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The Rise Of Bitcoin

The Rise Of Bitcoin
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n hindsight, the rise of cryptocurrencies appears to have begun with the introduction of bitcoin in 2009. Earlier cryptocurrencies had been launched in the 1990s, but they failed to take hold. David Chaum’s DigiCash is widely thought to have been ahead of its time. Chaum founded his company at the start of the decade, well before the rise of e-commerce. By 1998, it had filed for bankruptcy. More generally, early “digital-cash firms made a fatal miscalculation,” Julia Pitta wrote for Forbes in 1999. “They figured, wrongly it turns out, that consumers would be leery of using credit cards on the Web and would demand tight security and ironclad privacy.”

It was not clear, at first, that bitcoin would be any different. Perhaps fearing the fate of e-gold creator Douglas Jackson, bitcoin’s designer(s) adopted a pseudonym––the now-famous Satoshi Nakamoto––and shared the upstart open source project in email to the Cryptography Mailing List on January 8, 2009. Nakamoto had circulated a white paper explaining the technical details a few months before. Congratulatory replies soon followed, but there was little indication that bitcoin would quickly become a household name. It was little more than a novelty discussed by a handful of programmers on the Internet.

Over the nine months that followed, bitcoin was basically worthless. Transactions consisted of mere test spends by the few programmers interested in bitcoin at the time in order to work out bugs in the protocol. No one was handing over valuable goods or services for bitcoin. There were no market exchange rates with the dollar, euro, or other currencies. Indeed, there were no exchanges to facilitate currency exchange…

To read more visit American Institute For Economic Research.

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6 comments

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Eric Schmidt May 10, 2021 at 8:37 am

I must be too “Old School”, but putting hard earned cash into a system with no control and complete trust of the guy holding the master switch is nuts. Who are you going after when your Bitcoin balance disappears?

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Mitch Murray May 17, 2021 at 10:36 am

Maybe you should continue to do research your research on this topic?

I must be too “Old School”, but putting hard-earned cash into a system with no control and complete trust of the guy holding the master switch is nuts. Who are you going after when your WallStreet balance disappears?

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Tim May 17, 2021 at 10:36 am

THE FALL OF CRYPTO-BITCOIN

“BITCOIN IS RAT POISON” CHARLIE MUNGER

I am pleased to see both Charlie and Warren of the same mind as myself on this threat to our sovereign currency…over which ONLY CONGRESS may Constitutionally issue the value of coin and tender Many of these bitcoin and cryptocurrency holders are hostile foreign actors trying to undermine our currency

https://twitter.com/FoxBusiness/status/993597695645319170 

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john galt May 24, 2021 at 10:22 am

of course the old guard is going to trash alternatives to fiat….they are invested too heavily in the old system to change willingly…You, along with them will see crypto replace the theivery of systems past…you can get onboard or get left behind…

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Not buying it June 12, 2021 at 11:34 am

Yeah the small banana farmers and weavers in south and central America will be all over Bitcoin. Once someone teaches them what the is and how to use computer and electronic wallet and create a 70character secure private key – then we’re cookin’ with gas. The pumpers of this nonsense live in a self-delusional fantasy.

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