoin is fixed and unchangeable. In this sense, investors know that no central authority can change how many Bitcoins will ever exist, which means they provide certainty that cannot be replicated in other assets.
Throughout its existence, Bitcoin has demonstrated its resilience by overcoming various forms of market disruptions. This stability has strengthened the confidence of ordinary people in Bitcoin and thus led to its adoption around the world.
Bitcoin revolution in El Salvador
The biggest example of Bitcoin adoption came when El Salvador, a small country in Central America, passed a law in September 2021 to make Bitcoin legal tender in a country that otherwise operated only with US dollars.
Since then, foreign investment and interest have increased dramatically, with many startups and established crypto companies flocking to the country to set up shop and take advantage of the friendly regulatory environment.
In the first year, more than 50 bitcoin companies opened offices in El Salvador, with more planned to establish a presence in the country. This has created jobs and brought a wide range of new services and business models to the Salvadoran economy.
Expand your reach
In March 2022, the city of Lugano, Switzerland achieved a major milestone when it became the most successful leader in the circular Bitcoin economy with the launch of the ₿plan. This pioneering initiative, a joint venture between Tether, creators of the world's largest stablecoin, USDt, and the City of Lugano, is an impressive effort to seamlessly integrate Bitcoin, the Lightning Network, Tether, and Lugano's native LVGA token into every aspect of the project. Everyday life.
As part of its strategy, Lugano has established an investment pool worth CHF 100 million aimed at promoting the growth of startups operating in the field of blockchain technology and Bitcoin. This initiative also seeks to stimulate existing companies to move to Lugano, bringing with them experience, knowledge and a talented workforce.
In addition, Plan ₿ has strengthened cooperation with three universities and, through its Blockchain for Business initiative, is offering more than 500 scholarships to students keen to gain knowledge in blockchain and Bitcoin technologies. Furthermore, each year the initiative hosts a summer school designed for individuals interested in learning about Bitcoin and peer-to-peer technologies, recognizing their potential to provide financial freedom and promote freedom of expression.
The Plan ₿ initiative has grown a vast network of merchants that continues to expand, with many now accepting payment in Bitcoin, Tether or LVGA. Notably, all public services, including city taxes, can now be settled in cryptocurrencies, representing a transformative step towards digital currency adoption in the heart of Switzerland.
In 2023, Bitfinex will collaborate with Torogoz Dev
To celebrate Bitcoin Whitepaper Day, Bitfinex is supporting the first generation of Bitcoin and Lightning Network developers in El Salvador, and is partnering with Torogoz Dev, an El Salvador-based educational program dedicated to providing technical training in Bitcoin and Lightning Network. development.
Since the establishment of Bitcoin as legal tender in El Salvador, there has been a great demand for educational resources and know-how to empower people with the knowledge and skills needed to use and develop Bitcoin. Torogoz Dev's mission is to bridge the technical skills gap in Bitcoin by providing students with a structured curriculum that includes understanding business requirements, creating product backlogs, and developing code, all of which will be available on GitHub. Additionally, students will delve into cloud services management, Lightning Network payments, application programming interface (API) documentation, and create plugins for seamless integration with content management systems.
Global ambitions
The application of Bitcoin across global economies opens up a world of possibilities, giving individuals access to safe and stable financial systems. By adopting this digital currency, these economies can reduce their dependence on central institutions and enhance financial independence. Furthermore, it can fuel economic growth by attracting investments and encouraging innovation within these regions.
The first 15 years have shown that Bitcoin is off to a great start, but as more people and governments around the world embrace its potential, we expect the next 15 years to be even more important.
