Bitcoin is one of the most revolutionary financial technologies to come out in the last decade. But what is the history behind this digital currency? How did Bitcoin come to be and why is it so popular? In this page, we will explore the history of Bitcoin, from its mysterious beginnings to its current status as a global phenomenon. We will understand the technology that makes it possible, the people who have shaped its development, and the impact it has had on the world of finance. So, let’s get started with the history of Bitcoin.
CryptoCurrency : The Beginning of the Saga
Lest Begin with he history of the most famous cryptocurrency is now known to most : The Bitcoin. In 2008 Satoshi Nakamoto published the Bitcoin protocol on The Cryptography Mailing list on the internet, to then distribute the first version of the client software the following year and contribute together with other developers to expand the project, only to withdraw from the Bitcoin community in 2010, leaving the running of the program in the hands of Gavin Andersen.
Even today there is discussion about the true identity behind the Japanese pseudonym of the creator of the cryptocurrency and none of the theories that have been elaborated up to now have found confirmation in reality. The value of Bitcoin has continued to grow over the years since then, although not steadily over time.
At the beginning of 2012, a Bitcoin was traded for 13 dollars, at the end of 2016 it was worth 850. In December 2017, the Chicago Board of Trade (CBOT), the Illinois city exchange, began to allow the trading of futures securities on the most known, a sort of contract that allows operators to bet on the future value of an asset, helping to soar the value of the virtual currency.
So Bitcoin reaches $20,000 at the end of 2017, before a sudden drop to $12,000 , then closing the year at $14,600. Currently, the hype around this cryptocurrency has decreased a bit, and at the same time other cryptocurrencies such as Ethereum or Litecoin have entered the market and have grabbed a slice of the sector, even if Bitcoins, as the first arrivals, continue to be defined as the archetype of this type of transaction.
Cryptocurrency History volatility and fluctuations
Among the major risks associated with Bitcoins, you will surely have heard of volatility and fluctuation of the currency. But what exactly are these two terms referring to? Without wanting to go into overly economic issues, let’s limit ourselves to a few definitions. Volatility is a measure of the change in the price of a currency over a given period of time . It is important because the higher the volatility, the riskier it is to hold a financial asset such as Bitcoins, given that its price can suddenly increase or decrease.
To put it in context, let ‘s say that Bitcoin has a volatility index of 4.60%, while that of the main traditional currencies, such as the euro or the dollar, fluctuates between 0.5% and 1% . The main difference is that in reality, as we have already explained, Bitcoin is an algorithm and not a currency, and therefore should not even be considered as such. Therefore the amount of Bitcoins is fixed at 21 million and cannot be changed, unlike traditional currencies. As it grows in popularity and acceptance among people, the value of the cryptocurrency will only grow steadily.
Are Bitcoins the future of betting?
As we have seen in this review, Bitcoin history lends itself very well to being used for online betting. Very fast deposit and withdrawal times , excellent in particular for live bets , payments not subject to commission and taxation and the ability to keep your financial and personal data safe are features that all bettors like.
Curaçao and the Isle of Man were the first authorities to legalize the use of Bitcoin for online gaming. At the end of 2016, the English Gambling Commission, one of the most regulated concessionaires in the world, equated cryptocurrencies to traditional payment methods such as credit cards and wire transfers, closely followed by the Spanish Dirección General de Ordenación del Juego. An opening to the use of virtual currencies is also being studied by the Malta Gaming Authority.
There is therefore a high probability that cryptocurrencies represent the future of betting and the history of Bitcoin, Crypto just begun!
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