Coinbase founder Brian Armstrong published a longer post on January 2nd, looking back at the previous decade in terms of cryptocurrency development and adoption.
In his article, the founder of America’s most successful cryptocurrency exchange first pointed out the beginnings of Coinbase in 2012. He admitted that more friends and colleagues laughed at him and described him as a fool when he decided to invest considerable money in cryptocurrency wallet and digital custody solutions. However, as it turned out, it was a brilliant plan that brought him immense wealth.
Armstrong also pointed out that Bitcoin had been identified as dead in a 379 of scholarly articles and publications over the past decade, but their authors were always wrong. Even after 11 years, he was still there and in terms of adoption, the number and values of transactions, the amount of computing power used to validate them and the extraction of new BTC blocks (hashrate), BTC was never as good as today.
Armstrong subsequently summed up the past decade in 10 points:
- Bitcoin has never failed: despite various ups and downs over the past 10 years, Bitcoin has become a digital asset with the highest performance and value
- Coinbase has never failed: Armostrong’s Coinbase Currency Exchange facilitates cryptocurrency usage and creates several essential products to help their adoption
- Competition has emerged: new cryptocurrencies have begun and various changes have occurred in blockchain protocols. The emergence of competition led to further innovations
- Experiencing bubbles and market slump: Bubbles and market slippages have attracted the attention of new investors and companies
- Adoption of Dapps takes longer than expected: After the first decentralized applications were created, their adoption was not as expected. Progress only occurred in 2019 with growing interest in DeFi (decentralized funding)
- The boom around the ICO and the consequent disappointment: Many companies that offered their tokens through the ICO could not deliver real products even though they sat on a huge bundle of money
- The most successful business models of the past decade were stock exchanges and cryptocurrency exchanges
- Increase in stablecoin adoption: In order to solve cryptocurrency volatility problems began to emerge so-called stablecoins, whose value is linked to fiat currencies, such as Tether (USDT). Facebook and his pound also became interested in this area
- Institutional interest: Although many institutions are still hesitant about investing in cryptocurrencies, their share of this young market has increased significantly in recent years
- Regulations: Bitcoin and cryptocurrencies began as an absolutely unregulated market – after the past decade, cryptocurrencies are a regulated industry