5 Crypto events you should be aware of.

A lot has happend in the world of cryptocurrency. Several events however have had a lot of influence or are mentioned often. In this post we will delve into 5 events that are important and when you are new into crypto you should be familiar with.

The list is in random order.

5. The Creation of Bitcoin and the Disappearance of Satoshi Nakamoto

Bitcoin was the first cryptocurrency to be created, and it remains the most popular and well-known cryptocurrency today. It was created in 2009 by an anonymous person or group of people known as Satoshi Nakamoto. The creation of Bitcoin was brought forth in the financial crisis of 2008.

Satoshi Nakamoto posted on the forum bitcointalk. However in 2010 he dissapeared and nothing publicly has been heard of him/ them ever since.

Bitcoin has developed a lot since then, more than can be written in a short summary, and plenty of information can be found on the internet already. 

4. The Fall of Mt. Gox

Mt. Gox was a Japanese cryptocurrency exchange that was once the largest Bitcoin exchange in the world. However, in 2014, Mt. Gox was hacked, and over 750,000 Bitcoins were stolen. This hack was a major setback for the cryptocurrency industry, and it led to a loss of confidence in Mt. Gox. Mt. Gox eventually filed for bankruptcy in 2014.

The fall of Mt. Gox highlighted the security risks associated with cryptocurrencies and the importance of using reputable exchanges. It also led to increased calls for regulation of the cryptocurrency industry.

Mt.GOX was very big, since there weren’t as many exchanges as there are now. A lot of people held their Bitcoins on the exchange, a lot of the people who bought early lost significant amounts.

A repayment procecdure was started for people who held Bitcoins on the exchange recently. People could file their claim. A lot of people would receive Bitcoins, which was an often reason to fud, as people would be expected to sell once they receive the Bitcoins.

The repayment procedure has not begon yet, it was planned already, but has been postponed, as of now.

3. Bitconnect

Bitconnect was a cryptocurrency investment platform that promised investors high returns. However, Bitconnect was later revealed to be a Ponzi scheme, and investors lost millions of dollars.

Bitconnect’s collapse was a major setback for the cryptocurrency industry, and it led to a loss of confidence in unregulated investment platforms. It also highlighted the importance of doing your own research before investing in any cryptocurrency project.

At the time it was very popular, but already criticized and met with a lot of distrust.

There was a spokesperson for Bitconnect “Carlos Matos”, who is seen as the face of Bitconnect, when it is mentioned.

2. The Fall of FTX

FTX was a cryptocurrency exchange that was founded in 2019 by Sam Bankman-Fried. It quickly became one of the most popular cryptocurrency exchanges in the world, with a trading volume of over $10 billion per day.
FTX was widely used for leverage trading, something in which SBF himself had quite a skill in, was later known.

However, in November 2022, FTX filed for bankruptcy. This was due to a combination of factors, including poor risk management, fraud, and a liquidity crisis.

One of the main factors that led to FTX’s downfall was its exposure to Alameda Research, a trading firm that was also run by Sam Bankman-Fried. Alameda Research was heavily invested in FTT, the native token of FTX. When the cryptocurrency market crashed in November 2022, the value of FTT plummeted, and Alameda Research suffered heavy losses. This led to a liquidity crisis at FTX, as it was unable to meet customer withdrawal requests.

FTX/ Alamada used the funds of customers for own use, investements and trading. And it used its native token as collatoral. When this came out people wanted to withdraw their funds, but siince they didn’t have all the funds available, FTX couldn’t do this.

The fall of FTX was a major shock to the cryptocurrency industry, and it led to a loss of confidence in centralized exchanges. It also highlighted the importance of transparency and accountability in the cryptocurrency industry.

SBF did a lot of sponsoring and donations to campaigns, FTX had several celebrity investments and when it fell it had a lot more publlic ties then Mt. Gox for example.

1. El Salvador Makes Bitcoin Legal Tender

El Salvador became the first country in the world to adopt Bitcoin as legal tender in September 2021. This was a major milestone for the cryptocurrency industry, and it showed that Bitcoin is becoming more mainstream.

However, El Salvador’s adoption of Bitcoin has been controversial. Some critics have argued that it is too risky to make Bitcoin legal tender, and that it could lead to financial instability. Others have argued that Bitcoin is not suitable for everyday use, due to its high volatility and slow transaction times.

Despite the criticism, El Salvador’s adoption of Bitcoin is a significant event in the history of cryptocurrency. It remains to be seen whether El Salvador’s experiment with Bitcoin will be successful, but it has certainly put cryptocurrency on the map on a global scale.