It is hard to imagine a world without cryptocurrencies, considering how popular they are now. The first story on Bitcoin was published in a white paper called Bitcoin- A Peer to Peer Electronic Cash System in 2008. It was posted by someone named Satoshi Nakamoto, who remains a mystery to this day. The idea behind it was to have an untraceable currency that could be used internationally and did not have any financial entities behind it. In 2009, the first Bitcoin software was made available to the public, and mining began, creating new Bitcoins as transactions were recorded and verified in the blockchain. Online casinos such as CasinoRange.com and other businesses accept Bitcoin as a payment option which shows how much it’s grown in popularity over the years.
Bitcoin was valued for the first time in 2010 when someone decided to sell theirs, exchanging 10,000 of them for two pizzas. It was impossible to give it a monetary value before that because it had not been traded. The popularity of Bitcoin led to the emergence of other cryptocurrencies in 2011. Altcoin, a conceptualization of Bitcoin, offered more incredible speed and anonymity, among other advantages. Litecoin was second in the market, followed by Namecoin and then seven others after that.
Between 2014 and 2016, scam headlines dominated the news after Mt Gox lost 850,000 bitcoins, the largest bitcoin exchange at the time in January 2014. It is not clear how it happened, but it was not surprising for a currency designed for anonymity as that made it appealing to criminals. Exchanges now provide more guarantees in case of hacks, and crypto traders are advised on how they can ensure their currencies’ safety.
In 2016, Ethereum was introduced into the market and was almost stealing Bitcoin’s popularity. It opened a wide range of potential uses and brought smart contracts to cryptocurrency. Other cryptocurrencies such as Cardano and Tezos came into the market to compete with Ethereum, and the market has continued to grow since then. In 2018, financial regulations and security concerns due to multiple hacks led to the rise and fall in the price. However, it managed to rebound and is widely used as a mode of payment.
Cryptocurrencies are here to stay as different ones continue to emerge every month. Most crypto experts are excited about the future of technology and virtual currencies. Investments in cryptocurrencies are at an all-time high as they are more accessible than they were before. Studies have shown that this is just the beginning for cryptocurrencies, as they still have a long life left. Blockchain can be used in many areas of our lives, and it can only continue to evolve throughout the years.