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History Of Crypto - Investment - Nairaland

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History Of Crypto by smi2021(m): 12:34pm On Oct 26, 2022
I'll be creating some educative threads on crypto currency., Stocks, n NFT markets. But for now let's talk about the history of crypto.

Bitcoin was the first crypto (launched in 2008) however they were alot of other digital cash before bitcoin was created such as Gold Cash. funny enough bitcoin was launched at $0. The founder of Btc is satoshi Nakamoto.
The first major bitcoin trade was that of a 19 year old named Jeremy Studuvant (as at then) bought 10000 pieces of bitcoins for 2 pizzas worth aproximately $40 from a man named Hanyecz. Today its tagged the world worst trade, well back then bitcoin was quite not really useful it was just like pi. Funniest part was, that was all the biotcoins Hanyecz had, this happened in may 2010, after then bitcoin started trading at $0.09 as of 2013 bitcoin was less than $20 per bitcoin.Bitcoin's all time low is $0.09 and all time high is $69k, so do the math your self


Re: History Of Crypto by smi2021(m): 12:34pm On Oct 26, 2022
Following the trend of bitcoins many alternative coins were created in order to solve sone errors or the order in bitcoin core. Just so you know btc isn't perfect. The first altcoin was NAME COIN launched in 2011. Altcoins are basicaly coins that were invented to have patched one faulty aspect of btc or the other. A typical example is LITECOIN which was created to has almost zero gas fee, fast transction and more confirmation blocks. Bitcoin has none of those features for instace bitcoins has 3 confirmation blocks wheras litecoin has 52confirmations blocks and it still 100 times faster than bitcoin


Re: History Of Crypto by smi2021(m): 12:35pm On Oct 26, 2022
Crypto (Bitcoin) was created in 2008 after the wold ecconomy collpased in 2008 one of the worst in human history, imagine all the countries going broke, every major investor invested on gold, silver, platinum and diamonds. And these precious metals were stored with the bank, the bank traded with these assets unknowmly to all investors, i mean all the banks in the world did this and this caused the economy to collapse even more, so if you give the bank a bar of gold or an ounce of silver is none of your business whose person own they give to you when u come for it. Since a bar is a bar and an ounce is an ounce. The worst part is the metals were not given to them as investment or whatever, they paid the banks to keep it safe for them
But the bank gave them out as loans to companies and some other bull shit investment, as the recession hits everybody came demanding for their golds due to the amount of request the banks could not return their stuffs to the owners, now there was no whale to buy the dip cos they could not yet refund their golds

Since there were no whales to buy dip currencies, banks could not provide loans anymore as they were even begging world bank for loan to pay the gold owners ( you know we can't just print money and liqudate world economy), all investors were anoyyed. and all this led to more depriciation, naira was 117 naira to $1 then and since then it kept depriciating. It was clear to every one that
the matrix (VIPs and all goverment) could not be trusted so SATOSHI decided to launch a currency for the average human, and thats why bitcoin works on PROOF OF STAKE or PROOF OF WORK. So he invented bitcoin stayed anonymous because the goverment hated him for doing what they failed to do

To cut things short crypto was not invented to be traded but to be used as a type of currency Gradually bitcoin started to trend and then we'all saw it as oportunity to get rich


Re: History Of Crypto by smi2021(m): 12:35pm On Oct 26, 2022
More to come


Re: History Of Crypto by Tohmey(m): 6:24pm On Oct 26, 2022
I am following. . .

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