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History Of Cryptocurrencies (How Everything Started)

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History Of Cryptocurrencies (How Everything Started)

First and foremost, cryptocurrencies are a type of digital currency decentralized and not controlled by any government. The history of cryptocurrencies dates back 1980s, when cryptocurrencies were called cyber currencies.

 It is a good idea to visit the website of BitiCodes.

What’s interesting, these coins started gaining in popularity more than a decade ago, in 2008, with the introduction of Bitcoin. The cryptocurrency mentioned earlier was created by an anonymous programmer or group of programmers under the name Satoshi Nakamoto.

Since the launch of the above-mentioned cryptocurrency in 2009, cryptocurrencies have been all the rage. Over the last several years, their popularity has only grown, with more and more people investing in them.

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In this article, we’ll take a brief look at the history of cryptocurrencies and how they’ve evolved.

The idea behind Cryptocurrencies

The cryptocurrency was first mentioned in the 1980s, more precisely in 1989. However, it was only in the early 1990s that cryptographic protocols, as well as software, began to be developed that would enable the creation of a truly decentralized digital currency.

In 2008, Satoshi Nakamoto (a pseudonym) published a paper. It outlined a system for creating a digital currency that didn’t require trust in any third party. Satoshi Nakamoto’s paper practically launched the cryptocurrency revolution.

The Launch of Bitcoin (the world’s first decentralized cryptocurrency)

As you know, Bitcoin is a cryptocurrency and worldwide payment system. Its creator, Nakamoto, created the Bitcoin protocol in 2009, the same year it launched as open-source software.

This cryptocurrency has become increasingly popular with people who need to send money across borders without interference from banks or governments. Nevertheless, its rapid rise in value has made it difficult for some people to know what they should do with their Bitcoins.

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In early 2010, it was the only cryptocurrency in the market. Back then, its price was just a few cents. Over the next several years, new cryptocurrencies entered the market, and their prices rose and fell along with Bitcoin’s.

Unsurprisingly, many people lost faith in cryptocurrencies as an investment vehicle. Nevertheless, beginning in late 2017, cryptocurrencies began to see unparalleled growth. As a result, the total market cap for all cryptocurrencies reached $820 billion in January 2018 before crashing later that month. In spite of this crash, the crypto market has seen steady growth throughout.

Without a doubt, 2017 was full of exciting events. As the value of Bitcoin and other cryptocurrencies skyrocketed, so did the number of schemes as well as scams targeting crypto investors.

Bitcoin and its importance

The world’s first decentralized cryptocurrency has been the subject of many discussions and debates, but it isn’t an easy task to pinpoint when Bitcoin first became popularized. Many believe that its rise was in 2017, increasing from $1,000 to $20,000 before crashing back down below $10,000.

Others believe that Bitcoin’s popularity skyrocketed thanks to cryptocurrency exchanges, making it easier for people with limited technical knowledge to buy and sell cryptocurrencies.

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Whatever the reason may be, one thing is clear: its popularity will continue to grow as more people become aware of what Bitcoin stands for – decentralization and anonymity.

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Leading European Tire Retreader Vaculug To Accept Crypto Payments

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Leading European Tire Retreader Vaculug To Accept Crypto Payments

Vaculug, a British company that brands itself as Europe’s largest independent tire retreader, will now accept cryptocurrencies for its products and services. Its management says the business must move with the times and offer customers more options than pounds and pence.

Vaculug to Take Major Coins, Offer Contracts in Cryptocurrency

U.K.-based tire retreading firm Vaculug has announced it will accept two leading cryptocurrencies, bitcoin (BTC) and ethereum (ETH) as a means of payment for tires and related services. The company claims it’s the first in the industry to do that.

In a press release, Vaculug also revealed it intends to sign fixed price contracts in ‘crypto per kilometer’ and ‘crypto per vehicle’ formats, if customers would like to fix or link them to the prices of the two supported cryptocurrencies.

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Blockchain is not the future but the now, says Vaculug’s IT manager Jason Humphries. “We believe that all companies will have to accept cryptocurrencies in the near future and we are proud to be the first retreader to do so,” he commented.

Humphries thinks the company, which he describes as customer-centric, must move with the times and offer clients “more options than just pounds and pence.” He also insists that crypto payments will lower transaction costs for both sides while providing more value to the buyer.

“We are proud to have partnered with Vaculug to develop the modules required for their industry leading VMS management system to be able to receive secure payments through the blockchain,” said Sam Dunross, the CEO of Dunross and Chan Ltd. which will process the crypto transactions. He added that its platform has been developed with cybersecurity firms from Israel to ensure it’s secure.

Despite the latest crypto market downturn, the number of businesses introducing bitcoin payments has continued to grow. For example, Swiss luxury watchmaker TAG Heuer announced earlier this year that it accepts a dozen coins in the U.S. through an integration with Bitpay. And a survey conducted by financial services firm Deloitte and payment processor Paypal showed that 85% of merchants consider enabling this payment method a high priority.

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Bitcoin, BTC, Crypto, crypto payments, Cryptocurrencies, Cryptocurrency, Cryptocurrency Payments, ETH, ether, Ethereum, Europe, Payments, retreader, tire, tire retreader, tires, uk, Vaculug

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Do you expect increased adoption of crypto payments after this month’s relatively positive developments in the markets of major coins like bitcoin and ether? Tell us in the comments section.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, celio messias silva

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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EU Parliament’s Rapporteur On MiCA Crypto Law Stefan Berger Sells Pair Of Slides As NFT

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EU Parliament’s Rapporteur On MiCA Crypto Law Stefan Berger Sells Pair Of Slides As NFT

“Freedom in a wallet” is how Member of European Parliament Stefan Berger describes the non-fungible token (NFT) he is now selling on Opensea. The NFT represents a pair of ‘Bergoletten’ slides. Shoes symbolize the first step in every development, says Berger who invested efforts in making sure Europe’s upcoming crypto legislation gets the backing of his colleagues.

European Lawmaker Auctions NFT Slides on Opensea

Stefan Berger, the German member of the European Parliament (MEP) who was tasked to facilitate the progress of EU’s Markets in Crypto Assets (MiCA) regulatory package, has come up with a summer initiative to promote tokenization, something “as groundbreaking for the world as the introduction of the stock market was in the 17th century.”

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In late July, the member of the group of the conservative European People’s Party urged his followers on Twitter to join an auction on the NFT marketplace Opensea. “My NFT is out now,” Berger announced in a post about the sale which ends on Monday, Aug. 15. “For me, this NFT is a piece of digital freedom in a wallet,” he wrote in the tweet.

The Bergoletten NFT, which he claims to have designed, represents a photo of a pair of men’s slides, one of which is branded “#bergo” and the other one – “ropa.” The Bergolettes are the optimal summer gadget and were chosen as NFT-motif because every great development begins with a first step, the seller explains on his website, vows to spend the proceeds on swimming promotion, and elaborates:

What was tradable yesterday is tokenized on the blockchain today. Yesterday, you wore bathing shoes on your feet, today you carry them in your wallet – in the form of this NFT.

EU Mulls Treatment of NFTs Under MiCA Regulations

Stefan Berger’s NFT stunt came after a significant advance towards the adoption of the pan-European crypto regulations. In early July, the key participants in the Union’s complex legislative process – the Parliament, Council, and Commission – made a deal to implement MiCA across the 27-strong bloc.

Berger played a role for a decision to drop a controversial proposal to prohibit the provision of services for coins relying on the power-hungry proof-of-work (PoW) mining algorithm from the draft. The texts, which would have amounted to an effective ban on cryptocurrencies like bitcoin, the minting of which requires a lot of electrical energy, sparked negative reactions from the continent’s crypto space.

The agreement did not cover NFTs, “except if they fall under existing crypto-asset categories,” officials in Brussels stated at the time. European institutions now have to decide if separate regulations are needed for the tokens. This type of crypto assets, also referred to as ‘digital collectibles,’ have various applications, including to store digital records on a blockchain and prove authenticity and ownership of artwork, for example.

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According to a recent statement by Peter Kerstens, adviser to the European Commission on technological innovation and cybersecurity policy, EU legislators “take a very narrow view of what is an NFT.” Quoted by Coindesk a few days ago, he suggested that many NFTs will be treated just like other digital currencies.

Speaking during the Korea Blockchain Week, Kerstens elaborated that if a token is issued as a collection or as a series, even though the issuer may call it an NFT and each individual token in that series may be unique, European regulators will not consider it to be a non-fungible token. This means that the requirements for cryptocurrencies will apply for NFTs as well.

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Auction, Crypto, crypto assets, Crypto markets, Cryptocurrencies, Cryptocurrency, EU, Europe, european, European Parliament, European Union, initiative, lawmaker, Legislation, MEP, MiCA, nft, NFTs, Non-fungible tokens, Opensea, package, Promotion, Regulation, Regulations, sale, slides, Stefan Berger, tokenization, Tokens

What future do you expect for non-fungible tokens in the European Union? Share your thoughts on the subject in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Vach cameraman; Stefan Berger

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Crypto Trading, Investing Illegal In Iran, Central Bank Governor Reiterates

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Crypto Trading, Investing Illegal In Iran, Central Bank Governor Reiterates

It is illegal to buy or sell cryptocurrency in Iran, the head of the country’s monetary authority has recently reminded citizens and businesses. The governor noted, however, that mining cryptocurrencies and using them in payments for imports is not against the law in the Islamic Republic.

Top Banker Confirms Crypto Trading Still Illegal in Iran

The purchase and sale of cryptocurrencies or using the digital assets for investment purposes is prohibited, the governor of the Central Bank of Iran (CBI), Ali Salehabadi, has recently told local media. At the same time, authorized persons and entities can legally mine crypto that can be employed for international settlements, the official pointed out.

Referring to regulations adopted by the bank and other government institutions such as the Ministry of Industry, Mine and Trade two years ago, the CBI chief elaborated that it is legal for Iranian companies to pay for imports with cryptocurrency. He was quoted in a report by the English-language edition of the Iranian Labour News Agency (ILNA) on Friday.

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Salehabadi’s comments came after on Tuesday, Deputy Minister of Trade Alireza Peymanpak announced Iran’s first import order using cryptocurrency as a payment method. The government representative, who also leads the nation’s Trade Promotion Organization, revealed that the Islamic Republic bought $10 million worth of goods using digital coins.

However, Iranian authorities are not willing to allow crypto payments inside Iran and earlier this year, Deputy Minister of Communications Reza Bagheri Asl dashed any hopes for that. Crypto trading and investing are not tolerated either, and the government cracked down on local exchanges, allowing only banks and licensed moneychangers to use digital currency mined in Iran to pay for imports.

Since 2019, when the authorities in Tehran recognized mining as a legitimate industrial activity, a number of enterprises have been licensed to mint digital currencies like bitcoin. But the energy-intensive production has been blamed as one of the causes for the growing electricity shortages and blackouts across the country, especially during the hot summers, when consumption spikes due to rising demand for cooling, and the cold winter months, when heating needs increase.

As a result, registered crypto farms were told to shut down their power-hungry equipment on more than one occasion in the past two years, while the Iran Power Generation, Transmission and Distribution Company, Tavanir, went after illegal miners busting thousands of underground crypto farms.

The illegal facilities are often running on subsidized electricity in residential areas. Last month, the utility vowed severe measures against this kind of unauthorized mining. ILNA quotes an estimate by Iranian officials who claim that a single bitcoin mining machine consumes as much energy as 24 households.

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In his interview, Governor Salehabadi also turned viewers’ attention to the CBI’s plan to introduce a ‘crypto rial,’ or a central bank digital currency issued by the Iranian monetary authority which is expected to partially replace paper cash. In April, the central bank informed financial institutions about upcoming regulations pertaining to the issuance of a digital rial, indicating it’s preparing to pilot the CBDC.

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CBDC, cbi, Central Bank, Crypto, crypto mining, crypto payments, crypto rial, Cryptocurrencies, Cryptocurrency, Digital Currency, Exchange, international settlements, Iran, Iranian, mining, Payments, purchase, Regulations, sale, Settlements

Do you think Iran may change its stance on crypto trading, investing, and payments in the future? Share your expectations in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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