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In 2008, Satoshi Nakamoto unveiled a whitepaper. It had the title; Bitcoin: A peer-to-peer electronic cash system. This was the birth of Bitcoin. It was a breakthrough after years of work trying to develop a blockchain currency. Most of the earlier developers failed on consensus. They also failed to create decentralized operating platforms.

The whitepaper would also mark the start of a financial revolution. For some time now, the USA has been the world superpower. It derives the status from the US dollar's role as the world reserve. Financial muscles dictate world economics. 

The US determines who can trade and censor to their liking. For example, the US blocked Wikileak's funding over a piece it deemed inappropriate. It has also put economic sanctions on several countries.

This is where peer-to-peer electronic cash comes in. It was time for cryptocurrencies to shine and save the world.

The Bitcoin whitepaper was the usher to this new world order. It had everything one needed to know about cryptocurrencies. The paper looked into the need for a new digital currency. It then proceeded to show how it is the best solution. It also has information on the future of the coin and other interactions. 

A Decade of Influence 

A decade by most measurable standards is such a long time. It yet does not apply to the financial sector. 

The changes in the economic sectors take such a long time. For example, the shift from gold to fiat currencies took several decades to come. The process was gradual, with the world at last letting go of the gold. It also took a while for USD to become the world's reserve currency. 

Bitcoin's rise within the short time dwarfs the other changes. Started as an idea a decade ago, the coin is now becoming a mainstream medium of exchange. That is not to say the peer-to-peer electronic cash has had it all smooth. 

The first resistance the digital currency faced was from the governments. A centralized currency is not what a government needs. It takes away the power and taxes it relies on. Thus, most governments banned Bitcoin in the early days. They couldn't last, though. Most realized they could not police the internet. They had to embrace digital currencies. This has led to the development of the central bank's digital currencies. 

The commercial banks also disliked Bitcoin. Digital currency is a threat as it offers faster and cheaper transactions. It would liberalize cross-border transactions and bank the unbanked. Suddenly, the banks assured the market was now thinning. Again, no one would deposit in the bank if they had the option of digital currencies. 

Reduced deposits mean banks would look for other expensive sources of funding. The costs would then reflect on loans and other facilities. With clients looking for affordability, the banks would die a natural death. This is as they become irrelevant. 

Most banks discouraged their clients from investing in Bitcoin. They cited insecurity and volatility as significant issues. Like the government, they also realized they were fighting a losing war. Crypto exchanges were becoming more popular. The population was shifting to the peer-to-peer electronic cash. 

They have had to embrace virtual currencies. They are even likely to buy cryptos. 

The peer-to-peer electronic cash has not spared fintech either. Private investment was the leader in upcoming projects. This was until the invention of the Initial Coin Offering (ICO). Upcoming projects can now source for funds faster without regulations. 

The Current State of Bitcoin 

The main concern for most crypto enthusiasts is if the Bitcoin hit its target. Most of the traders had expected a revolution from the Peer-to-peer electronic cash. Still, more than a decade later, it seems Bitcoin has not hit its spot. 

Even though Bitcoin has become more mainstream, it has turned out different. The population expected the government's role to diminish. Most of the other major players like Google and Facebook would also go down. Cryptocurrencies were to take over the fintech world.

What the traders expected is what the governments feared. Successful cryptos would mean the government is losing its power. It would not collect taxes as it does from the centralized economy. The central bank and other commercial banks would also lose customers. A broker, government, and bank are the same as dead. For that, they have done everything to stifle Bitcoin. 

Most governments were against the peer-to-peer electronic cash from the launch. Countries like India banned every form of alternative currencies. The citizens resorted to the courts to let the virtual currencies prevail.  This worked as they let the cryptos start operating. 

Facebook would also not let its competition in waiting to prevail. It banned all the adverts on cryptocurrencies. This was even as it was planning to launch its coin. It has been working on Libra for some time now. It, however, faces regulatory challenges due to its nature as a stable coin. 

The current state of the peer-to-peer electronic cash is thus a little confusing. For every other person, it has done well. Yet, for the earlier observers, they feel a little disappointed. One such aspect is regulation. Satoshi Nakamoto had in mind a decentralized world. He was doing away with the control of the government. It's the control that allowed for manipulation leading to the 2008 financial crisis. 

Bitcoin right now, though, seems headed the centralization way. While it got much traction, it has had customer safety issues. Investors have lost money through scams and Ponzi schemes. The government is coming in to ensure a safe trading environment. 

The government started by controlling the cryptocurrency exchanges. What was once easy to begin now comes with several rules. It requires too much paperwork and certification. They are more like traditional currency markets. 

The same regulations are fast spreading to all the other crypto assets. 

No matter how legit the government's concerns are, Bitcoin is losing its goal. It is also expecting competition from the upcoming central bank digital currencies. 

Bottom Line

Peer-to-peer electronic cash remains an influential financial aspect in the world. The success of digital currencies has seen the advent of several more. Coins like Ethereum, Ripple, and Tether are already formidable forces of their own. 

The crypto economy already has thousands of coins. It will remain influential as the blockchain economy expands. 

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