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The king of cryptocurrency, Bitcoin, has taken a drastic drop in the trading market. The digital dollar went down nearly 2% last week, coming in around the low $80,000. As of now, the token’s price tag has dropped to slightly above $70,000.
Cryptocurrency made its official debut on January 3, 2009, when Satoshi Nakamoto introduced the blockchain. The blockchain system works as the backbone of the cryptocurrency market, and is used as a decentralized ledger of transactions replicated and distributed across a network of computer systems to ensure security and transparency.
St. Petersburg Bitcoin enthusiast Jabaar Edmond has been following the crypto journey for almost 15 years.
“We the people put value to money,” said Edmond. “The only reason Bitcoin is what it is today is because we as the people have decided that this is something we want to do business with.”
Edmond has seen the rise and fall of the digital coin, from its inception, where its worth was less than a penny, to where it stands today. Edmond is part of the Facebook group Bitcoin Boy Club, a local forum organized to communicate, participate, and engage in discussions about Bitcoin and crypto.
“I’m really into crypto, technology, [and] artificial intelligence, because this gives me the ability to decide where I want to be in the human [technological] race,” said Edmond.
Opinions are split on whether Bitcoin will become a dependable transactional currency or remain an inflated idea whose sails have lost their financial winds. Economics professor of City University of New York, Paul Krugman, argues that Bitcoin is “not an idea of the future.”
“In terms of the original idea, that this was actually the superior form of money, it’s a total bust,” said Krugman. “If it hasn’t made any inroads as a legitimate means of payment in 17 years, then clearly it wasn’t a great idea to start with.”
Who’s to say where this cybernetic coin will be in the future? From trading seashells as early as 700 B.C. to the death of the penny in 2025, global currency continues to take new forms.
Though cryptocurrency turned 17 this year, its adoption rate remains low.
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