The first Cryptocurrency named Bitcoin was formed in 2008 by a group or people or person going by the name of Satoshi Nakamoto. Although the concept of digital money was sought after and researched way before then, the overall technology that was needed to make the idea a reality came into existence once Bitcoin was formed. On 31st October 2008, the whitepaper for Bitcoin was published and the first ever mined Bitcoin was completed on 3rd January 2009. This first block to ever be mined successfully in history is also known as the Genesis block. The first completed transaction using bitcoin or cryptocurrency was on 2nd may 2010 where a man named Laszlo Hanyecz bought two pizzas for 10,000 Bitcoins. If only he had held on to them right now, he would be a billionaire.
The first Cryptocurrency exchange was formed in March 2010 by the name of bitcoinmarket.com which does not function anymore. Later in the year Mt.Gox was founded for the same purpose but it was later hacked in 2011 with a total loss of around $30,000. After about two years later, 10 other cryptocurrencies had joined in including Litecoin and Ripple. After many hacks and drop & rise in values later, Mt.Gox successfully became the largest Cryptocurrency exchange as well as holding the title for most hacked exchange with a loss of $460 Million. In 2015, the Ethereum network was launched which worked on the new concept of smart contracts. This crypto has since then gone on to secure the second most valued cryptocurrency behind Bitcoin.
What do you think of the history of Crypto? Was it a really innovative discovery? Is it overhyped? Will there be any other major changes in the technology? If you have your own opinion on this topic, drop me a message at the chat box or any of the social links and we will be sure to feature you and your opinions.
