Cryptocurrency History & Origin – Timeline Infographic
Cryptocurrency history is certainly short in the grand scheme of things, but there’s been some incredible twists and turns since Bitcoin came on to scene back in 2008. Creating a entirely new technology (blockchain) and a cryptocurrency marketplace worth hundreds of billions, it’s been an entertaining ride so far.
At TotalCrypto, we’re going to keep you updated every month with interesting new developments (both comical and serious) in cryptocurrency with our timeline infographic.
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Good infographic. I had no idea Bitcoin has been around for as long as it has. Wish I had bought back when they were selling for a fraction of a cent!
Many people wish they could go back in time. The truth is that is was super hard to buy Bitcoin early on and things like wallets were not very user-friendly at all. The only good news is that cryptocurrency adoption is still very low. There is also significant institutional money parked on the sidelines.
A fun fact is that a Bitcoin ETF maybe given the green light on 10th August this year. This will allow institutions to actually buy Bitcoin. Many people see Bitcoin as digital gold. Put it this way, there is a lot of money in gold ETFs right now...
With so many #cryptocurrencies to choose from... #bitcoin #etherium #litecoin #dash #ripple #monero and more. How do you choose which one is the best to invest in?
$BITCOMP, $ETH-X, $LTC-X, $XRP-X, $DASH-X, $XMR-X
Nice Q Alexis. Most people will not admit this, but no one really knows the future holds. All anyone has is best guesses.
Actually, when it comes to determining 'fair value' for a cryptocurrency, no one has devised an effective valuation method yet. Prices are mainly driven by expectations for the future and community opinion.
Although the cryptocurrency project itself is important, the price that investors buy in at is also crucial when it comes to returns.
Why not check out our blog for no-nonsense cryptocurrency knowledge: https://totalcrypto.io/
The best cryptocurrency to invest in is always the one that you personally think has future and actual utility / real-world application. Personally, I quite like Wabi. It's a supply chain tracking solution that stores product data on the blockchain. The main purpose is to reduce counterfeiting (which is particularly a problem in China). Also, if you are tired of carrying around dozens of different loyalty cards in your wallet, Wabi is also aiming to solve that problem by aggregating these together. You can read a bit about it here: https://totalcrypto.io/wabi-coin/
Hope that helps.
Just how many #cryptos are there? And who determines if they are legitimate or not? Couldn't anyone create a #cryptocurrency?
Great question Harry. There are over 1,600 different cryptocurrencies out there and counting. You are correct that any person can create a cryptocurrency (it's actually not particularly difficult).
In terms of who determines which cryptos are legitimate. It's actually just the market (which have got it wrong in the past). A fair argument could be made that exchanges actually determine which cryptocurrencies are legitimate. Quite simply, if a crypto cannot be traded then it doesn't have any value. Right now, exchanges are the main way of transferring value between different cryptocurrency projects. Yes, atomic swaps can be technically used for some cryptos (not widely used).
Hope that helps.
Over 1,600 different cryptocurrencies!? Oh my. Can anyone just create a crytocurrency?
Anyone can create a cryptocurrency. In fact, it can take literally less than an hour (if you have a few development skills). The truth is that cryptocurrencies like Litecoin only made small adjustments to the Bitcoin source code initially. A lot of people are taking the base code for a cryptocurrency and changing it slightly then launching this as a new crypto. This has happened time and time again. Examples include Bitcoin cash and Bitcoin. Ethereum and Ethereum classic. The list goes on. The reason why this is possible is that pretty much every cryptocurrency has embraced open source development (this means the public can view the code behind it). This is not to say that cryptocurrencies created this way are rubbish, some have exceptionally talented teams and have made significant changes over time. Technically anyone can make a cryptocurrency. However, it only really has value if it can be traded and that means exchange listings. I believe a lot of cryptocurrencies have to pay significant money to get listed on decent exchanges. Then you have all the marketing expenses for your cryptocurrency etc. This is actually a big problem in the cryptocurrency space and is the main reason why there are a significant number of cryptos that I would deem 'not real projects'. However, there is also some truly amazing and potentially game-changing tech in the space as well. Hope that helps.
Bitcoin didn't hit parity with USD in November 2010.
The infographic says it hit parity in February 2011, which is correct.