Dan Schatt of Earnity on Cryptocurrency Milestones and Breakthroughs
Under the leadership of CEO and fintech veteran Dan Schatt, Earnity has developed a platform to help crypto buyers succeed. Earnity is the world’s first community-based crypto platform and marketplace, just one of the many breakthroughs in the industry.
Below, Dan Schatt takes a sentimental look at some of the biggest events in the cryptocurrency industry.
Bitcoin’s release
The first and most important cryptocurrency is Bitcoin. It was created in 2009 by Satoshi Nakamoto, an anonymous figure or group of people. Nakamoto released the Bitcoin white paper, which outlined how the cryptocurrency would work. He then released the Bitcoin software shortly after.
The Genesis block
The first-ever blockchain block on the Bitcoin blockchain is the Genesis block. It was mined on January 3rd, 2009, by Nakamoto. The Genesis block contained a message that read “The Times 03/Jan/2009 Chancellor on the brink of second bailout for banks,” a reference to The Times headline.
Bitcoin’s first transaction
On January 12th, 2009, the first-ever Bitcoin transaction took place. Nakamoto sent 10 Bitcoins to computer scientist Hal Finney, a big supporter of Bitcoin, who helped Nakamoto with the project in its early days.
The first Bitcoin exchange
In 2010, the first-ever Bitcoin exchange was launched. The exchange was called Mt. Gox, and it quickly became the most popular way to buy and sell Bitcoin. However, Mt. Gox crumbled in 2014 after losing 850,000 Bitcoins to hackers.
The first altcoin
While Bitcoin is the first and most important cryptocurrency, it’s not the only one. In 2011, a developer named Vitalik Buterin created a new cryptocurrency called Ethereum. Ethereum introduced smart contracts, which are programs that can be executed on the blockchain.
The rise of ICOs
Initial coin offerings (ICOs) are a way for blockchain projects to raise money. An ICO is basically a crowdfunding campaign where people buy tokens in a new cryptocurrency. Back in 2017, there was a boom in ICOs as companies raised billions of dollars through them.
The Bitcoin price surge
The price of Bitcoin surged to almost $20,000 in late 2017. This resulted from many factors, including a growing mainstream movement toward cryptocurrencies and limited supply. However, the Bitcoin price crashed in 2018 and has yet to recover.
These are just some of the major milestones in the cryptocurrency industry. While the sector has experienced some ups and downs, it continues to grow and evolve. Earnity’s Dan Schatt expects to see even more innovation in the years to come.