If someone asks you to name the hottest topic of today, then your answer will be none other than Cryptocurrency Wealth Matrix. With a wide range of choices available in the market, users will be able to make a generous choice.
Among all, Bitcoin has gained an immense popularity and its price is rising high day by day. Knowing the history of cryptocurrencies is a good idea if you want to become a successful crypto trader.
It will help in raising the interest of playing with crypto coins, thus increasing your rate of profit to a high extent.
Beginning of Cryptocurrency Since 2008
Introduced in 2008 by Satoshi Nakamoto; the functionality associated with Blockchain network was described. The operations using bitcoins must not have been possible without Blockchain technology.
2009 saw the mining of the first Bitcoin network block. It included a controlled financial system and bank bailouts. After mining of more than forty Bitcoins, the first block was renamed as the Genesis Block.
Bitcoin had hardly any value for the first few months of its existence. Post six months, Bitcoin became tradable in around 2010. By the end of the year, the price surged to more than thirty cents prior settling of the value by around 25 cents.
Beginning of the Market from 2010
The market of Bitcoin began post 2010 and the value rose by $1.06. During the spring season, the price took off early. From April to May, the value of Bitcoin slowly rose. With time, its market value approached nearby $130 millions. By the end of 2011, the value dropped to almost $4.70.
The introduction of Litecoin also gave investors with the option to invest. Soon, it became one of the second-biggest crypto in the market. Codes were introduced to provide the users an access to their accounts. In order to encourage growth and adoption, the Bitcoin Foundation was created in 2012 as the price of bitcoin increased.
Tipple was also launched during that year with that project attracting venture capital the forthcoming year. During 2013, the price of Bitcoin started raising and crashing with time. These incidents took place amid federal and criminal issues.
In November, the price reached near about $750 and slowly the price was up to $1,100. This continued till 2015.
Hacking, Was also another Remarkable Incident
As with time the value of Bitcoin grew, hacking activities also followed. Nearby June 2011, the Bitcoin account of many including Mt. Gox got hacked thus causing a loss of about $25,000. It was almost 70% of the total Bitcoin transactions.
Read more: Evolution of Crypto Regulations in Australia
Unfortunately, Mt.Gox experienced the first significant cryptocurrency exchange breach in 2014, close by. The theft of more than $9.0 worth of BTC made it the biggest BTC theft in Bitcoin history.
Post this unprecedented situation, the price of the Bitcoin plummeted by more than fifty percent. The value got recovered initially by the end of 2016. The cryptocurrency exchange hacks have remained present since years. With the introduction of Yuan Pay Group will let in easy receiving, sending and swapping of Bitcoin.
The Introduction of Ethereum and More than 20 Tokens
Near 2015, the launching of Ethereum network was one more achievement. Being the second most popular crypto asset, it has successfully helped in bringing smart contracts and decentralized finance to the cryptocurrency world.
Cryptocurrencies that do not have their dedicated blockchain but make use of Blockchain of other crypto assets are known as tokens. ERC-20 tokens are those that run on the Ethereum network. On the Ethereum Blockchain, numerous tokens have been produced ever since.
Currently, there are more than two lakh ERC tokens. There is a huge number of cryptocurrency ecosystems that run on a single Blockchain.
Trading with Cryptocurrency, A Trend of Today!
Trading with cryptocurrency has slowly become a trend of today. People think it’s a fantastic way to make money while having fun. The money that you earn may be used for carrying out lots of online activities including shopping.
Also, you will be able to transfer money from your account to the other smoothly. Today, there are lots of online blogs and videos that will educate you with some trading strategies related to crypto.
