INFOGRAPHIC – Bitcoin: The past, present, and future

Bitcoin and cryptocurrency are topics that we have covered to a good extent here, including our history of the first five years of Bitcoin.

Today’s infographic covers some of the same essentials, but then goes on to also cover regulation of the cryptocurrency, recent events such as the Mt. Gox bankruptcy, as well as some interesting commentary.

One interesting point brought up for the future is related to quantum computing, which was explained also in a recent infographic. Quantum computing uses subatomic particles that can store information as a “1”, “0” or both simultaneously. If computers had this capability, breaking codes will be much simpler. This means the cryptographic infrastructure behind bitcoins and other currencies would have to be updated.

Lastly, in light of Ross Ulbricht’s recent sentencing, it is interesting to consider the role of cryptocurrency in future e-commerce including the lucrative drug trade. Along with other events, many considered the demise of the original Silk Road to be a catalyst that helped bring the value of bitcoins down from their peak. The theory was that without the Silk Road marketplace, there would be less trade, and therefore bitcoins would be less valuable.

However, since then, a new Silk Road was created (and later seized), and many other attempts to build better mouse traps on the Dark Web are underway. Some people say the current markets such as Agora are bigger than Silk Road ever was. In other words, bitcoins remain just as important to this commerce aspect, but lost some of the narrative associated with it.

Original graphic by: Stetson