We want to take a look at some of the key products that exist within the crypto industry that draw clear inspiration from Bitcoin. Arguably everything within the blockchain world is the result of Bitcoin, though I think this concept is a little less fluid than that. Some blockchain products may well have come to be developed without Bitcoin in the first instance, some products however can’t escape their basic Bitcoin blueprint.
Privacy coins are a great place to start. Tokens such as Dash and Monero take the basic Bitcoin architecture and design and attempt to make it better, more secure and more decentralised. Both Dash and Monero are focused on one of the true principles of Bitcoin, a principle that is often lost across many other blockchain products - total privacy. Privacy coins used advanced technologies that could not have existed without that basic Bitcoin idea. These technologies allow users to access complete and total anonymity when using their blockchains to make purchases and investments, it’s no wonder governments are trying to move away from this area of the industry.
Wallets and exchanges are the next products that only have to thank Bitcoin for their existence. The creation of Bitcoin created a need for storage and for the investment of facilitation. Interestingly, Bitcoin requires no middleman, so the idea of an exchange might seem quite contradictory at first, though let’s face it, without exchanges and wallets, Bitcoin would be nowhere near as big as it is today.
Bitcoin ATM’s - another, if slightly more obvious product. Bitcoin ATM’s or BATM’s are cash machines that allow for the purchase and ‘withdrawal’ of Bitcoin in brick and mortar stores or other physical places. These are symbolic of Bitcoin adoption and thus are being seen as figures of inspiration, figures that make it easier for everyone to get involved in cryptocurrency. BATM’s would not exist if not for the creation of Bitcoin and therefore, anyone that has used a BATM probably has thanks to pass on to the mysterious Satoshi Nakamoto, whoever that may be.
The purpose of this article is to reiterate that whilst the markets might be frustrating at the moment and whilst our investments might not be as healthy as we could hope, Bitcoin is more than just a currency, it’s a cultural movement that has the power to inspire many more industries and technologies. Just think about how many people are employed by Binance (for example), how many of those people would have a job that they love, if it wasn’t for the invention of Bitcoin all those years ago?