Monday, April 15, 2024

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

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.

Sam Allcock
Sam Allcock
Sam heads up Cheshire-based PR Fire, an online platform that has already helped over 10,000 businesses to grab widespread media coverage on their news at an extremely accessible price point.

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