Cryptocurrency has taken the world by storm. Crypto trading is a consistent global trending topic within our media. Investments rise as social media influencers and celebrity figures endorse cryptocurrencies and crypto platforms. If you are new to crypto or would like more info on how it all began, you can find some answers here. Here are 5 interesting facts about the history of crypto.
1. It all started with Bitcoin
Bitcoin is regarded as the first modern cryptocurrency. It was founded in 2008, although the history behind the user who coined the term remains a mystery. It is said that a cryptography mailing list first published the term under the pseudonym “Satoshi Nakamoto”, although this has not been confirmed. Bitcoin is a decentralized currency and was introduced as open-source software. The need to trade without a bank was popular at the time and is still one of the reasons why the coin remains popular despite market fluctuations. Since early 2008, Bitcoin has made millions of trades and has an increasing amount of investors.
2. Major platforms started to accept crypto payments
Cryptocurrencies and alternatives began to rise in 2010. Bitcoin exchanges and platforms were starting to pop up and crypto was starting to be seen as a new payment method. It was in 2012 that the first major platform accepted payment in Bitcoin. Crypto was now seen as a legitimate payment method. WordPress was and continues to be a popular open-source content system and the platform was the first to allow users to use crypto payments.
After the success of WordPress, other merchants started to join in on the crypto payment trend. The online electronics retailer Newegg.com followed sooner after, along with major market players such as Microsoft, and Tesla.
3. El Salvador was the first to receive a legal tender
El Salvador was the first country to accept Bitcoin as legal tender. The El Salvador Legislative Assembly passed the bill which was originally submitted by President Nayib Bukele in June 2021. The legal tender classified the cryptocurrency as a legitimate method of trade in the country, meant as a means to bring financial inclusion, and investment into the country. According to the President, Bitcoin was seen to promote tourism, innovation, and economic development.
After the passing of the bill, Cuba followed with Resolution 215. The Cuban central bank now recognizes cryptocurrencies such as Bitcoin as a legitimate trading currency. Since then, many other countries have followed with their own crypto, including the United States and Sweden.
4. Ethereum took center stage in 2016
In 2016, Ethereum took center stage and came fairly close to Bitcoin value. Ethereum is a blockchain platform that uses a network known as Ether. The blockchain works on smart apps and contracts which grew its popularity. Fundraising platforms then began to rise and Ethereum tokens or coins introduced the start of Initial Coin Offerings (ICOs) to fund these activities. Ethereum today is still behind Bitcoin but it continues to grow at $3,184.30 per coin (as of February 2022). It also paved the way for other cryptocurrencies in the crypto market.
5. Bitcoin reached $10,000 in 2017
With the rise of places accepting Bitcoin as a form of currency, the cryptocurrency continued to grow. In 2017, Bitcoin was valued at $10,000. All crypto grew in the market and crypto coins reached over $11bn this year. Various banks including Barclays and Citi Bank were holding investigations to start working with Bitcoin in order to feature in the crypto world. Blockchain has soon taken off since then and has changed the way we trade and do financial banking.
It’s certain that the world of crypto has grown significantly in the last few years and we’re living in an era of digitalization. In order to keep up with the latest crypto trends, find everything you need on our blog. If you’re ready for the fun part, register on IXFI and let Your Friendly Crypto Exchange be your trusty companion on your unique trading journey.
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