Although cryptocurrency was introduced as a developing concept, we can’t ignore it since 2009. A coin was submitted by a mysterious person named Satoshi Nakamoto a year before called Bitcoin. That is how the revolutionary idea was born.
Launch of Bitcoin 2009-
Peer-to-peer payments take place with Bit coin, the most popular cryptocurrency. It is possible to transact across borders without governmental intervention or financial institutions using decentralized currencies. As a result, Bitcoin gained rapid momentum over time. However, people were unsure what to do with their encrypted, decentralized currency.
The value of Bitcoin at 2010-
However, initially, bitcoins were only mined and not used for trade. Consequently, it was impossible to determine its value. In February, somebody sold 10,000 Bitcoins for two pizzas delivered by Papa John’s. It was a stupid decision as it would be worth $100 million now. That shows how oblivious people regarded the power of Bitcoin.
The formation of the Cryptocurrency Market 2011-
Bitcoin was the only cryptocurrency traded at minimal costs until last year on a criptocurrency app. Then, gradually, more rival cryptocurrencies were introduced to the world. They were called altcoins and usually improved over the fundamental bitcoin design. It was when the rise and fall of value began. Currently, there are more than 1000 altcoins on the market. Namecoin and Litecoin are among the initial cryptocurrencies used after bitcoin.
There was high volatility in cryptocurrency prices over the following years. Bitcoin witnessed a steep drop in 2013 after its rise to $1000. People use cryptocurrencies for scams and thefts because of their decentralized and encrypted nature. As a result, Bitcoin became a viral target and started getting used for malicious activities. In January 2014, a vast Bitcoin exchange Mt.Gox with 850,000 bitcoins, suddenly went missing, and we’re never found again despite the investigations that are going on to date. The lost coins value $450 million and would have been worth billions now.
The Rise of Crypto in 2017-
The value of bitcoin and a bitcoin wallet skyrocketed along with other currencies. Unfortunately, this also resulted in many scams and attacks where innocent people lost millions of dollars due to thefts and phishing. It is then that the regulators started hunting down the criminals to establish trust in digital currency again. Unfortunately, the Crypto Market is still a breeding ground for thefts and scams; however, with advancements in technology and improved security measures, the market is way more secure than before.
Bitcoin continues to grow-
The use of cryptocurrency has expanded rapidly since governments and industries have widely accepted it. Acceptance of crypto in various places starts from 2017 onwards. As a result, the Market Cap of all cryptocurrencies rose from $11 Billion to over $300 Billion. Such a high return on investment contributed significantly to further growth in the value of cryptocurrencies.
Simultaneously, experts realized the powerful impact of the revolutionary technology behind the crypto world. It sparked many debates and discussions around the globe.
The market is booming as new ideas and investments are nurturing the industry. More people are now aware of the increasing benefits of cryptocurrency, and it is going to be the future. Many eminent personalities are speaking in favor of cryptocurrency and its multiplying benefits. The story of blockchain is just getting started. However, it will take more time for cryptocurrency to see stable growth to establish more goodwill in the market.