By Euro Weekly News Media •
Published: 20 Nov 2020 • 12:20
It has been over a decade since Cryptocurrency made its first appearance in world markets. Though people were looking for solutions that can allow them to get out of the centralized financial system, they were sceptical about the whole concept of Blockchain and Cryptocurrency.
Initially, people thought Cryptocurrency and Bitcoin to be currencies of the black market, and only illicit operations can be performed with the Cryptocurrency. However, that claim came unhinged when traders and investors started using the Cryptocurrency for their investment plans.
It took quite an effort for cryptocurrencies to make people believe in their future potential. The process was slow, but eventually, people started showing interest in the crypto trade market.
Bitcoin is a decentralized digital currency that was coined in 2009. It was created with the sole purpose of offering its users a decentralized network to make financial transactions. As this Currency is decentralized in nature, there are no authorities that hold control over the flow of the cryptocurrencies.
After it was first introduced in the market, only a few people were aware of its existence. However, it became popular overnight when it hit the news headlines after a successful rally in 2017.
Let have a look at the brief history of Cryptocurrency and Bitcoin.
Although we know that Bitcoin is the forest established Cryptocurrency, we don’t know that there have been previous attempts to create an online Currency secured with the peer to peer encryption technology failed to perform. Two examples of the pre-Bitcoin digital cryptocurrencies are B-Money and Bit Gold. They were formulated to perform in the market, but for their shortcoming, they were not developed.
It was 2008 when a paper (Peer to Peer Electronic Cash System) was released and was posted to a discussion board on Cryptocurrency. The person behind the paper was Satoshi Nakamoto, whose real identity is still a mystery.
In 2009, the first block of the Bitcoin was mined by the mysterious person Nakamoto. After that, several software applications were released in the market for mining. This process was named Bitcoin Mining. Bitcoin Mining is the process through which new Bitcoins are created, and the transactions are recorded.
As during the initial phase of the Cryptocurrency, it was mined and not traded. Hence, the people could assign a value to the units. It was 2010 when someone finally decided to sell their crypto assets to buy two pizzas. We feel bad for that person; if he had held on to the 10000 Bitcoin, he would have been a multi-millionaire.
It has been two years since Bitcoin was introduced in the market. Seeing its popularity slowly rising, Bitcoin soon got its first rivals in the form of Altcoin. The Altcoin was introduced as a better version of Bitcoin with improved speed and anonymity.
This period in the crypto industry has seen lots of mountain valleys. This was when people scammed the most, and Cryptocurrency was also able to deepen its roots in the market. The popular event of Bitcoin also happens to be in this period. Bitcoin saw a successful rally in 2017 when the price evaluation of the Bitcoin almost reached $20,000.
After the successful rally of the Bitcoin, traders and investors worldwide started showing interest in Bitcoin and Crypto trade. Though the Bitcoin price soon reduced, people became certain that Bitcoin is in the market for good.
When the pandemic took over the world, people were certain that this would be the year when the crypto bubble would burst. However, it performed exceptionally well during the pandemic and lockdown period. It was one of the very few industries that kept performing throughout the crisis. This created a sense of trust among the people. Some experts even compared Bitcoin to The Gold in terms of store value.
We are in November 2020, and at the time of writing, the Bitcoin price evaluation crossed the 16K mark. This has happened after three long years. After seeing how well it performs during the crisis, experts believe that Bitcoin might repeat the same successful rally.
We have seen some similar events that have happened before the successful rally in 2017. For instance, 2016 was the year of Bitcoin Halving, and the 2017 rally followed it. If we compare the same pair of events today, 2020 is the Bitcoin Halving year, which means we can expect to see Bitcoin breaching the 20K mark. To know more about the whole process and its future possibilities, you can visit crypto trader.
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