There have been many significant events that have defined cryptocurrency over time. Ever since the Bitcoin was launched, there has been a series of successive developments that have not only shaped the digital currencies landscape but also the financial world as a whole. The journey of cryptocurrencies is an exciting one to follow as it is unquestionably the way to the future. As you follow this journey, here are the 6 defining moments in cryptocurrency history you should know about.
The First Transaction by a Cryptocurrency
Bitcoin was in development for about two years before its official launch in 2009. Even though its launch was probably the most epic event in its journey, the first transaction was a defining moment for cryptocurrency. This transaction was made between Hal Finney and the supposed founder of Bitcoin Satoshi Nakamoto. This transaction was iconic because it proved the functionality and viability of cryptocurrency and blockchain.
The Launch of the First Cryptocurrency Exchange
It took over a year after the Bitcoin launch for the first cryptocurrency to be launched. Bitcoin Market was launched in February 2010 and this marked another defining moment in the history of cryptocurrency. As a digital currency, the legitimacy of the coin was not assured until an actual market for its exchange was established. The launch of Bitcoin Market thus marked the proper start of cryptocurrency as a commodity that would be traded.
The First Purchase by a Cryptocurrency
Apart from maintaining its position at the top of the best cryptocurrencies, Bitcoin has been a pioneer of most things in the crypto world. Bitcoin became the first cryptocurrency to purchase a real-world commodity on May 22, 2010. This transaction was significant because it was the first time ever where a truly digital currency purchased a commodity with a real-world value. This marked the beginning of the replacement of traditional currency with the digital currency.
The Launch of Silk Road
Silk Road was a marketplace that embodied the dark web. Prior to the launch of cryptocurrencies, there were great concerns that digital currencies would pave way for the rise of illegal trade and digital crime. These fears came true in the form of Silk Road. This marketplace was the go-to place for illegal trade and solicitation of criminal services. All kinds of illegal services were sought and exchanged in the marketplace and the currency of choice was Bitcoin. Silk Road was eventually shut after nearly three years. The launch of this marketplace marked an important step in sanitizing the use of cryptocurrency.
Microsoft Embraces Cryptocurrency
Microsoft has been the largest software firm in the world for a long time. On December 11, 2014, the company accepted Bitcoin as a form of payment. This was facilitated by BitPay, a merchant services provider that had been launched over 3 years earlier. The nod by one of the largest tech firms in the world marked a great journey for cryptocurrency.
NASDAQ Welcomes Cryptocurrency
Finally, on June 24, 2015, the second-largest financial exchange NASDAQ decided it was time to give blockchain a chance. This single move marked an entirely new era of recognition of cryptocurrency as it opened the doors to other sectors to get involved.
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