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Dec
29
2013

Rise of Cryptocurrencies: The Beginning of a New Era with Bitcoin

Rise of Cryptocurrencies: The Beginning of a New Era

If you go back to 2011, no one really knew what Bitcoin was. Now, the name Bitcoin is constantly popping up in the news. Cryptocurrencys such as Bitcoin, Litecoin and Dogecoin have been rising in popularity as of recently and the AMD graphics cards supply has definitely seen a hit as a result. What sparked the sudden interest in cryptocurrencies? In order to know, we must first look back to where it all began.

In November of 2008, a paper was posted online titled: Bitcoin: A Peer-to-Peer Electronic Cash System by Satoshi Nakamoto. Come 2009, the pseudonymous developer created Bitcoin using SHA-256 as a proof-of-concept design. In January of 2009, the Bitcoin network became public and the first ever Bitcoins were issued.

When Bitcoin first went into circulation, it was worth essentially nothing. One notable event was the sale of a pizza in exchange for 10,000 Bitcoins back in May of 2010. If you took the same 10,000 Bitcoins at the current exchange rate, ($755 = 1 BTC as of Dec 28, 2013), it would equate to $7,550,000.

Interest in Bitcoin began to spark in the beginning of 2011. Trade Exchange Mt Gox is what truly helped Bitcoin gain its international fame. By Feburary it was trading on par with the USD at 1 BTC = $1 USD. In January of 2012 , it was subject to an episode of CBS drama The Good Wife where Mad Money personality Jim Cramer testified against the currency in court. In October, website BitPay reported to have over 1,000 merchants using its service.

At it’s peak, Bitcoin was trading around $1000 USD per 1 BTC. However, as of recently, Bitcoins and other cryptocurrencies have taken big hits due to China and India’s regulations on such currencies. Because Bitcoin is considered to be the king of cryptocurrencies, whenever Bitcoin takes a hit, all of the other currencies do as well. It is this volatility that puts many people on the fence when it comes to making cryptocurrencies a viable option for the future.

What are your thoughts on the cryptocurrency craze? Are you mining any coins? Leave a comment below and let us know your thoughts!

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