CRYPTOCURRENCIES HAVE come a long way since the introduction of Bitcoin in 2009. Initially viewed as a niche product for tech-savvy individuals, cryptocurrencies have become mainstream and have gained significant attention from both consumers and investors alike. Despite their growing popularity, cryptocurrencies continue to face challenges that threaten their long-term viability.
The genesis of cryptocurrencies can be traced back to the early 2000s when a person or group of people known as Satoshi Nakamoto created Bitcoin. The ideology behind Bitcoin was to create a decentralised currency that would operate independently of any government or financial institution. Nakamoto’s vision was to create a currency that was secure, private, and could not be manipulated by central authorities. In 2010, a programmer named Laszlo Hanyecz famously spent 10,000 Bitcoins to buy two Papa John’s pizzas, making it the first known real-world transaction using Bitcoin - probably the most expensive pizza in the world! The identity of the mysterious creator of Bitcoin, Satoshi Nakamoto, remains unknown to this day.
Fluctuating fortunes
In recent years, the fortunes of cryptocurrencies have seen wild swings, with Bitcoin, the most well-known digital currency, experiencing both staggering highs and devastating lows. Currently, Bitcoin is on an upswing, reaching new record highs after a lengthy bear market. There are several reasons for this current price increase, but one major factor is the upcoming cryptocurrency halving, in the next few months.
This story is from the 20 May 2023 edition of Business World India.
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This story is from the 20 May 2023 edition of Business World India.
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