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If you have to define Crypto, these virtual currencies remain decentralized and have no intervention from governments or financial institutions like central banks. If you feel that Crypto is a decade-old phenomenon, think again. You must check more details and consider it in the market. The history of Crypto has a rich and backdated history that goes somewhere to the eighties when these had a different name cyber currency. All these coins formally came together in the form of a Crypto known as Bitcoin in 2008 when Satoshi Nakamoto wrote the nine-page whitepaper. The document defined the currency, and soon in 2009, he brought it to the market. The money came into circulation in 2009, but the real-time transaction occurred in May when an IT professional from LA got two pizzas worth 41 USD with 10K BTCs. Since then, it has been looking for something other than Bitcoin as it has kept evolving, moving ahead at a more excellent pace, and finally coming to its current form. The post talks about the history and evolution of Crypto while visiting the site bitalpha-ai.io for more.

The Evolution of Crytos Before Bitcoin

The first time we heard about Crypto or similar things was in 1980. A US-based man called David Chaum 1980 talked about inventing digital cash with the help of cryptography technology. The said technology helps in securing Crypto and validates the transactions with the same. However, adding some touches to the idea took around a decade. The nineties saw some additional protocols come ahead, the software made things easy, and the creation of a completely decentralized virtual currency came into the boardroom. So, it was only in the peoples minds as nothing tangible came forward in this direction. Eventually, in 2008, we heard about Crypto coming from Satoshi Nakamoto. He brought the whitepaper to the market, which gave an idea about Bitcoin, and he finally came up with it in Jan 2009. It came as a P2P digital cash that does not depend upon any third-party groups like banks. His idea also brought the revolution surrounding the first Crypto coming into the market.

Bitcoin came in 2009

In understanding Bitcoins history or evolution, you must take Bitcoin from this topic. It came in 2009 and is more known as the first Crypto in the world. It works open-source in the market, and people can use it across the globe without any border or any other issue without seeking the interference of government or banks. Yet, it has seen a good rise in the market, and people need help recognizing it. The first Bitcoin transaction occurred when the founder Nakamoto and one more man, Hal Finney 2009 agreed to transact. However, the trade came in 2010 when Bitcoin was given as legal tender to a local pizza store to get two pizzas. A local software developer in LA had 10K Bitcoins, and he gave the coins to procure two pizzas worth 41 USD. Papa Johns pizzas went for 10K BTCs, which is gigantic today in the market.

The early development days of Crypto 2010 2016

In early 2010, we witnessed Bitcoin being among the best Crypto on the market. We can find the price in a few cents in one go, which increases to gain one USD mark in the market. The said value came into the need for a while, and then it gained a reasonable price when the world realized it quickly. However, with issues like volatility, there are some trust issues with Crypto. But in 2017, things changed, and Crypto gained massive growth in the market. It went on to get a total market cap of around 820 B USD. It was short-lived till we saw the crash of Crypto in 2018.

The Age of scams 2018

2017 was a glorious age for Bitcoin and other cryptos. However, it fell in 2018, crashing badly in the market. The value of Bitcoin and several other cryptos in the market went ahead in a big way. Several scams and schemes came under the name of Crypto, and it went on to take people for a ride, dying the craze for Bitcoin till it came in 2020.

The popularity of Bitcoin in 2020

Earlier, the coin came at the cost of around 1K USD, and in 2020 when Covid hit the world, the currency needed to give you more in the market. The currency gained around 20K USD, and it finally went ahead faster to earn higher costs. Finally, in 2021, the money gained around 70K USD.

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The History, Mystery, and Magic of Bitcoin - 360 MAGAZINE ... - 360 Magazine

Bitcoin was introduced as an alternative payment method by Satoshi Nakamoto in 2009. The initial few years were unfavorable for BTC as individuals were skeptical about its safety and accessibility. However, in the coming years (2011-2017, to be precise), BTC saw a considerable boom and became the leading cryptocurrency.

Suddenly, everybody on the market was talking about BTC, which paved the way for traders and investors like never before. With the incoming dramatic profits and easy accessibility, BTC continued to grow for years and is still a part of digital trading with thousands of prominent investors and traders. There are many reasons behind the boom of BTC; some consider the technical aspect more relevant, while others see it as strategies and controversies. A step forward for your digital venture, you can easily access the world here. If you are looking for a safe and secure trading platform for Bitcoin, you can simply visit immediate-connect.com.

There might be debate behind the hype, but there can not be denial for a few reasons-

1)The technology- BTC is linked with blockchain that brings safety and security to data like never before. As a result, individuals already on a march towards a digitalised world were more than happy to dive into the BTC world. As the fear of getting scammed or hacked was eliminated, traders and investors entered the market in bulk. In addition, the easy accessibility to BTC and the user-friendly interface of crypto wallets paved the way further. As a result, individuals across the globe adapted to the digital world sooner than expected.

2) Profit margin- A factor that brought in more traders and investors has to be the profit margin for BTC. With a jump of thousands of dollars in value, new traders and investors were not stopping from entering the market. Data shows that hundreds of new players enter the market after the dramatic increase in BTC value between 2012-2013. The buzz about BTCs profit margin reached every corner of the world, and with more entries, the hype kept growing with each passing day.

3)Alternative- In an economic system already on the verge of breaking down and losing trust in the centralized market, BTC found the sweetest spot for itself. People all across the globe were more than happy to find an alternative financial system that was decentralized. BTC is DiFi which means that it created a perfect decentralized financial setup for people who were already looking for this. In addition, BTC ensured to keep the DiFi setup sound and solid to continue the hype. Many saw it as a social change as well. With the growing power of authorities, BTC served as a platform that valued every player equally and did not bow down to a single authority. It was a tie-up of technology and social change.

4)Social media- Media has played its role in hyping the traditional market, but its role in BTC has been the wildest so far. Adding social media and the growing role of influencers/content creators in shaping choices created hype for BTC like never before. Whenever anybody opened any social media, it was filled with praises about BTC. In addition, the tie between social media and the BTC market made BTC not only easily accessible but also affordable to all.

5)Unregulated- In a world that hates bowing down or being told what to do, BTC came as a savior. BTC is not regulated by a single authority or a living person; it is all based on technology that works on the activities of every individual on the network. This became the most significant drawing factor, especially for young minds who loved to become a part of the economy without being under control or scrutiny.

6)Easily convertible- The biggest drawback of digital trading is its lower conversion value. BTC was introduced with a solid plan and offered excellent conversion values that drew more attention than any other cryptocurrency. Conversion value is the value you get when you convert your BTC into real-life currency. This worked well, especially for short-term traders and investors who wanted to earn dramatic profits and exit the market.

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The reason behind Bitcoin's huge hype - Tech Guide

Over the last few months, a new development came to the Bitcoin network: Inscriptions. Dubbed Ordinals, these digital assets differ from their NFT counterparts, but the results are the same. Since its inception, the Bitcoin network has seen a massive spike in traffic, not unlike what Ethereum underwent during the 2021 NFT boom.

This increased activity has led to congestion on an already crowded network sparking a heated debate about the potential impact of Ordinals on the future of Bitcoin. It also begs the question: Now the genie is out of the bottle, whats next? And, perhaps more importantly, how will the Bitcoin network cope with the on-chain strain?

At a high level, the Ordinals protocol enables users to send and receive Satoshis the smallest monetary unit of a Bitcoin, or one-hundred-millionths of one BTC that carry extra data connected to them. This data can be in the form of text, images, audio or other media. Adding data to a Satoshi is called an inscription, which is not dissimilar to NFTs.

This was all made possible with some significant upgrades to the network that have occurred. First was the SegWit update, which created a split data structure for all transactions. The second was Taproot, which allowed more data to be placed within transactions.

Unlike most NFTs on Ethereum, which usually just include a link to the media, Bitcoin Ordinals are 100% on-chain. This is a major selling point for digital assets, but it also means these digital collectibles are expensive to create and that the transactions that do so tend to be rather large. Because of this, it has made some wary about the consequences of this protocol on the network as a whole.

Ordinals have only been around for a few months, and over 3.2 million new assets have already been created in that short time. The Bitcoin network has also subsequently seen one of the largest blocks ever mined, 4 megabytes, as a direct result of Ordinal inscribing. Then there is the considerable impact these new types of NFTs have on network congestion and transaction fees, which have hit levels not seen since November 2022. This rise in transaction volume and average fees has also led to miners excluding many lower-fee transactions, raising the floor price for transacting on the network.

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A debate is currently raging about whether these Ordinals are good for Bitcoin. For one, some have pointed out that Bitcoins pseudonymous creator, Satoshi Nakamoto, didnt think Bitcoin should be used for anything other than the transaction of value. Theres also a concern that continued adoption could further clog up the network and make it even more expensive. Some have even gone so far as to suggest that this development could harm the ability of marginalized people to use Bitcoin. Considering that many developing nations are the most prolific users of the network, this could potentially affect some jurisdictions more than others.

On the other side of the debate, many feel the panic over Bitcoin Ordinals is largely unwarranted. For one, the transaction-purging mentioned before only affects the lowest fee transactions, encouraging fee competition. Additionally, while inscriptions have taken up a considerable amount of every block as of late, not long ago, most blocks were 25% to 50% empty. Arguably, Ordinals are just using resources that otherwise would be wasted.

Indeed, some schools of thought suggest adding value and utility to the Bitcoin network is essential for the networks longevity. For one, increasing the adoption of Bitcoin is vital for its legitimacy as a currency and store of value. The more people use it, the more valuable it becomes and the more stable its value can be.

However, the congestion issue still persists. Now that Ordinals have opened the Bitcoin network to new possibilities, where does it end? Arguably, a solution needs to be found. The most likely solution is some form of layer-2 infrastructure that can take the bulk of transaction processing away from the main chain. This could allow Ordinals to proliferate on the Bitcoin network without threatening transactional use cases.

One potential solution in the long term is creating a ZK-rollup on BTC, storing proofs on Bitcoin where Ordinal images are stored. This would allow increased throughput without compromising on security. This would require a change to BTC to verify the proofs, which could take years.

Another potential solution is using side chains or layer-2 solutions. For example, the Bitcoin Lightning Network has proven to handle transactions quickly and cost-effectively. Alternatively, theres the Liquid Network, which similarly acts as a means to take traffic off the main network to allow for faster, cheaper trades.

The previously mentioned solutions would all increase the throughput of BTC, but still would not provide a smart contract layer to BTC. In addition, ideally, this should be done without invoking any risky technology like centralized bridges, which lost users almost US$3 billion last year. Recent developments allow the network to act as a smart contract layer for BTC while mitigating the potential risks of centralized cross-chain bridges and poorly designed wrapped tokens. Allowing Bitcoin to become programmable can also unlock a wide range of new DeFi-related use cases, including Bitcoin or Ordinal collateralized loans and staking.

The rise of Ordinals on the Bitcoin network is undeniable, and their impact is only set to grow in the coming years as more projects tap into the same utility. But its clear that the current state of the network is not equipped to handle the influx of traffic that this may bring, and its time to face the reality that Bitcoin needs to evolve to keep up. Turning to layer-2 infrastructure may be a critical part of the solution.

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Bitcoin inscriptions: Are Ordinals a boon or a drag on the network? - Yahoo Finance

With a market capitalization of $555.6 billion, Bitcoin BTC/USD is the most valuable cryptocurrency in the world. The market leader hit all-time highs in November 2011 but has since fallen significantly.

Heres a look at what a return to all-time highs could mean for hodlers and investors.

What Happened: Bitcoin was founded by Satoshi Nakamoto in 2009, coming the year after a whitepaper of an electronic cash system was published.

The first genesis block of Bitcoin was mined in January 2009 and the rest as they say is history.

In its early days, Bitcoin was only obtainable through mining or using a peer-to-peer transaction network.

Today, Bitcoin is easily accessible through numerous cryptocurrency platforms and retail investing apps that offer investments in Bitcoin in any size or quantity.

Macroeconomic and global events like the invasion of Ukraine by Russia and the collapse of several banks in the U.S. have led to spikes in the value and interest of Bitcoin throughout 2022 and 2023.

Bankruptcies of several cryptocurrency-related companies in 2022 sent the price of Bitcoin down on the year.

While some are skeptical of the value of cryptocurrencies and their use cases moving forward, many bulls have come forward including Ark Funds CEOCathie Wood, who has a price target that could see the leading cryptocurrency top $1 million in the future.

Related Link: How To Buy Bitcoin

Investing $100 in Bitcoin: A $100 investment in Bitcoin today could buy 0.003485 BTC, based on a current price of $28,693.54 at the time of writing.

Bitcoin hit an all-time high of $68,789.63 in November 2021. The coin failed to reach a price of $69,420, a figure that some suggested could break the internet, combining two of the most popular memorable (and meme-worthy)numbers.

If Bitcoin returns to an all-time high, a $100 investment today would be worth $239.73, representing a return of 139.7%.

While Bitcoin may never reach the $500,000 or $1 million price targets from Ark Invest, a return to all-time highs could be more likely.

Those who have followed cryptocurrency for years know that there are many waves and cycles that happen, and Bitcoin could hit new all-time highs during the next bull run.

Read Next: Here's How Much $100 In Shiba Inu Today Will Be Worth If SHIB Hits All-Time Highs Again

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Here's How Much $100 Invested In Bitcoin Today Will Be Worth If ... - Benzinga

Photo. Achieve/Radio Nigeria

The Nigerian Federal Government on Thursday May 4 approved the use of blockchain technology to improve the efficiency, transparency, and security of various sectors, including financial services, supply chain management, healthcare, identity management, and the electoral system.

Blockchain technology is a digital system that records transactions in a secure and decentralized manner, meaning that no single person or entity controls the system. It uses a network of computers to verify and record transactions, which are stored in blocks that are connected together in a chain.

Once a block is added to the chain, it cannot be altered, making it very difficult to tamper with or falsify the records. This technology is often associated with cryptocurrencies like Bitcoin, but it has many other potential applications, such as in financial services, supply chain management, and identity verification.

Blockchain technology has numerous potential benefits for Nigeria, including improving the efficiency, transparency, and security of various sectors in the country. Here are some of the key benefits:

Financial services: Blockchain technology can provide access to financial services for the unbanked population in a cost-effective, efficient, and secure manner, which can reduce the rate of dissatisfied customers recorded in the banking sector. This could also help to solve issues like unresolved complaints and the threat to the use of e-payment.

Supply chain management: Blockchain can help businesses pinpoint inefficiencies in their supply chains quickly and locate items in real-time. For Nigeria, being an agricultural-based economy, the technology can be used to track the origin, quality, and safety of agricultural products to improve consumer confidence and prevent food fraud.

Healthcare: Blockchain technology can be used to manage clinical trial data and electronic medical records in healthcare, ensuring regulatory compliance and maintaining the privacy and security of patients data.

Identity management: Blockchain-based solutions can be used for identity management in Nigeria, giving individuals control over their identity, improving the accuracy and security of identity verification processes.

Electoral system: Blockchain technology can enhance the transparency and security of the voting systems in Nigeria, preventing voter fraud and ensuring the accuracy of election results.

As online payments continue to rise, interest in blockchain technology has grown among retailers and wholesalers. Several countries have emerged as leaders in adopting and implementing this technology.

Japan was among the first adopters of blockchain technology, even before Bitcoin had any real value. The innovator of Bitcoin is rumored to be Japanese, given the name Satoshi Nakamoto, which resembles a typical Japanese name. The Japanese government is also aiming to lead global blockchain innovations.

Despite banning crypto mining and cryptocurrency, the Chinese government strongly supports blockchain technology and is one of the largest and most powerful promoters of blockchain worldwide.

Switzerland is another country that has made significant strides in blockchain. A small town in Switzerland called Zug, with a population of 29,000, is even known as the home of the Ethereum network. Switzerland has approximately 450 blockchain-based associations and businesses, and it provides liberal regulatory and tax treatment for newly established blockchain businesses.

One of the disadvantages of blockchain technology is its energy consumption. The complex mathematical algorithms used in blockchain require significant amounts of computing power, which in turn requires large amounts of energy. This can lead to high electricity bills and contribute to environmental concerns related to carbon emissions.

Nigeria can adopt blockchain technology despite its low electricity generation. There are initiatives and projects aimed at increasing access to renewable energy sources, which could support the adoption of blockchain technologyinthecountry.

Writing by Chinasa Ossai; Editing by Annabel Nwachukwu and Saadatu Albashir

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Blockchain: Hope for the economy - FRCN HQ - Federal Radio Corporation of Nigeria