Few were in favor while the majority of the population stood against cryptocurrency back in 2008 when the concept of digital currency was in its nascent stage. Aside from the few proponents (they are millionaires today) of the crypto industry, worldwide governments & financial institutions didn’t anticipate that the prominence of digital currency link will spread like a wildfire.
It is a prevalent fact in today’s world that cryptocurrency has become an indispensable part of the financial landscape in one way or the other. With millions of people dabbling into this industry every year, seasoned players have already made their fortunes through this revolutionary transition that many try to replicate. It was inevitable for the government to impose taxes on the gains generated through the cryptocurrency as the transactions being conducted through it are constantly rising on a daily basis.
Bitcoin comes in the mainstream for the first time
The first paper that contained the design of Bitcoin was mentioned a website called “Metzdowd.Com” on 31st October 2008. This was the beginning of the revolutionary invention that solved a bunch of mysteries revolving around the theory of the Byzantine General. This theory remained unsolved for almost more than a decade until the aerodynamic invention of Bitcoin. The trailblazer in the crypto world, Andreas Antopoulos was the early adapter of the cryptocurrency concept asserting that Bitcoin will usher in a wave of digital currency transition that no one had ever witnessed before.
Did you know what actually happened?
The world that you see today couldn’t have been possible without the essential sacrifices that early adapters & proponents of the cryptocurrency made. There have been numerous incidents that have been buried in the past as crypto gained traction in the real world. Bitcoin Era aims to highlight the history around cryptocurrency that is yet to be told. This blog will help you to realize what exactly happened in the financial ecosystem that necessitated the advent of cryptocurrency today.
The first transaction of Bitcoin
Recorded in history is the first transaction that ever was carried out between Hal Finney, (a prominent cryptographer) and the founder of the cryptocurrency, Satoshi Nakamoto. The much-coveted proof-of-work mechanism was also developed by Satoshi and he created that long before Bitcoin became what it is today.
First cryptocurrency exchange
“Bitcoin Market” was the first-ever crypto exchange that came into existence and it was established just a year after Bitcoin was introduced. The exchange was officially brought into existence on 6th February 2010 and this marked the inception of an aerodynamic world that we are all living in today. This exchange gave a significant rise to other exchanges that we know today.
Purchase of Pizza or a dark fate?
Now, this is one of those stories that you hear once in your life but remember that for a lifetime. It has laughter, remorse, and a significant lesson to learn. A retail transaction was conducted by Jacksonville’s Laszlo Hanyecz on 22nd May 2010 who was Florida based Bitcoin miner who paid a whopping 10,000 bitcoins in exchange for two pizzas. Yes, that's right! 2 pizzas for 10,000 bitcoins. Laszlo had mined these bitcoins by himself but little did he know that he & his memorable pizzas would go down in history as a story too expensive to be forgotten. However, Laszlo didn’t know much about the potential of Bitcoins and the exchange rates were only of mere few cents. Moreover, it did seem like a real deal when you think of selling some intricate computer codes in exchange for two actual pizzas back in the day. The only reason that Laszlo did that was that Bitcoins barely had any essential value when he executed the transaction as the digital currency was still in its nascent stage.
Silk road
It all began in 2011 when “The Silk Road” took off for good. It became a prominent website and was also being hailed in the form of “Drugs eBay”, an infamous website, I might add. This dark web service gained significant traction and almost all kinds of nefarious transactions were being conducted on the website. Infamous for illegal network, the website ran rampant which continues to date.
