As Bitcoin enters its twelfth year, the past eleven offer a meaningful amount of time to identify key trends that have emerged around cryptocurrencies and blockchain technology. These trends provide insights that are helpful in projecting the future of the digital asset space and how it will take shape over the next decade.
In reflecting on the history of cryptocurrencies over their lifetime, there’s one pattern that immediately jumps out. Each successive wave of interest in the cryptocurrency space has been galvanized by new developments in the ecosystem. In particular, two significant catalysts were the rise of crypto exchanges and the initial coin offerings craze.
These days, crypto users are spoilt for choice when it comes to exchanges, so it’s easy to overlook the seismic impact that these platforms had when they first emerged. Although Bitcoin launched in January 2009, it was over a year before Bitcoin Market — the first cryptocurrency exchange — opened its doors in February 2010. Other exchanges swiftly followed, including the now infamous Mt.Gox. It took less than eleven months from the opening of Bitcoin Market for Bitcoin to achieve parity with the United States dollar.
Fast-forward to 2016, Ethereum unleashed its ERC-20 token standard to the world, which quickly evolved into the 2017/2018 ICO boom. Whether people loved it or loathed it, the ICO craze was probably the biggest moment in the industry’s history. Once tech entrepreneurs became aware of how easy it is to create their own token, the blockchain scene — and the price of Bitcoin — exploded. Read More...