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Bitcoin: The Evolution

Written by:
Payton
Published on:
Jun/25/2018

What is Bitcoin?

Bitcoin is a name that has been thrown around a lot recently. Many people have heard the word and know something about it, but many people are unaware of what it is, how it has come about and where it is heading. Ultimately, what does it mean for us?

Well, Bitcoin is a very interesting digital currency that is now available. The rise of this cryptocurrency has seen interest in it grow and is now garnering attention from everywhere. Bitcoin hasn’t yet been around for long. In fact, it is still in its early days, as it was only dreamed up back in 2007. However, its popularity is growing and because of this there are bound to be lots of developments – and fast. From Bitcoin casinos to Bitcoin being introduced into the shops; let’s look at what it is and how it will affect us.

The Journey

Bitcoin started out back in 2007 when Satoshi Nakomoto started working on the initial Bitcoin concept. Whether this was just a single person or whether it is a pseudonym for a group of people, it is still unknown. It was just a concept back then, and in 2008 Lily Allen was offered Bitcoin payment for a concert which she turned down. The value back then would have been just a few hundred pounds, but now that same Bitcoin payment would be worth an incredible £118 million Bitcoin… bet she’s kicking herself!

On January 3rd 2009, the Genesis Block was mined. This is the name for the first block ever mined… known also as Block 0. It was just days later, on January 12th that the first Bitcoin transaction took place. In October 5th that year, the Bitcoin exchange rate was established at $1 = 1,309.03 BTC. Funnily enough – or not funny for him, a man named James Howells mined 7,500 Bitcoins and stored them in a hard drive. Because they were so low in value he forgot about them and threw them away. Those same Bitcoins would now be worth over $8 million.

2010 was a big year for Bitcoin. In May that year the first ever ‘real world’ Bitcoin Transaction took place when a developer bought two pizzas for 10,000 Bitcoins (which would now be over $20 million). That year alone saw its value increase ten times over. It became such a big deal that there were even warnings that digital currencies could be financing terrorist organisations. However, in 2011 it was a little less bright. Silk Road opened which was a black market that used the anonymity of Bitcoin to aid its dark deeds. However, despite several negative happenings, it still saw growth, with 25% more being generated and hitting the European markets. It then experienced the Great Bubble of 2011, which was the largest percentage price decrease to this day. The following day the largest Bitcoin theft was reported.

Throughout the following years, Bitcoin grew stronger. The exchange rate hit an all-time high and the first ever Bitcoin ATM was introduced in the US – they are now global. Also, big companies such as Microsoft started accepting Bitcoin as a form of payment. Furthermore, Barclays announced it would accept Bitcoin. 2016 the saw the legalisation and official recognition of Bitcoin within the Japanese markets and it was this that was a major factor that saw Bitcoin rise over $1 billion in 2017.

Where We Are Now

With a network more powerful than the world’s fastest super computer, it is undeniable that this digital currency is growing at an alarming rate. It has recently seen a bigger boom than ever before and just last year it traded at its highest value ever. But what does this mean for everyone? What does this mean for possible Cryptocurrency affiliate companies?

Well, you must remember that for affiliate marketing it’s important to start small, and this is the same with cryptocurrency affiliates. There are certain affiliates that lend themselves to this opportunity such as retail outlets – where stores will offer referral programs when you bring customers to them. There are also casinos – such as Bitcasino and even Bitcoin wallets such as Trezor. Bitcoin is huge now and is getting bigger, which is perfect for affiliate marketing. To find out more about these opportunities for affiliates then there are conventions such as the Amsterdam Conference focusing on the online casino industry which is perfect to get you on your way.

Bitcoin is big and it’s not going anywhere soon – the evolution of this currency is just at the beginning and the road is very exciting.

 

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