Monday, May 23, 2022

    A Short History of Cryptocurrencies: Everything You Need to Know

    Cryptocurrencies are poised to change the very way we deal with financial transactions. However, like the format wars of the past, there is still no winning victor that has emerged from the many various cryptocurrency options. Bitcoin is undoubtedly the most famous, but it is not the only option, and until a victor emerges in terms of popularity, the world will have trouble keeping up. It’s hard to trade multiple cryptocurrencies all at once on the ground to pay your groceries or bills, but that doesn’t mean that there is not already huge potential with all cryptocurrencies involved when it comes to trading.

    Today you can make money by buying and selling cryptocurrencies on the highly accurate Bitcoin Trader website and make a small fortune by taking advantage of its volatile nature. Or you can work and build up your portfolio of multiple cryptocurrencies. How, however, did they all come about? What is the history of cryptocurrency?

    Cryptocurrency Begins – 1998

    Bitcoin will always hold the place as the first true cryptocurrency, but before that, there was B-Money and Bit Gold, though they never saw the light of day as fully formed currencies of their own.

    Bitcoin is Born in – 2009

    Bitcoin begins in 2009 and is made available to the public. Transactions, most importantly, are verified using the instrumental blockchain technology.

    Bitcoin has Value – 2010

    It wasn’t until 2010 that Bitcoin was then first valued. The first notable transaction at the time was when someone decided to sell 10,000 bitcoins for two pizzas. If they forwent those pizzas and kept those bitcoins, they would be worth almost £90 million today.

    The Rivals Enter the Stage – 2011

    It was only a matter of time before rivals entered the stage, and they are growing increasingly in popularity. It is important to remember that these other cryptocurrencies are not just alternatives, they run on different versions of the technology.

    Bitcoin Hits Its First Crash – 2013

    Bitcoin experienced its first major crash in 2013, very soon after it first reached a value of $1000 per bitcoin. In that crash, the price plummeted down to $300. It would take two years before it reaches back up to that $1000 mark again.

    Criminals Enter the Stage in the Biggest Heist – 2014

    Criminals are at every corner of profit, and with an unregulated currency system, it was only a matter of time. In 2014 the biggest heist to date occurred, and over 850,000 Bitcoins were scammed from their owners. To put into perspective the value of those Bitcoins, know that today they would be worth more than £4 billion.

    Bitcoin Entered the Public Eye in 2017

    You wouldn’t be the only one if you didn’t know about Bitcoin until the massive market boom it experienced back in 2017, wherein one fateful November the price of a single Bitcoin reached up to just shy of     $20,000 USD. Since then, it has been hovering between $7000 and $11,000 in price.

    Blockchain Becomes Universal – Present

    Who wins the format war of the cryptocurrencies is still up for debate, which is why many are finding huge success in trading. For the rest of us that are not trading, the most important thing to know is that blockchain, the technology that powers Bitcoin, is becoming more universal throughout all areas of society.

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