October 31st 15 Years of Bitcoin: From Savings Savior to Global Economic Game Changer
Created by the enigmatic Satoshi Nakamoto, Bitcoin not only provided an alternative means of storing value, but also proved to be an indestructible asset that could not be manipulated. Looking back on our journey over the past 15 years, Bitfinex has become more determined in our mission to evangelize the world of Bitcoin and show how it can provide financial freedom and liberate the community from the high fees and inefficient processes of the traditional financial system.
The Birth of Bitcoin – A Groundbreaking Concept
In 2008, an individual or group using the pseudonym Satoshi Nakamoto published a white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System.” This paper explains how the first decentralized peer-to-peer (P2P) digital blockchain works and is maintained by an ever-growing network of computers that guarantee immutability and integrity. The first block was mined on January 3, 2009, creating Bitcoin. Since then, the impact of currency and technology has been nothing short of incredible.
savings protection
One of the key benefits that Bitcoin brought was its ability to protect personal savings. In a world where economic mismanagement has pushed millions into poverty due to a weak currency or rampant inflation, Bitcoin has emerged as a haven for those looking to protect their savings. Unlike fiat currencies, which can be affected by inflation, the supply of Bitcoin is fixed and cannot be changed. In that sense, investors know that there is no centralized authority that can change the amount of Bitcoin. This means providing certainty that is not duplicated in other assets.
Throughout its existence, Bitcoin has shown resilience through various forms of market disruption. This stability strengthened the public’s trust in Bitcoin and subsequently fueled its adoption around the world.
Bitcoin Revolution in El Salvador
The biggest example of Bitcoin adoption came when the small Central American nation of El Salvador passed a law in September 2021 making Bitcoin a legal currency in a country that previously only operated in the U.S. dollar.
Since then, foreign investment and interest has grown dramatically, with many cryptocurrency startups and established cryptocurrency players flocking to set up shop and take advantage of the favorable regulatory environment.
In the first year, more than 50 Bitcoin companies opened offices in El Salvador and many more are planning to enter the country. This has created employment opportunities and brought a variety of new services and business models to the Salvadoran economy.
Expand your reach
In March 2022, the Swiss city of Lugano achieved an important milestone by becoming the most successful pioneer of the Bitcoin circular economy with the launch of Plan ₿. A joint venture between Tether, the creator of USDt, the world’s largest stablecoin, and the City of Lugano, this groundbreaking initiative is an incredible effort to seamlessly integrate Bitcoin, Lightning Network, Tether, and Lugano’s native LVGA token across all aspects. tile.
As part of its strategy, Lugano has established a CHF100 million investment pool to foster the growth of startups related to blockchain and Bitcoin technologies. The initiative also seeks to encourage existing companies to relocate to Lugano, providing expertise, knowledge and a talented workforce.
Additionally, Plan₿ has fostered collaborations with three universities and is providing more than 500 grants to students seeking to gain knowledge in blockchain and Bitcoin technologies through its Blockchain for Business initiative. Additionally, each year the initiative hosts summer schools for individuals interested in Bitcoin and peer-to-peer technologies, recognizing their potential to provide financial freedom and promote freedom of speech.
The Plan ₿ initiative has built an extensive network of merchants that continues to expand, many of which now accept payments in Bitcoin, Tether, or LVGA. Notably, all public services, including city taxes, can now be paid with cryptocurrency, marking an innovative step towards the acceptance of digital currencies in central Switzerland.
2023, Bitfinex Collaborates with Torogoz Dev
To celebrate Bitcoin White Paper Day, Bitfinex is committed to supporting the first generation of Bitcoin and Lightning Network developers in El Salvador, with Torogoz Dev, an El Salvador-based training program providing training in Bitcoin and Lightning Network technologies. We are collaborating with Development.
Since Bitcoin was established as a fiat currency in El Salvador, there has been a significant increase in demand for educational resources and know-how to provide people with the knowledge and skills needed to use and develop Bitcoin. Torogoz Dev is on a mission to bridge the Bitcoin skills gap by providing students with a structured curriculum that includes understanding business requirements, creating a product backlog, and developing code, all available on GitHub. Students will also explore cloud service management, Lightning Network payments, API documentation, and creating plugins for seamless integration with content management systems.
global ambitions
Implementing Bitcoin across the global economy opens up a world of possibilities and gives individuals access to a safe and stable financial system. By embracing these digital currencies, these economies can reduce their dependence on centralized institutions and increase their financial independence. Additionally, it can stimulate economic growth by attracting investment and encouraging innovation within the region.
The first 15 years have shown Bitcoin to be off to a great start, but we expect the next 15 years to be even more important as more people and governments around the world understand Bitcoin’s potential.