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The Rise of Internet Money
It has only been 12 years since Satoshi Nakamoto published a nine-pager in late October 2008 describing what could be the internet of money. Dubbed “Bitcoin: A Peer-to-Peer Electronic Cash System,” the whitepaper detailed a purely peer-to-peer version of electronic cash that would allow online payments to be sent directly from one party to another without the use of a third party.
Just a few months later in early 2009, Nakamoto’s vision came to fruition. The Genesis Block was mined and the first-ever Bitcoin transaction took place. Roughly, 10 BTC were sent to renowned computer programmer Hal Finney, marking the beginning of the first decentralized financial system.
Later on, an exchange rate was established, valuing 1,309.03 BTC for $1, which helped the cryptocurrency gain traction among the developer community. As the word spread about a new form of internet money, it was only a matter of time before someone actually used it. So in May 2010, Laszlo Hanyecz exchanged 10,000 BTC for two pizzas worth $25.
This was a pivotal moment in Bitcoin’s history as it proved that the token had an intrinsic value. As a result, cryptocurrency exchanges began to pop up and different mining pools entered the space. By the end of the year, the economic activity on Bitcoin’s network was picking up, surpassing $1 million in market capitalization.
Such an important milestone did not go unnoticed. In 2011, TIME Magazine published an article on Bitcoin for the first time as its price rose over $30. Although BTC tumbled during the summer due to links with the dark web drug market, interest in this new form of electronic payment continued surging.
In the following years, Bitcoin went parabolic, surpassing a value of $1,000 in November 2013. But a few months later, the largest cryptocurrency exchange at the time, Mt. Gox, filed for bankruptcy due to a major security breach. The news spoiled the success that Bitcoin was enjoying, pushing prices all the way down to around $164 over a year later.
It took over two years for the pioneer cryptocurrency to recover all losses incurred, but moving past the $1,000 mark in early 2017 led to a massive spike in demand. Nonetheless, its network was not prepared for such activity, which led to congestion and high transaction fees. Disputes over how to solve this issue within the developer community resulted in the creation of a new cryptocurrency via a fork in the network, dubbed Bitcoin Cash (BCH).
While this event represented a rough patch in Bitcoin’s history, market participants forgot about it and buying pressure continued mounting. News about the Chicago Mercantile Exchange Group creating a regulated Bitcoin financial product hit the market and speculation rose to levels not seen before. Investors rushed to exchanges to get a piece of this cryptocurrency, pushing prices to an all-time high of around $20,000 in December 2017.
From that point on, a new bear market began and Bitcoin saw its price crash 84% to hit a low of $3,150 nearly a year later. Although the flagship cryptocurrency continues to recover from such a massive downturn, it appears to be on its way to move past the $20,000 mark. Doing so will likely see it enter another parabolic advance like the one that took place in 2017.
A bright future ahead for Bitcoin
Indeed, Bitcoin’s stock-to-flow model estimates that prices are about to experience a supply shock. This fundamental indicator measures the ratio between BTC’s supply and its yearly inflation rate. Considering that the number of tokens that are mined per year was recently cut in half, the projected market value for the bellwether cryptocurrency is expected to increase by 10x.
If the stock-to-flow model proves to be accurate one more time, Bitcoin’s market value could surpass $2 trillion by July 2021. Such a high figure translates into a BTC price of nearly $100,000. But only time will tell whether or not history will repeat itself.
Konstantin Anissimov, executive director at CEX.IO
Two Altcoins Ready for Liftoff Thanks to Game-Changing Ethereum Tech, Says Crypto Trader Tyler Swope
Crypto analyst and influencer Tyler Swope is looking at two altcoins that he believes are ready to erupt thanks to a game-changing Ethereum standard.
In a recent episode of Chico Crypto, Swope introduces a new token standard in the Ethereum blockchain known as the ERC-677. According to the crypto influencer, ERC-677 is the new and improved version of ERC-20, which is the technical standard for tokens running smart contracts on Ethereum.
ERC-677 works with ERC-20 tokens and has additional features such as transfer and call functionalities. These features can help expand the application of smart contracts by allowing tokens to be transferred to a contract, which will then trigger a set of guidelines outlining how to respond to the receiving tokens within the transaction.
Swope says the new Ethereum standard may serve as a fundamental catalyst for the growth of Chainlink (LINK).
“Chainlink is in the know. Steve (Ellis) said what Chainlink was using it for, ‘LINK uses it and it is great for minimizing transactions and/or inter-contract interactions.’ And it is not vulnerable to re-entrancy attacks… Chainlink is using it like mad. We can look up the transfer and call function from Bloxy, which shows us how this functionality is being used. As we can see, the number of times this has been used has been growing and growing since June of 2019. What happened in June? The launch of Chainlink mainnet on Ethereum.”
Swope says that Chainlink is using the transfer and call function to save on gas by allowing price feed relayers to pay for and request off-chain data in a single transaction.
In addition to Chainlink, the crypto analyst says that Dai (DAI) may also benefit from the added functionalities of ERC-677 by implementing a customized version of it on xDai.
“xDai is of course using it and they’re using it in multiple ways. Of course, for their bridges and the transferring of tokens… This customized version of ERC-677 and the multi-token mediator address have created something special with xDai. And that’s the OmniBridge… So ERC-677 and its tech is revolutionizing bridges and transfers across them for good.”
Swope also says that the ERC-677 standard will make staking tokens a reality for Chainlink and xDai.
“So if I’m correct, in the short future, staking will be allowed by other tokens on xDai’s sister chain. And guess what? Chainlink is doing something similar on mainnet Ethereum, allowing tokens to become stakeable.”
The crypto influencer highlights that ERC-677 tokens will be huge in the current boom cycle.
“I believe 677 and the transfer and call function will be the ERC-20 of this run. It’s going to change the game as it already is.”
Author: News Bureau
Rapper Zuby Reveals his Cryptocurrency Investing Strategy into 2021 + New Merch Powered by Vechain!
Today we sit down with rapper, entrepreneur, and fellow bitcoiner, Zuby! Zuby shares his experiences working w/ Vechain cryptocurrency to launch his NEW merchandise, plus, he shares his bitcoin and cryptocurrency investing strategy into 2021 and much more!! Good conversation.
Altcoin Daily, the best cryptocurrency news media online!
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***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST ENTERTAINMENT! USE ALTCOIN DAILY AS A STARTING OFF POINT!
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