We celebrate the first 14 years of Bitcoin. Almost a decade and a half since May 22, 2010, when the first recorded commercial transaction of Bitcoin was made, for a product in the physical world. At that time, a programmer named Laszlo Hanyecz bought two pizzas for 10,000 bitcoins from another user on the Bitcointalk forum, probably without imagining what this could mean for the world.
On this special date, Binance renews its commitment to users and its mission towards the future of finance, celebrating together with the community, with activities in Argentina, Mexico, Colombia and Brazil. Don't miss it, and follow all the news on our Instagram accounts: @BinanceLATAM and @binance.argentina
Since their creation in 2009, cryptocurrencies have opened new opportunities for financial inclusion in Latin America, where 41% of adults lack access to a bank account, according to data from the World Bank, which represents a barrier to participating in the system. economic. In parallel, according to data from the latest Chainalysis Global Crypto Adoption Index, Colombia, Mexico, Brazil and Argentina are currently among the 40 countries with the highest crypto adoption rate in the world.
“While there is still much to do to reach a mass audience, the potential of blockchain technology to transform the way we interact with money is undeniable. Since their creation, cryptocurrencies have promoted a revolutionary approach to finance and technology. “The impact and benefits they are already generating in various sectors are indisputable, and these are likely to expand even further in the coming years as new ways to use them in the daily lives of companies and individuals emerge,” said Min Lin, Binance regional vice president for Latin America.
Already in 2021, Binance revolutionized payments by launching Binance Pay, a solution that allows users and merchants to send and receive payments with more than 80 cryptocurrencies around the world, securely, reducing intermediation costs in a variety of services. everyday tasks, from travel reservations to clothing and food purchases, through local partners. Since then, this solution has seen steady growth, with total transaction volume exceeding $120 billion over the past three years, representing a 61% increase in transaction volume and active users, as well as a 105% increase in the number of transactions compared to the previous year.
The decentralized nature of cryptocurrencies facilitates direct transactions between individuals, and their usefulness goes beyond being simple means of exchange. From smart contracts to decentralized finance (DeFi) and non-fungible tokens (NFT), the crypto universe is evolving and expanding into a wide variety of applications.
While cryptoassets are rapidly gaining acceptance, adoption rates remain small compared to the fiat currencies used around the world. Its relative complexity limits its appeal, although successive generations of tech-savvy users and increasing use cases in everyday life will undoubtedly change that.
An example of these efforts is the development of ramps that connect the traditional banking system with the platforms or exchanges where digital assets are bought and sold, facilitating the transition from fiat currency to cryptocurrencies and vice versa; Also, crypto remittance services that offer faster, cheaper and more efficient alternatives for sending money between peers. Binance, for example, offers Crypto Remittances in 9 Latin American countries, a solution that allows you to transfer crypto funds to bank accounts, reducing transaction costs compared to traditional services.
As time passes, the ecosystem, regulation, uses and various actors continue to evolve. More and more people are entering the space due to various factors, including macroeconomic cycles and industry trends, which can influence how investors, including those in the institutional segment, feel about some assets.
"We cannot predict market movements or the ramifications of this technology that has come to change the way we think and manage money, but we can affirm that this technology that only 14 years ago allowed us to buy two pizzas, is here to stay and pose a new way of doing things, opening new opportunities, both for investors and for segments that until now have been postponed. The years to come and the capacity of the ecosystem itself will tell how far it can take us,” concluded Min Lin.