Cryptocurrency was introduced into the market rather recently. No one could ever imagine a currency that would be digital. National and international economies used hard and soft money. Digital money shaped financial markets greatly.
Today, there exist many types of cryptocurrency. These are Ethereum, Dash, Monero. The very first cryptocurrency introduced into the market was Bitcoin. It is one of the most stable cryptomoney that exist.
Basic facts about Bitcoin
Bitcoin is an intangible currency. This is the main reason why national banks and international financial structure refused to accept it as the method of payment. Today, some national governments make everything possible to legalise Bitcoins.
More and more private businesses start to accept Bitcoin as the payment method. Even such big corporations as Starbucks will soon start to accept this cryptocurrency. This makes digital money a solid financial asset.
An idea to develop a digital currency appeared back in 2008. It was launched by an individual or group of people in Japan. Till today a real identity of cryptocurrency creator is unknown. Here are some other interesting facts about this digital money.
- The very first domain that introduced Bitcoin to general public was bitcoin.org. It appeared in 2008, immediately after financial crisis.
- In 2009 there appeared a paper called Bitcoin: A peer to peer electronic cash system. This papers explained how using e-systems it is possible to generate digital currency.
- Digital currency boom provoked appearance of many multi-millionaires. Even youths who could buy and sell digital money quickly gained fortune within days.
- One of the very first business transactions with digital money took place in America. There were two pizzas purchased with 10 000 BTC.
- Starting from 2011 more and more organisations started to accept this cryptocurrency. Wikileaks, Electronic Frontier Foundation were the biggest organisations that popularised digital money.
- In 2012, this cryptocurrency started to be spotted in films. The third series of The Good Wife had an episode called ‘Bitcoin for dummies’.
- The largest transaction with digital money happened in 2013. It was a year when Coinbase stated in its books a transaction of 1 000 000 US worth of Bitcoins.
- Many countries around the world still do not accept Bitcoins as payment method. Governments aim to protect their financial sector this way.
- It is possible to convert this digital currency into Dollars or Euro. This made cryptomoney a reliable method of payment.
- The price of digital money can raise and fall unpredictably. For this reasons people can often lose large amount of money. Stakeholders who can buy larger amount of cryptomoney usually can sell them easier than small investors.
Bitcoins will continue to enter new financial markets. It will become the most effective instrument of launching new businesses. Credibility of stakeholders in digital money continues to grow.