Cryptocurrency history

In the early ages before any developed language, humans were trading goods for food or other necessities. King Atyattes of Lydia which in this day is a part of Turkey, created the first currency in 600BC which featured a roaring lion on the face of the coin. In 1000 BC the first metal money in bronze and copper was manufactured at the end of the Stone Age by China. Then in 1661 AD came bank notes but as technology was evolving the credit card was then manufactured in 1946.
Currency has been around for over a millennium but only until 2009 was available in physical form. Bitcoin was developed via an open source software called blockchain technology which is known as cryptocurrency (digital money). It is accepted and as a genuine form of money just like USD and GBP. Since the birth of Bitcoin, thousands of digital currencies have been developed but Bitcoin still hold the title of the strongest cryptocurrency in the digital market.

 

A little history on the birth of digital money

A cryptographer by the name of David Chaum first published a research document on digital currency in 1982 and then opened a company called Digicash in 1990 but unfortunately didn’t have the technology to pursue his idea and in 1998 filed for bankruptcy.
Bitcoin was then created by an anonymous genius otherwise known as ‘Satoshi Nakamoto’. The purpose of the currency was to build a network of a peer-to-peer system, against the standard centralised form of transactions. This means that not one person controlled the currency so in essence would avoid all governmental taxes and any other charges implanted by the banking system. He wanted to introduce a world where every penny earned would go straight to your pocket.
There have been cases where the digital money has been used for elicit purposes, such as illegal organisations, but in the last few years digital money has had the support from conglomerate brands such as Microsoft, Virgin, Walmart, Expedia and multiple airlines along with a string of global industries utilising the blockchain technology.

 

Bitcoin
Bitcoins are formulated by a process called mining whereby specialised computers produce a block within the blockchain system. The technology is very complex and it was designed so that each Bitcoin would be even harder to create which would then retain the value of the coin. There is a cap to the amount of Bitcoin available which is 21 million and it’s predicted to be sold out by 2140.
Bitcoin is extremely volatile, In 2011 the price was just $0.30 then reached to $2,400 in mid-2017 and in early 2018 went as high as $20,000 but towards late 2018 was hovering around $4,000, although didn’t dip below $3,000 for a steady period.

 

Ethereum
Ethereum was also built using a scripting cryptography functionality and many organisations and financial companies have now adapted to the Ethereum technology, building programs based on the same protocol. Ethereum is currently seeing double of the transactions of Bitcoin which means the adoption of the currency worldwide will be sure to increase the value in years to come.
Ethereum went live on the 13th July 2015 at a value of $1 which then shot up to $400 mid-June 2017 but now is steadying at around $150 per coin. There are plans to reduce the growth of Ethereum which means that the inflation rate will increase from 0.5% – 2.0% but as of yet there is no cap on manufacturing.

 

Ripple
Ripple at this time is the 3rd largest cryptocurrency with a capitalisation of $6.5 billion. Although unlike Bitcoin and Ethereum, Ripple is centralised which means that it’s owned by the creators of the coin. There are more than 38 Billion coins available to date and the reason for the coin is very specific.
Ripple was created purely for international transitions, the coin can transfer money as fast as 4 seconds. The Ripple network is currently being adopted by multiple banks across the globe and generates tokens that speak for fiat currencies and commodities as well as mobile plans and frequent flyer miles which include Santander, UBS and SCB in Thailand.
The value of Ripple is much lower than traditional cryptocurrencies due to the purpose of the coin. In May 2017 it was trading at $0.42 and now around $0.3665.

 

The Crypto Market

The current market capitalisation is around $130 Billion and is still increasing. There are over 1000 coins available, each delivering a unique and distinct quality. The market is volatile which means that each trader should do plenty of research or be handled by skilled advisors such as Axiom Capital before making any serious investments.
Traders do benefit from the knowledge that each digital coin is not tied to any fiat currency or country so additional tax charges are not applicable. The other benefit of trading with Axiom Capital is that the platform has access to international markets so if one currency has a different value in one country then the platform will trade on the best rate and you will make a profit purely on the international exchange.
The crypto market is still small compared to the fiat market but is growing at a rapid pace, although you must keep in mind that the risks of trading in the digital market are just as frequent as any other exchange.
The cryptocurrency market is growing rapidly, but is still small compared to the global currency market. This factor can be attractive to traders as they are on the forefront of trading in these new markets. The only important factor to keep in mind is to remember the risks associated with trading in new and volatile markets, and understand that losses can come just as fast as profits or even quicker.
The positive side of trading in crypto is the opportunity of gaining profits through an array of options without the governmental and banking restrictions.
Axiom Capital prides itself in delivering the most expert advice from industry traders which years on expertise within the digital market. The option of choice is remarkable from CFD fiat trading to crypto multi asset trading through to ETF commodities. Another benefit of trading with Axiom Capital is the referral system which gives a percentage of each trade referred by any active trader and then snowball affects if that trader then refers to someone else so the initial referral can keep gaining profit for every new trade from the initial referral.

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