Bitcoin Art Exhibit In Paris Honors Crypto’s 10th Birthday

The most revolutionary invention in modern finance is being celebrated this week by cryptocurrency fans for its 10th-year anniversary. “Bitcoin Art (r)evolution” is a crypto-art exhibition in Paris that lasts through the first week of October and it showcases Bitcoin (BTC) inspired artistry from contributors all over the world.

While modern art is often criticized for being overly abstract and irrational, Bitcoin-related pieces in Paris should remind observers of how the blockchain-powered coin is giving early-adopting investors newfound and sustainable wealth; the freedom to trade and transact almost anywhere in the world; and the ability to keep financial affairs private and pseudonymous.

Local artist Pascal Boyart organized the Paris exhibition and gathered art pieces depicting the world’s most popular cryptocurrency. Attendees can participate in a treasure hunt to find bitcoins hidden throughout the art gallery on 15 Messine Avenue, 75008 Paris. Attendees can purchase artwork using Bitcoin, Litecoin (LTC), Monero (XMR) or Ethereum (ETH) and buyers can get certifications of authenticity.

Ten years ago Satoshi Nakamoto, an anonymous person or entity, published the Bitcoin whitepaper as the global financial system teetered on collapse. He/She proposed a peer-to-peer, trustless medium of exchange that enables two parties to directly transact with each other from any place that is connected to the internet. The digital coin has since surged in popularity has investors and consumers lost faith in central banks, governments and inflationary sovereign currencies.

“Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model.,” wrote Nakamoto. “Completely non-reversible transactions are not really possible, since financial institutions cannot avoid mediating disputes. The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions, and there is a broader cost in the loss of ability to make non-reversible payments for nonreversible services.”

In March 2010, an anonymous forum user auctioned 10,000 BTC for $50 but could not find a buyer. At today’s price of $6,500 those bitcoins would be worth $65 million USD representing a 12,900% return on investment. The now-defunct BitcoinMarket.com exchange traded Bitcoin at $0.003 at the time.

Bitcoin now has a market capitalization of $114 billion and $51% “dominance” or market share of $221 billion cryptocurrency market.

“It’s apparent that Bitcoin is essential to the idea of freedom itself,” said economist Jeffrey Tucker of American Institute for Economic Research in 2017 interview with this writer. “Government control of money is all about controlling people. It is the necessary thing, the very lifeblood of commercial life. Freeing money from the state will give freedom the biggest boost it has received since the Age of the Enlightenment. It makes it possible for the whole human family to cooperate in the building of a beautiful future, without interference from the state.”

Via cryptodaily.co.uk