5 17 18 Why Cryptocurrency Is Falling

5 17 18 why cryptocurrency is falling

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When the first cryptocurrency, bitcoin, appeared, nobody knew how big it would be. I mean, the first purchase of bitcoin was 2 pizzas!

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However, at this moment Bitcoin is far from being at the top. So what happened? Let me take you back to the beginning. 2007.

Cryptocurrency News Today: Why the Cryptocurrency Market Is Falling

Japa.

The mysterious man named Satoshi Nakamoto starts working on his new bold idea: a concept of bitcoin. In August of the following year, three men submitted an application for an encryption request.

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Surprisingly, everyone says they have no idea who Nakamoto is, which starts the rumor that it could be just a pseudonym for a whole group of people. Then, on August 18, 2008, Bitcoin.org was registered anonymously. Just 2 months later, Nakamoto published a technical report entitled Bitcoin: a peer to peer electronic cash system, which explains the general idea behind bitcoin.

However, the system began to function officially only in 2009 when the creators extracted the first bitcoin block called Genesis Block.

Naturally, Nakamoto made the first transaction of bitcoins, sending 10 bitcoins to a computer developer. In October 2009 the bitcoin exchange rate was finally revealed: 1 dollar equaled 1,309 bitcoins.

Bitcoin crashes 25% to below $11,000 during ‘cryptocurrency bloodbath’

Now was the time for bitcoin transactions and the first was done in May 2010. A Florida programmer sent 10,000 bitcoins (which were about $ 25) to buy two pizzas.

If only I knew that a couple of years later, these bitcoins will be worth around $ 39 million …

That’s a lifetime supply of pizza right there! At the beginning of 2011 1 bitcoin was worth 1 dollar.

5 17 18 why cryptocurrency is falling

With all the fuss around him 4 months later, it was already $ 31 against 1 bitcoin. However, it did not last that long: only 4 days after this peak, the value of bitcoin was reduced to 10 dollars, thanks to security problems. However, this did not stop bitcoin from conquering the world: with more services accepting bitcoins and new applications, in April 2013 it reached the new height of 266 dollars.

A couple of setbacks here and there, and in November of the same year, 1 bitcoin went up to $ 1,242!

5 17 18 why cryptocurrency is falling

Two thousand and seventeen years was a golden year for bitcoin: in summer, its price increased to $ 3,000, in September it reached $ 5,000 and, at the beginning of 2018, broke all records to $ 13,000.

But on this note, everything went downhill … If you think your 2018 was bullshit, Bitcoin can definitely compete with your story.

Today, however, it equals only a little bit over 9 dollars for one token.

Monero Monero is an open-source cryptocurrency that first came to market in 2014. It’s highly private, safe, and leaves do not trace whatsoever.

Bitcoin crashes 25% to below $11,000 during ‘cryptocurrency bloodbath’

And that’s why it has so many dedicated fans that donate their money for its further development! However, there is a dark side to this cryptocurrency as well, as its exceptional security measures allow buyers to use it for bad purposes.

Developers try to make the situation better, though, and nowadays 1 monero equals a little bit over 54 dollars.

Litecoin Litecoin was created back in 2011 by a former Google engineer Charlie Lee. It is one of the first cryptocurrencies launched and is even called “silver to bitcoin’s gold!” In some ways, it is better, though – it’s based on open source global payment network and has a way to block generation rate and transaction confirmation.

5 17 18 why cryptocurrency is falling

Right now 1 litecoin is worth almost 59 dollars and developers continue to do everything they can to make it even more popular and accepted.

Dash Dash or as it is often called darkcoin was developed in 2014 by Evan Duffield. It’s basically a more private version of popular bitcoin.

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When you use dash, your transactions are almost impossible to trace, so you do not have to worry about your anonymity! And this factor attracts many users who choose this cryptocurrency all around the world.

At the moment the value of dash is around 90 dollars, though. Ethereum Ethereum is a whole platform run on its own unique token called ether.

The pre-sales for ethers were launched in 2014 and the platform itself started working in 2015. According to the platform described, you can use ether to trade, secure, and codify almost anything!

In 2016 Ethereum split into Ethereum and Ethereum Classic.

5 17 18 why cryptocurrency is falling

Now everyone who’s interested in this platform can get 1 ether for roughly 137 dollars.

But even with all these different cryptocurrencies around, the market is still not that stable.

So can cryptocurrency actually survive the crisis and become the basis of our future economy? Nobody knows for sure. Bitcoin advocates say that the number of things you can buy with cryptocurrency grows faster and faster.

Of course, it is still not enough to become very common, but again, the low distribution and the unequal distribution of the cryptocurrency show that right now this is something for a small group of interested people.

Government cryptocurrency regulations are also very important.

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The more countries accept it, the more comfortable investors will feel in cryptocurrencies! And here everything seems to go pretty well, as more and more countries begin to study it.

However, one thing remains a great concern: security.

Although some cryptocurrencies, such as Monero, have high security standards, others can be quite vulnerable to any type of cyber attack. Bitcoin, for example, was already hacked a couple of times, which makes investors think it is not safe. Obviously, all these times were followed by the serious decrease in their value.

So, security is undoubtedly one of the main problems that the cryptocurrency market has to solve to help Bitcoin on its way to govern the world.

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So, as can be seen, the future of the cryptocurrency market seems to be quite vague. However, there are a couple of predictions. Some specialists say that bitcoins can be a great base for countries with a weak national currency, especially considering the fact that nobody has direct control over their price. Others are sure that the cryptocurrency will fail due to its instability.

But some people still believe in the happy future for bitcoin, for example, multimillionaire investor Tim Draper, who gave a bold prediction that a bitcoin will reach $ 250,000 by 2022.

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I think we’ll see! And what do you think of the cryptocurrency: is it the future or just a passing trend?

5 17 18 why cryptocurrency is falling

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