Historical Evolution/History of Cryptocurrency

Guest  |  Feb 12, 2021

Cryptocurrency is the ideal natural step in achieving evolution in the financial sector, from metal coins to notes and digital currencies. Each mode of payment is an upgrade of the previous one, making the mode of payment more effortless and more efficient. However, Barry Eichengreen, an economic historian, argued that there's no straight/smooth transition from commodity money to fiat and from there to the digital coins. Hence, what's the history of money concerning the current growth in the usability of cryptocurrencies worldwide?

The history of cryptocurrency is incomplete without Bitcoin. Just after the advent of crypto and the birth of Bitcoin, solutions were made in other to trade Bitcoin. The first crypto market was then established in 2010. In that same year, another crypto trading platform was established. Between 2011 to 2013, bitcoin, being the most used crypto, reached parity with the United States dollars. Before the end of 2013, 10 digital assets (Cryptocurrencies), including the popular litecoin and Ripple (XRP), were added.

When Bitcoin and other Cryptocurrency began booming in 2013, Mt. Gox, the largest Cryptocurrency exchange platform, experienced its first hack. With over 2000 BTC at a value of approximately $30,000 stolen. Unfortunately for Mt.Gox, it became the first cryptocurrency exchanged platform to suffer the most hacks with more than 850,000 BTC theft histories less than a year after the first hack.


The Evolution of Crypto

After Bitcoin was created alongside other Cryptocurrencies, the crypto space has been enjoying upgrades. The ERC-20 token introduction in the crypto space began on the 30th of July 2015 when the ethereum network was deployed. Ethereum is currently the second-largest cryptocurrency in terms of market capitalization. The birth of ethereum came with the evolution of smart contracts into the crypto space. While hosting its native currency (Ether), the ethereum blockchain began running its ecosystem, where its smallest unit is known as Wei.

Tokens are cryptocurrencies without their own blockchain. Hence, they are deployed on other blockchains – the TRC-10 and ERC-20 tokens (Tron and Ethereum, respectively). Augur is the first ERC-20 token to be launched in 2015. Since then, the ethereum blockchain has housed over 200,000 ERC-20 tokens on the ethereum blockchain alone. This is to show that the cryptocurrency space is a whole galaxy on its own.

In 2018, Bitcoin reached an ATH (All time high), and lots of cryptocurrencies have followed in that step ever since. Some of them include Tron (all-time high September 2017), EOS (All time high July 2017), and Cardano (all-time high October 2017). Currently, the crypto space has evolved from 1 (Bitcoin) to over 2000 digital currencies and still expanding. If you are into this market, a little afvice we have for you is that you can exchange any of the earlier mentioned cryptos on Evonax; you could also exchange them for fiat.

The increase in crypto trends has helped increase usability and acceptance. However, some countries are looking into regularization, and most countries accept it as a means of exchange. At the same time, few reject it due to a decrease in remittance from local banks. Most companies and large firms are looking forward to transacting in crypto by creating the CBDS (Central Bank Digital Currency). With these firms adopting crypto, there should be an exponential increase in the usability and market cap before the next decade.

Since adoption is becoming more rampant with online gambling platforms, cam sites, and other exchange platforms like Evonax, it's only a matter of time before we have more crypto ATMs. Bitcoin ATMs are steadily increasing, with the acceptance of crypto as a mode of payment all over some online platforms. The list of cryptocurrencies is increasing by the day, the same way some digital coin prices increased overnight. Be sure to note that the price of Bitcoin some four years ago was below $1000; right now, one BTC is over $35,000.

The dispensation of cryptocurrency allows users to be their banks. Only you have access and control over your digital currencies. To an extent, you could determine the transaction fee to be deducted per transaction. For example, on the ethereum blockchain, you could decide to reduce your transaction's gas fee. However, a reduced gas fee means miners won't be processing your transaction sooner. But, would it be processed? Definitely!

Buy your cryptos now that they are still affordable. Ethereum is projecting into $2000 on or before the end of 2022. You should be a part of the evolution.

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