Back in the days when cryptocurrency was still new into the world (it still smells young), lots of headlines in the news were about Bitcoin and its price activities. Most investors at that time who took the opportunity to trade on Bitcoin enjoyed a massive success financially. Back then, altcoins such as Ripple’s XRP weren’t that much as they were just a handful of them (now we have more than 1500).
Taking a look at the history of Bitcoin, you will love to appreciate how far Ripple (XRP) has come so far in the crypto-market. So let’s take a detailed look at the history of Bitcoin.
Bitcoin’s History in Brief
The mysterious Satoshi Nakamoto created Bitcoin on the 3rd of January 2009. Although the BTC founder is still unknown today, it has been estimated that he owned 980k BTCs when the cryptocurrency was created. Taking the estimated number of Bitcoins he’d have in mind, Satoshi’s net worth could be $7.5-$8 billion.
Moving forward, Bitcoin is a cryptocurrency that makes use of a large amount of electricity before it can be mined; also, Satoshi’s crypto-protocol only permits 21 million BTC to be mined (the maximum amount that will get mined forever). Reports say that on the first amount of electricity used to generate Bitcoin, its worth was estimated to be around $0.00007.
The first Bitcoin exchange to fiat currency conversion took place in October 2009 by Marti Maimi. The following year, 2010, the first BTC exchange was created, and it was called, BitcoinMarket – the price of 1 BTC was positioned at $0.003 at that time. In December 2011, Bitcoin started trading at $6.18 against USD.
Two years later (2013), Bitcoin started growing in pace and was trading at $817.12 against U.S Dollars. After several use cases of Bitcoin in the world, the value of Bitcoin surged, and it was trading at $429.78 against the U.S Dollar on the 31st of December 2015.
In July 2016, a document was issued stating that the use of BTC for legal transactions had surpassed the application for “sin enterprise.” Fast forward, in October 2018 an entertainment enterprise, PlayboyTV, introduced BTC payments to its 100 million clients worldwide.
More interestingly, it has been reported that in ten years, about 80 percent of BTC has been mined, which implies about 16.8 million BTC ever since it was created (remember Ripple (XRP) needs not to be mined unlike BTC and other digital currencies).
But it has been estimated that it might take hundred more years for the remaining 20 percent of BTC to get mine. The reason is that the incentive miners get when they mine BTC is halved in every 4-years. According to Bitcoin’s history, it has enjoyed a gradual increase over the years.
Why It All Comes Down to Ripple’s XRP
No doubts, Ripple (XRP) will surely take its own path but will grow just as Bitcoin did. Why? We hear you ask. Simply because, as like Bitcoin, Ripple (XRP) is solving real-world problems, and will have real-life uses.
It means that the current XRP investors right now, would no doubts be millionaires in the future. Ripple’s XRP is emerging as a top-notch cryptocurrency with utility, and we may see more adoption in the years to come.
XRP’s Price Overview
After its remarkable surge a couple of days ago, in the last 24 hours, XRP has gone down by 3.08%. At the press time, XRP is trading at $0.5152 with a market capitalization of $20,716,428,980.
Yesterday an unusual transaction happened on Ripple ledger as forty million XRPs were transferred from one account to another. Even though the current XRP price is following the suit of market trend (almost all significant coins are trading in red again today), yesterday’s massive XRP transfer might have caused some panic for over-conscious investors.
Consequently, although Ripple’s XRP is in red as we write this; but there are high chances it will move up again shortly; hence this is not the right time to sell as we may see a further surge in the upcoming days.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Why BlocPal Is the Easiest Way to Accept Cryptocurrency
The face of the retail industry is always changing.
E-commerce is one of the fastest growing trends worldwide, and for good reasons.
It’s convenient, secure, and is effective at connecting merchants with interested shoppers from across the world.
For this reason, it’s no surprise that online shipping is expected to overtake brick-and-mortar stores globally by 2021, making it the world’s largest medium for retail. As the industry changes, it’s important for retailers to keep up with the latest technology so they’re able to accommodate more customers at once. This is where BlocPal comes in.
BlocPal offers business owners an easier way to process payments
BlocPal understands that not every business owner adapts to technology at the same rate. As such, BlocPal has been designed to optimize transactions for both online and brick-and-mortar companies so that every retailer can enjoy the benefits that come with the world’s first true multi-currency payment solution.
With BlocPal, business owners can enjoy the following benefits:
- The ability to process payments in fiat (USD and CAD) currency as well as Bitcoin, Bitcoin Cash, Bitcoin SV, Litecoin, and Ethereum. Expect more currencies to be added as BlocPal…
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Bitcoin (BTC) is starting to make waves again, and while they are still small, investors around the world are welcoming the positive development. The number one cryptocurrency has just breached the $4,000 mark, and while this is still five times lower price than it was in early January 2018, it is over $800 higher than in early December 2018.
At the time of writing, Bitcoin price is at $4,048.60, after the coin experienced a 5.53% growth in the last 24 hours. Meanwhile, its market cap sits just above $70.5 billion, while the coin’s daily trading volume is at $5.7 billion.
Bitcoin has had a rough 2018, just like the rest of the crypto market. In fact, the coin is so influential that it usually dictates the market behavior, whether positive or negative. Right now, the rest of the market follows the positive trend, with all of the top 10 cryptocurrencies currently trading in the green, while only a few among the top 100 coins are experiencing minor losses.
The largest gainers among the top 10 cryptos by market cap are Litecoin (LTC) with a 7.64% growth, and Stellar (XLM), which is growing by 7.27%.
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Only two weeks before the end of 2018, BTC was in a desperate position, with the value of its coin being at $3,200, threating to drop even lower. However, a sudden surge occurred on December 17th, which returned $1,000 to its value. And, since it lost approximately $400 since then, the final days of 2018 have still seen BTC well-above its lowest point of that year.
Now, 2019 has arrived, with traders and investors wondering what will happen next? Is BTC going to drop to $2,000? Will it rise back to $5,000? Will the bear market expand to this year as well, or is the market ready for a proper bull run this time?
The answer, once again, remains uncertain. The problems with scalability may be reduced significantly soon, but high volatility remains an issue. Even the slightest shift can have enormous consequences for the entire market, and any news can impact the BTC price, no matter how big or small, or if positive or negative. To stop its further drop, BTC had to find a balance. However, this balance is more fragile than ever, and the price is expected to move very soon.
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