The evolution of Cryptocurrency is one that has been rapidly accelerating to say the least. We are often seeing Cryptocurrency headlines in the media and more people are acquiring Crypto and integrating it into their lives, with companies like Cryptospend making that possible! For those who are new to Crypto, here is everything (notable) you need to know about the history of Cryptocurrency until 2020 – with some fun facts along the way.
October 12, 2008 was the date in which the figurehead of Bitcoin (BTC) Satoshi Nakamoto released the first ever Cryptocurrency Whitepaper and released Bitcoin.org. To this day nobody truly knows who Satoshi Nakamoto is and he has not been communicated with since 2011. Three months later in January 2009, the first 50 BTC were mined and later in the year the first USD to BTC exchange rate was formed which at that point you could by 1309.03 BTC for $1USD. Its fair to say at this point, BTC was near worthless, to the point where it cost 10000BTC to buy 2 pizzas valued at $25. In July 2020, them same two pizzas for $25USD would have costed 0.0027BTC, Yikes.
In February 2011, BTC crossed the $1USD mark and the growth really took off. Angel investors were making purchases everywhere but remained speculative as later that year the price of BTC shortly plunged to $0.01 but back to $15 a few moments later. The low values of bitcoin at this point proved to keep markets fluctuating due to speculative investing, which was led by a then recent raid on a leading cryptocurrency exchange. Yet, the BTC elasticated back to a higher point than before when it finally hit $1000 mark in November 2013, with a near 100% increase in a week alone, fuelled by the apparent anonymity of Cryptocurrency appealing to investors all over the world. At this point in there were developments in using cryptocurrency to make purchases. In 2014, companies such as Microsoft, Dell and Newegg began to accept Crypto as payment for their product.
From 2015 to 2017 BTC grew in a strong manner as well as other significant cryptocurrency developments such as the rollout of Etherum. More and more vendors were accepting Cryptocurrency, 160000 to be precise. Uber in Argentina was accepting BTC, Japan recognized virtual currencies to be as functional as real money and steam accepted Crypto for payments. It wasn’t long before investors and media hopped onto the Crypto hype train. Speaking of the hype surrounding Crypto, the FCC in the US made a fake initial coin offering with celebrities (they were just stock images) endorsing the product. This was called “Howis coin” and instead of being of any monetary value, it attempted to create educational value by directing potential buyers to a blog that informed them of the trusted cryptocurrencies they should look more towards, due to the countless ICO’s available in them times. Another instance of the hype is when companies would add crypto associated words to their company when having nothing to do with crypto itself, for example, a Chinese juice company changed their name to “future fintech” despite not having any involvement in the space, except for ‘considering’ accepting it as payment. Their share price increased by 200%.
The hype would also lead to BTC hitting its high of $20,089.00 USD in December 2017 and the Coin solidifying itself as a valuable virtual good. Although BTC did decrease shortly after and has continued to decrease, it has corrected itself and has held great value while becoming widely accepted around the world. The next 3 years would see major innovations in the Crypto space which will be covered in countless other blog posts and articles. The industry has continued to prove doubters wrong and has expanded its holder base. China is developing its own virtual centralized currency, doge coin is a thing and we are able to use our holdings anytime, anywhere. The industry has seen bumps but has also seen highs. New technologies are being created around the blockchain system and start-ups are finding innovative ways to integrate Cryptocurrency into everyday and maximize its capabilities.
There you have it, a basic history lesson on the development and growth of Cryptocurrency over the last 12 years!