Cryptocurrency developments are taking the world by storm. It has swept every industry. Companies are eyeing the centralized platform to be their new focus and our exploring newer ways of excepting decentralised currencies as a part of their regular transaction mail operations. Over a period of more than a decade, bitcoin and cryptocurrencies have seen an overwhelming response from their supporters and also face the wrath of those who don’t believe in this economy. Well, in this blog, we are comprising the significant moments in the history of cryptocurrency from the time it was introduced in 2009. Check the link to learn everything about Bitcoin era: https://www.bitcoin-era.pl
Here are 10 significant moments in the history of cryptocurrency:
The release of the Bitcoin white paper in 2008: The development of cryptocurrency and the decentralized economy can be traced back to the release of the bitcoin white paper in 2008. This document, written by the pseudonymous creator(s) of bitcoin under the name Satoshi Nakamoto, laid out the technical details and principles underlying the first decentralized cryptocurrency. The release of the bitcoin white paper marked the beginning of a new era in digital currency and finance, and its ideas and innovations have since inspired the development of countless other cryptocurrencies and decentralized platforms.
The first real-world Bitcoin transaction in 2010: Despite the concept being introduced in 2008 and officially, bitcoin was launched in 2009 it was only in 2010 that the world saw the first transaction using bitcoin. It was used to purchase two pizzas. Because that was paid was 10,000 bitcoin which was at that time only a few dollars. Today the value of bitcoin has risen above dollar 20,000, and in 2021 it reached the mark of dollar 65,000 as well.
The launch of the first cryptocurrency exchange, Mt. Gox, in 2010: Another significant development that followed up the purchase using bitcoin was the launch of crypto exchange. It had played a significant role in the growth of bitcoin however met Cox eventually filed for bankruptcy in 2014 when it was hacked.
The U.S. Senate hearings on cryptocurrency in 2013: While the world remained hush-hush on cryptocurrency and decentralized transactions but in 2013, the first time the US government publicly discussed crypto currency and planned to legitimize it such that it could be used as a real-world asset. And today, the scenario has completely changed their regulations and transactions happening in cryptocurrencies.
The launch of Ethereum in 2015: While the decentralized domain continued to be ruled by bitcoin but in 2015, with the launch of Ethereum, the world on the possibilities and applications of cryptocurrencies. Ethereum was introduced as a platform for development as an application as well as a cryptocurrency.
The launch of the first Initial Coin Offering (ICO) in 2016: Yet another significant development was the launch of the initial coin offering in 2016. This was similar to that of raising funds for a particular business or a start-up. It was launched to introduce cryptocurrency, and it raised around dollar one 50 million in 2017.
The launch of the first cryptocurrency index fund in 2017: This made it easier for mainstream investors to invest in cryptocurrency by giving them exposure to a basket of assets rather than having to buy them individually.
The Bitcoin price reached an all-time high of nearly $20,000 in 2017: This was the peak of the crypto bull market and marked the mainstreaming of cryptocurrency. However, it was not only in 2017 but rather in 2021 that bitcoin reached an all-time high of dollar 65,000. Despite the pandemic and the consistent downfall in the global market, cryptocurrencies saw a massive rise in their value. Some of the supporters also believe that bitcoin might reach a mark of dollar 70,000 in the years to come. However, these are only speculations.
The launch of the first cryptocurrency-based exchange-traded fund (ETF) in 2019: Marked a major milestone for the acceptance of cryptocurrency by mainstream financial institutions.
Bitcoin as a legal tender in El Salvador-
A significant milestone in the adoption and mainstream acceptance of cryptocurrency was the recognition of bitcoin as a legal form of tender in certain countries. This designation allows individuals and businesses to use bitcoin as a means of payment for goods and services, and it also subjects bitcoin to the same regulations and oversight as traditional forms of currency. The acceptance of bitcoin as a legal tender is a significant step forward for the cryptocurrency industry and helps to legitimize its use as a mainstream financial tool.
Wrapping it up !!!
It has been an eventful and exciting journey so far, and it will be interesting to see what the future holds for this emerging asset class. If you are convinced with the concept of cryptocurrency and are willing to step into it, this is the right time to register with a crypto exchange platform like BitQT and start transacting.