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Cryptocurrency Game Changers A-Z Introduction

 

 

Cryptocurrency Game Changer Where would we be without those moments, people or events that can be called a cryptocurrency game changer? Those people, businesses and moments that helped to define everything that we have today and make the world of cryptocurrency what it is? It is hard to believe that only 10 years ago, we did not have any cryptocurrency at all. 10 years ago, today, we were still 6 months away from that fateful post made by Satoshi Nakamoto, in which he described a digital form of currency which could be transferred directly between two people with no need for a trusted third party. 10 years ago, today, we were still 8 months away from when the Genesis block was mined. Since then, the cryptocurrency universe has exploded, as if it had its very own Big Bang to bring it into existence. While things may seem like they exploded from nothing into what we currently have, it never would have been possible without some very important cryptocurrency game changers.

Imagine for a second that Satoshi Nakamoto never released the Bitcoin White paper. Back in 2008, as the US Housing market was crashing down, where were you? Maybe you were too young to even notice the economic turmoil that was plaguing the nation, and would eventually affect the entire world. All caused by the big banks. Those same big banks who we were forced to trust with our financial well-beings. Their pockets got fatter, while everyone else got poorer. There was no choice for us though. Big banks were our only option at the time.

Purchasing things online required you to use your credit card, or even worse, you were forced to use PayPal and pay those high fees for every transaction you made. To add insult to injury, PayPal was, and still is, notorious for freezing accounts at their whim, leaving account holders in a position in which they feel like a criminal, struggling to fight their case in order to get their own money. But, it was all that we had, all that we knew. Most of us, in society, never even dreamed that anything else was even possible, let alone already in the making.

It was not all cheers and celebration when Satoshi released the white paper. In fact, there was more skepticism than support. Bitcoin was mocked, it was laughed at and it was put down by almost every single mainstream financial entity that you could name. It was an uphill battle and during that battle, there were some key figures, important moments and those once in a lifetime events that allowed it all to come together. Over time, the naysayers grew quieter, fewer financial experts had anything negative to say and slowly, ever so slowly, the shift began. More and more of these same naysayers started jumping on board, Bitcoin prices started to climb and as the movement really gained steam, it became a freight train with no brakes and an endless track, on which it was chugging along. Gaining momentum, picking up speed, Bitcoin became an unstoppable entity of its own and allowed the rest of the cryptocurrencies to get a foothold.

Like an explosion, cryptocurrencies became a part of our everyday lives. The events that were happening in the background are what caused everything to happen the way it did and are what allow us to enjoy cryptocurrencies being a part of our lives. It is those cryptocurrency game changers that we wish to celebrate.

As Bitcoin creeps up on its 10th birthday, we look back at some of the most major events, important people and historic moments that helped to shape cryptocurrency. Whether good, bad or ugly, these game changers are what has shaped cryptocurrency. This list is by no means all-inclusive, and while some things that maybe should have made the list are not here, it is only because there are only 26 letters in the alphabet to work with.

Simply click any of the gray bars below to read more about each cryptocurrency game changer.

 

 

A - Application Specific Integrated Circuit (ASIC)

 

 

 

Cryptocurrency Game Changer When Bitcoin was first released in 2009, all it took to perform the mining operations was a home computer or laptop. As more and more Bitcoin blocks were mined, the amount of power and resources needed to mine blocks increased and continues to increase to this day. Mining with PC processors and GPU’s quickly became unfeasible. This created the need for Bitcoin ASIC machines, which are dedicated pieces of hardware that are built with one specific purpose: to perform the basic hashing functions needed to mine bitcoin. These rigs, as they are called, are pretty hefty in price and are total power-hungry machines.

What is an AISC?  ASIC means Application Specific Integrated Circuit. It is application specific: the chip is designed for one specific application. If you want to mine Bitcoin, you design an ASIC whose application is mining Bitcoin (or, probably, computing SHA256 hashes as fast as possible, which is the computationally demanding part of mining Bitcoin). The hardware is designed to do that, and only that; it will never be able to do anything else. That’s what makes it so efficient at mining Bitcoin.

Originally, Bitcoin’s creator, Satoshi Nakamoto, intended for Bitcoin to be mined on CPUs (your laptop or desktop computer). However, Bitcoin miners discovered they could get more hashing power from graphic cards. Graphic cards were then surpassed by ASICs.

With stellar performance comes a high price tag – the best ASIC chips will run you a few thousand dollars each. Upon creation, Bitcoin blocks were confirmed by the average person using their desktop – once ASICs hit the market, things changed. When ASICs hit the market, the blockchain’s validation process became more centralized than decentralized, as the majority of validation is done by a single mining company, rather than being spread out amongst many miners. This has fueled countless debates, arguments, and even a new coin, Bitcoin Gold, which aims to make ASIC mining unfeasible to help spread mining to more people on the network, as was originally intended.

ASIC rigs truly changed the game for Bitcoin, making them a major cryptocurrency game changer.

 

B - Bloomberg Lists Bitcoin on Financial Terminals

Cryptocurrency Game Changer In April of 2014, Blomberg Professional Services started listing Bitcoin prices to its approximate 32,000 customers. The service will allow users to track the price and monitor Bitcoin, as well as chart data relevant to the cryptocurrency. The prices will come from Coinbase or Kraken, the latter of which has been an integral part of making the deal occur. Bloomberg has added a special currency category, VCCY, that users can choose to add to the data that they receive.

In August of the previous year, rumors had surfaced that Bloomberg had begun working on a Bitcoin price ticker and had already made the Bitcoin pricing data available to its employees via the Financial terminal. The news that Bloomberg released this feature to its users was met with mixed reactions from Wall Street and other parts of the private financial sectors. The Wall Street Journal called the move by Bloomberg, “A key stamp of approval”, of Bitcoin. An excerpt from the WSJ states,

“Everyone from Warren Buffett and Marc Andreessen to the Winklevoss twins and the Internal Revenue Service has opined on the viability of the digital currency. Depending on your vantage point, bitcoin may be the biggest technology innovation since the Internet or a fad whose crash will be as precipitous as its meteoric rise.”

 In defense of the detractors of the decision to make this data available to its users, Bloomberg argued that it was impossible to ignore Bitcoin, simply sue to the attention it was receiving and subsequently released this statement,

“It’s worth noting that we are not endorsing or guaranteeing bitcoin, and investors cannot trade bitcoin or other digital currencies on Bloomberg.”

In the same series of statement, Bloomberg also commented that Bitcoin could provide a more transparent and secure way to conduct financial transactions and Bloomberg customers were becoming increasingly more interested in digital currencies. Bloomberg delivered to its customers the tools that they needed to monitor the Bitcoin price because that is what their customers wanted. Plain and simple.

The entire event saw Bloomberg praising digital currency like a kid in a candy store, and then immediately realizing what had been said and issuing a disclaimer type statement. No one was fooled, however. Bloomberg had publicly spoken out in favor of Bitcoin, and digital currencies, in general. That was a huge stamp of approval from a very, otherwise, traditional financial giant.

 

C - Coinbase Introduces Credit Card Payments for Bitcoin Purchases

 

Cryptocurrency Game Changer In the earlier days of Bitcoin, it was difficult to actually get your hands on the cryptocurrency. In the United States, especially, buying Bitcoin was no easy task. This brings us to our next cryptocurrency game changer, Coinbase began allowing users to purchase Bitcoin, and eventually Litecoin and Ethereum using their Credit or debit cards. This move by the company allowed users to more easily access Bitcoin and the other cryptocurrencies they supported. Access to cryptocurrency had been a major hurdle for many people, as it was almost impossible to buy unless you went to sites like LocalBitcoins or Paxful, both of which are full of scam artists and feature very unconventional methods of making purchases. For those of us within the cryptocurrency universe, we understood why things were this way, but for many would-be newcomers, it turned them away and actually left a bad impression about cryptocurrency upon them.

Coinbase announcing the support of credit card payments was a Godsend to, not only Coinbase and its users, but also for the rest of the cryptocurrency universe, as it gave us some much-needed credibility, while at the same time, providing access to millions of people who otherwise would not have had a way to buy in. Coinbase immediately saw an increase in new users signing up for their services. As the cryptocurrency craze grew larger, there were points when Coinbase had to publicly announce that they could not keep up with the demand of their users due to the sheer numbers of people who were trying to sign up. It was taking them up to 2 weeks to reply to support tickets at one point. BitPay also had similar backlogs when they offered their Bitcoin Debit card.

The use of credit or debit cards to purchase bitcoin and other cryptocurrencies is now common place and easily accessible for most of the world. However, it took that cryptocurrency game changer, the moment when Coinbase took the leap and did it first. This paved the way and opened the flood gates for other companies to hurry and start accepting credit cards for Bitcoin purchases, as well. Ultimately, this would be the sole reason that most formerly non-cryptocurrency holders were able to enter the sphere in the first place.

Buy Bitcoin

D - Distributed Ledger Technology

 

  Wikipedia defines a Distributed ledger as,

“A distributed ledger (also called a shared ledger, or distributed ledger technology, DLT) is a consensus of replicated, shared, and synchronized digital data geographically spread across multiple sites, countries, or institutions. There is no central administrator or centralized data storage.”Cryptocurrency Game Changer

Enter the blockchain. The underlying technology that allows cryptocurrencies to exist. A secure way to transmit data that is un-hackable, cannot be edited and is impervious to any sort of attack. Virtually indestructible because it exists on every computer that is a part of the network and works on the principle of consensus before anything can be added to it.

It is the underlying technology of cryptocurrency and the thing that has the business world in a total upheaval. Everyone from IBM, Walmart and even the Federal government of the United States are looking into ways that they can implement distributed ledger technology into the way they do business. The benefits are great, as the blockchains will provide a safer, more transparent and substantially more efficient and cost-effective way that almost every aspect of business is performed.

Maybe the most outspoken business that is hyped up about the technology is IBM. They have gone so far as to create the Hyperledger, which allows developers to build their own blockchains for just about any implementation. IBM, when you visit their website, seems to be focused solely on this technology and has apparently left everything else in the wake of the breakthrough that blockchain is seemingly providing.

The distributed ledger technology is so important because it is so simple, yet, so revolutionary, that it is one of those inventions that make you wonder how we never thought of it before. The use cases are endless and it can be applied to everything, from contractual agreements, to tracking and logistics and even to inventory control and payroll. It has implementations for every aspect of business that you can think of, and most likely, quite a few that no one has thought of yet.

Every single week, reading the news, you can easily find stories about governments, central banks, financial institutions and large corporations that are researching, testing or investigating how the blockchain can work to benefit them. This clearly was one of the, if not the most, important cryptocurrency game changer that helped to bring cryptocurrency to where it is today.

 

E - Ethereum Project

 

 

Cryptocurrency Game Changer While no one wants to take away from Litecoin and other Bitcoin predecessors, the Ethereum project was the most influential project to enter cryptocurrency. With the advent of the Ethereum blockchain came a brand-new technology in the form of smart contracts that revolutionized, and still do revolutionalize, just about every aspect of life as we know it. Decentralized apps, smart contracts and even the eerie DAOs that the Ethereum network made possible have shown us that everything we thought we knew can actually get even better, more efficient and cost a lot less. For the best definition and easiest to explain description of Ethereum, we go direct to the Ethereum project’s website,

“Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.

 These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.

 This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middleman or counterparty risk.”

 Since its release, companies such as IBM and Google have been in the news, as utilizing this technology. Several governments around the world are also testing implementations of the Ethereum blockchain or smart contracts within their infrastructures.

Smart contracts make it possible for much more efficient and cheaper logistics and carry huge benefits in the way we handle contractual agreements and fulfillment of those agreements.

 

F - Fidelity Accepts Cryptocurrencies

 

Cryptocurrency Game Changer In late 2015, US Mutual fund giant, Fidelity announced that it would accept Bitcoin Donations to charities from its members. This marked the first time a major US financial organization publicly embraced bitcoin and cryptocurrencies. Fidelity Charitable senior vice president Matt Nash sought to emphasize that the move was geared toward maximizing the ways in which its 100,000 donors could engage in philanthropic giving. Nash went on to say,

“Enabling donors to contribute bitcoin to their donor-advised funds is the latest example of Fidelity Charitable’s commitment to making it as easy as possible for donors to support the charities they care about with the assets at their disposal. There are many tax advantages to donating long-term appreciated assets, and that ultimately means more money to charity.”

Fidelity had already been showing a lot of interest in Bitcoin and blockchain technology, this was merely their first public move in favor of the technology and would be one of the more iconic events, as it opened the doors for other financial players to publicly embrace cryptocurrency. The fact that the move by Fidelity came shortly after Bloomberg announcing it was adding features and tools for their users to monitor Bitcoin, and then publicly speaking out in favor of digital currencies, made the fidelity announcement that much more of a cryptocurrency game changer.

Fidelity eventually went on to allow their clients to invest in Bitcoins through their IRA funds and also created The Bitcoin Investment Trust, launched in September of 2012 and in 2017, added Bitcoin to their website and even began mining the digital currency. Fidelity, so publicly putting Bitcoin at the front and center has helped to pave the way for other investment firms and fanatical advising companies to follow suit, making Bitcoin even more available and legitimate in the eyes of the general public.

The CEO of Fidelity is quoted as saying,

“I love this stuff – Bitcoin, Ethereum, Blockchain technology – and what the future holds.”

 Fidelity has followed the example of Coinbase, as it has also shown support and offerings for Ethereum and Litecoin, in addition to bitcoin. Fidelity is proving to be one of the most influential cryptocurrency game changer in the private financial sector.

In late 2015, US Mutual fund giant, Fidelity announced that it would accept Bitcoin Donations to charities from its members. This marked the first time a major US financial organization publicly embraced bitcoin and cryptocurrencies. Fidelity Charitable senior vice president Matt Nash sought to emphasize that the move was geared toward maximizing the ways in which its 100,000 donors could engage in philanthropic giving. Nash went on to say,

“Enabling donors to contribute bitcoin to their donor-advised funds is the latest example of Fidelity Charitable’s commitment to making it as easy as possible for donors to support the charities they care about with the assets at their disposal. There are many tax advantages to donating long-term appreciated assets, and that ultimately means more money to charity.”

Fidelity had already been showing a lot of interest in Bitcoin and blockchain technology, this was merely their first public move in favor of the technology and would be one of the more iconic events, as it opened the doors for other financial players to publicly embrace cryptocurrency.

 

G - Cryptocurrency Game Changer: Gavin Andresen

 

Cryptocurrency Game Changer In 2010, a quote from Gavin Andresen that would ultimately lead to the Bitcoin and cryptocurrency world as we know it today was posted, by him, on the BitcoinTalk forum,

“With Satoshi’s blessing, and with great reluctance, I’m going to start doing more active project management for Bitcoin”

 From that moment on, Bitcoin had a new chief. Satoshi invented and proposed Bitcoin and even started the ball rolling, but it was Gavin wo ultimately turned Bitcoin into the global phenomenon that it has become. Granted, he had help, but it was his dedication to the project at a time when Bitcoin was worthless and his vision that has helped to foster its growth. Andresen became “core maintainer”chief developer—of the open source code that defines the rules of Bitcoin and provides the software needed to make use of it.

The CIA and Washington regulators have looked to him to explain the currency. And it was Andresen who conceived of the nonprofit Bitcoin Foundation—established in 2012—which is the closest thing to a central authority in the world of Bitcoin.

Gavin had been working as a software engineer ever since he graduated in computer science from Princeton in 1988. he encountered Bitcoin in 2010. Bitcoins were essentially worthless at the time and extremely hard to get ahold of and even harder to use. But Andresen saw technical elegance in Nakamoto’s design, and a currency outside the control of any government appealed to what he calls his “mostly libertarian” politics.

When Andresen took over from Satoshi Nakamoto in 2010 he laid out the way the project would operate, drawing on his experience managing teams building software products and what he knew of major open source projects such as Linux. A group of five core developers emerged, with Andresen as the most senior.

Gavin has since moved on from the core development team and is now focused on the bitcoin Foundation full-time, but there is really no way to argue the fact that he was a major cryptocurrency game changer because without him, we cannot be sure how it all would have turned out.

 

H -Cryptocurrency Game Changer: Hashcash

 

In 1997, Adam Back Invented the Hashcash proof of work data. It was this method that Satoshi Nakamoto used in Bitcoin and was the key component to mining Bitcoin. The original idea was to use it in order to filter spam messages. The premise of Hashcash is this:

A textual encoding hash is attached to an email header to prove that the sender has dedicated a modest amount of computational power in order to send the email. It is unlikely that a spammer would do this, given the mass number of emails that need to be sent, for as little cost as possible for the spamming to be profitable. The person who receives the email can then verify the hash if they so choose. Since the receiver can verify the hash, it can be used to help filter spam emails from desired emails.

The time that is needed and the amount of energy is negligible at best. Unless you are sending thousands of emails, and then the cost can become quite noticeable. This is the reason it would be safe to assume that spammers would not utilize this method and then filters can weed the spam out.

In Bitcoin mining, 2 SHA256 hashes are used, which originally required that the first 32 of 256 bits be zero. Due to better technology, this has since been changed so that the first 72 bits need to be zero. This allows the rate at which miners find blocks to stay right around 6 per hour.

The way that Bitcoins are entered into the economy and then circulated is paramount to the success and viability of cryptocurrency. All Cryptocurrencies employ some sort of “proofing” algorithm in order to validate the transactions that occur on the network. This makes Hashcash a cryptocurrency game changer in every respect.

I - Initial Coin Offering (ICO) Craze

 

Cryptocurrency Game Changer In 2017, the cryptocurrency world saw the birth of a new method of entry into the crypto-sphere. Initial Coin Offerings meant to gain capital funding for a cryptocurrency project exploded to life almost overnight. In exchange for putting up some money to help fund a new project, investors would be given a certain number of tokens when the project was up and running.

This method proved so successful that literally hundreds of new projects were born. The issue of how to get the finances to start up a cryptocurrency project had been solved. With this new and innovative approach came with it the bad actors that seem to always hover around, just waiting for their chance to pounce and steal as much money from people as they can. Con artists aside, the ICO method is ingenious and continues to prove a great way for raising funds.

The legal aspect of an ICO is somewhat of a gray area, with the regulatory bodies claiming that it is an investment or security. However, with very little precedence, ICOs continue to flourish and new coins are being announced every single day.

With all of the new cryptocurrency projects springing up, the fight to get people to even notice coin has birthed another ingenious method, called Airdrops. An ICO offers people free coins for doing simple things like sharing their links, liking and following their social media pages, joining the community and even for taking part in the ICO by investing money into it.

Nothing draws attention like the promise of free money. When you add the fact that there is a chance that the coins being given away for free could potentially hold a value of hundreds of dollars in the near future, you get a situation that has people who have never been involved in cryptocurrency before suddenly interested and jumping in head first. This one single thing is quite possibly the most effective thing that has been done to get new people interested and vested into the crypto-sphere. All hesitation that these new crypto users have had disappears since there is literally no risk to them at all and other than a few minutes of their time, there is no cost to enter the previously scary and difficult to understand cryptocurrency world.

ICOs have been a huge cryptocurrency game changer and will continue to be for the foreseeable future.

ICO Calendar

 

J - JP Morgan Chase CEO Jamie Dimon

 

Cryptocurrency Game Changer For better or worse, whether you like it or not, Jamie Dimon, CEO of one of the largest banks in the world makes this list as a cryptocurrency game changer. If you are not familiar with what happened, In September of 2017, Jamie Dimon was attending an investment conference and was asked what he thought of Bitcoin. Jamie Dimon stated that he thought that Bitcoin was a fraud and that he would fire anyone employed at his bank that got caught trading it. He went on to say that he supported the blockchain technology for tracking payments, but that Bitcoin was stupid and far too dangerous.

Dimon is quoted as saying things, such as,

“It won’t end well,” Dimon said, adding that “they will eventually blow up. It’s a fraud.”

Speaking later in the day at a different event, the Delivering Alpha conference, Dimon joked that just because prices were going up now didn’t mean they would do so forever. People need to be careful, he said.

“My daughter bought some bitcoin and it went up and she thinks she’s a genius now,” Dimon joked.

A month later, he was quoted once again, saying,

“If you’re stupid enough to buy it, you’ll pay the price for it one day”.

These were just a couple of examples of the things that he said. There were many more. For about 3 months, he was probably the most high-profile critic of Bitcoin and cryptocurrencies, in general.  And people listen to someone like Jamie Dimon when he speaks about money. He has amassed a fortune, is a billionaire in fact, because he knows his stuff in the world of finance.

Of course, anyone familiar with what transpired will know that within days, it was reported by several media outlets that, not only were employees of his bank trading Bitcoin, but they were doing so in an official capacity, acting at the bequest of JP Morgan financial customers.

There were countless stories of JP Morgan Chase being involved with cryptocurrency, and finally in January of this year (2018), while being interviewed by Fox Business, Jamie Dimon did an about face. On the show, he was inevitably asked about the comments he has made about Bitcoin, particularly the one where he said people were stupid if they bought it, and he stated,

That was just one of many critical comments about bitcoin, which I regret making“.

In the same Fox Business interview, he said blockchain — the technology that underpins bitcoin — is “real” and said it is “important to look at cryptocurrency offerings individually”.

“You can have cryptodollars and yen and stuff like that,” he said.

Since then, he has been relatively quiet, but it was done. As they say, no publicity is bad publicity. When he made those negative comments originally in September, Bitcoin’s price did dip about 2%, but quickly rebounded. Anytime he spoke of it, it caused people to take notice, brought awareness to bitcoin and cryptocurrency, if you will. When he finally relented in January, it was a second blessing and Bitcoin, as well as other cryptocurrencies have benefited. Jamie Dimon, even though not directly involved in cryptocurrency is nonetheless, a cryptocurrency game changer.

 

K - Cryptocurrency Game Changer: Kraken Exchange

 

Cryptocurrency Game Changer US based Kraken exchange has been at the forefront of cryptocurrency innovation. They have done it in a way that may not be apparent to most, since they have done it in a low-key, beneath the radar sort of way. A very important thing to make mention of is the Kraken has never been hacked, breeched or had a dime of cryptocurrency taken from their site that was not authorized. The fact that they are as big, and as established as they are may come as a surprise to many since you hardly ever hear anything about Kraken in the news. Bitfinex, Binance, Poloniex, etc.… are constantly in the news or being mentioned in public forums. Kraken stays very low key and has been a very successful player in cryptocurrency.

Kraken makes the list as a cryptocurrency game changer for things that they have helped to achieve, and for literally “changing the game”. Tackling the former first, Kraken CEO, Jesse Powell visited the offices of the infamous MountGox exchange and volunteered to help them in the aftermath of their first two disasters. After seeing how poorly it was run, he decided to start Kraken and “Change” the way Bitcoin exchanges operated in order to further promote Bitcoin to the mainstream. Powel is quoted, from a Bloomberg News article, as saying,

“It was clear after that hack at Mt. Gox, when they were down for like a week, that the exchange is really the most critical piece of the ecosystem…I wanted there to be another one to take its place, if Mt. Gox failed.”

Kraken was a founding member of the Digital Asset Transfer Authority (DATA), a committee whose aim was to become the future selfregulatory body of cryptocurrency. Kraken was the very first exchange to switch to the ISO 4217 standard currency code for Bitcoin (XBT). Then they established an exclusive partnership with BaFin regulated Fidor bank to provide SEPA payments to allow Kraken account holders to purchase bitcoin with Euros direct from their bank accounts.

Kraken then went on to be the ones who discovered the security flaws in Namecoin.

All of that was before the end of 2013. On to 2014.

It turns out that Kraken was totally immune to the Bitcoin “Transaction Malleability” exploit that all other exchanges were vulnerable to at the time (MountGox is the most notable.) When Fortune Magazine asked how they avoided it, Jesse Powell stated,

“We knew that relying on TXID would eventually cause problems, so we built a more robust system of accounting. We never had to make a fix because we planned ahead and didn’t take shortcuts in the beginning.”

In March 2014, Kraken became the largest exchange by volume for trading between Bitcoin and Euros.

A month later, in April 2014, Kraken became the first bitcoin exchange to be listed on Bloomberg Terminal.

There are so many more notable entries that summing them up would be easier. Kraken helped advise members of the Japanese parliament on forming the Japanese regulatory committee on cryptocurrency, a partnership with Luxembourg’s PayCash was formed, kraken was one of the first bitcoin exchanges to offer margin trading, and they also established many more practices that you find on most cryptocurrency exchanges today.

More recently, starting in 201, Kraken became most known for its war with the State of New York over the license requirements imposed by the state on cryptocurrency exchanges. During that same year, reports that Kraken had been breached and accounts were missing funds surfaced and Kraken announced it was investigating the issue and then went silent. The rumors of another Mount Gox incident were running wild all over the internet. After several days, however, it was fond that no such breech had ever occurred.

The list of accomplishments that Kraken has achieved that help to further the advancement of cryptocurrency into the mainstream are endless and more can be found at Wikipedia and several of the crypto-related news websites.

An important message is that Kraken is, and has been, an assistant in the Mount Gox investigation, going as far as to accepting creditor claims on its own website. This is done in an official capacity, as they have been appointed by the courts to do so. Kraken also passed the first cryptographically verifiable proof of reserves audit that is based upon the Merkle Tree method.

Truly one of the leading entities in cryptocurrency, even if they do it low key, Kraken is definitely a cryptocurrency game changer in every sense of the phrase.

Bitcoin Trading Strategies

 

L - Cryptocurrency Game Changer: Laszlo Hanyecz

 

Cryptocurrency Game Changer Most people may not recognize the name, but virtually everyone knows the story. 2010, Bitcoin was worth pennies. In fact, 10,000 of them would only get you 2 Pizzas from papa Johns, which is exactly what Laszlo Hanyecz did with 10,000 of the precious Bitcoins he had.

Of course, papa johns did not accept Bitcoin as payment, so he had to do it indirectly. On May 22, 2010, Laszlo was at home, in Jacksonville, Florida, and he was hungry. He decided to try and get some pizza. Why not? To make it interesting, he wanted to pay with bitcoin. So, Laszlo posted what would become one of the most infamous posts on BitcoinTalk.org. The post started out,

“I’ll pay 10,000 bitcoins for a couple of pizzas.. like maybe 2 large ones so I have some left over for the next day.”

He went on to say what he liked on his pizza and if anyone was interested, to let him now and they could work out a deal.

At the time, it was a mere $40 USD worth of Bitcoins he was offering. A British user from the forums offered to do the deal with him, paid the $25.00 papa john’s bill, making a $15 profit at the time. Today, that same amount of Bitcoin is worth over $75 million USD.

The event is so infamous in the cryptocurrency world that May 22nd has officially been dubbed Bitcoin Pizza Day. All cryptocurrency enthusiasts eat pizza and remember what has been widely accepted as the first real-world transaction involving Bitcoin.

It marked the beginning of what would become a non-stop freight train that has become a monster, with a life of its own. However, without people like Laszlo, who believed in Bitcoin from the very beginning, who knows what we would be stuck with today. It is something that even thinking about is unpleasant to say the very least. Plus, Bitcoin has its very first official holiday thanks to Laszlo.

Laszlo, you are a true cryptocurrency game changer. The entire cryptocurrency universe owes you a debt of gratitude for believing in Bitcoin and for taking the chance and putting up 75 million in the process. Cheers to you my friend and if You ever head south to Daytona Beach, let me know and I will buy you a drink. A noticeably and significantly cheaper drink than 75 million, but a drink, nonetheless.

 

M - Cryptocurrency Game Changer: Mount Gox

 

Cryptocurrency Game Changer You cannot make mention of Bitcoin’s history, no matter what your list is themed as or what it is titled, without including Mount Gox. Mount Gox may very well be the most famous of all things cryptocurrency.

A fun fact about Mount Gox: The websites URL, MtGox.com was short for “Magic: The Gathering Online Exchange,”. The original intent by Jed McCaleb was to open an online trading platform where players of the same game could trade their playing cards like stocks.

Launched in 2010, Mount Gox became the largest Bitcoin exchange in the world, handling an estimated 70% of all Bitcoin transactions in the world. In February 2014, Mount Gox shut down its website and filed for bankruptcy, claiming that some 850,000 bitcoins had been stolen from the exchange. At the time, the amount stolen was valued at more than $450 million USD. Today, (June 2018) 850,000 bitcoin is worth over $6.3 Billion USD. 200,000 of the missing Bitcoin have been found, but the initial cause of the theft was unclear.

The trouble began in June of 2011. Jed McCaleb had sold the exchange to Mark Kapeles, a French national, living in Japan several months prior to the first incident. A security breach, involving a hacked computer that belonged to an auditor of Mount Gox, caused the nominal price of Bitcoin to fall to one cent. This proved to be a hack attempt that failed, as mount Gox never lost the bitcoins before the breach was discovered. To prove that they still maintained control of the coins, they executed a transaction, in the amount of 424,242 Bitcoins would be taking place. The transaction was verified since it appeared in block number 132749.

In October of that same year, 2 doze transactions that totaled 2,609 Bitcoins were sent to invalid addresses. Since these addresses had no private keys associated with them, the Bitcoins were effectively lost forever. It allowed the cryptocurrency world to see a serious flaw in the protocols used to send bitcoin.

In February of 2013, Online payment system provider Dwolla restricted several accounts of users of Mount Gox. These users that attempted transactions had the withdrawal requests rejected, but the money was never returned to their accounts. It took 3 months and a stern warning to never cancel withdrawals again.

A couple of months later, Coinlab filed a $75 million USD breach of contract lawsuit against Mount Gox for Mount Gox’s failure to meet the terms of an agreement to move North American services to Coinlab. In May, The US Department of Homeland Security issued a warrant, aiming to seize funds from the subsidiary account that mount Gox maintained with Dwolla. The warrant sited Mount Gox was not registered as a money transmitter. $5 million was seized. On 29 June 2013, Mt. Gox received its money services business (MSB) license from FinCEN.

On August 5, 2013, Mt. Gox announced that it incurred “significant losses” due to crediting deposits which had not fully cleared, and that new deposits would no longer be credited until the funds transfer was fully completed.

In November 2013, it was reported that customers were experiencing delays of weeks to months in withdrawing cash from their accounts. The company had “effectively been frozen out of the U.S. banking system because of its regulatory problems”.

On February 7, 2014, Mount Gox suspended all activity and released this statement,

“A bug in the bitcoin software makes it possible for someone to use the bitcoin network to alter transaction details to make it seem like a sending of bitcoins to a bitcoin wallet did not occur when in fact it did occur. Since the transaction appears as if it has not proceeded correctly, the bitcoins may be resent. Mt Gox is working with the bitcoin core development team and others to mitigate this issue.”

After nearly 3 weeks of being offline and out of contact, the website of Mount Gox went offline. During the month of February, that year, when mount Gox was offline, the price of Bitcoin dropped by 36%.

The drama that unfolded is extensive and beyond what this article is trying to accomplish. The full story can be found on Wikipedia.

It all eventually ended with Mount Gox being liquidated to cover the lawsuits filed against it. More importantly for the cryptocurrency world, it taught us all a great lesson in due diligence, security and trust of third parties in this very highly volatile environment that we have chosen to take part of. Mount Gox was a cryptocurrency game changer for sure, just not for any positive reasons. Instead, they taught us the things we need to be aware of.

 

 

N - New Liberty Standard

Cryptocurrency Game Changer New Liberty Standard was the name of the very first Bitcoin Exchange, as well as the name of the BitcoinTalk user who created that exchange and determine the rate of bitcoin in the very beginning. He did it by using his electricity bill to determine how much it cost to mine Bitcoin and set the price accordingly from there. The very first transaction at the new pricing was $5.02 for 5,050 Bitcoins, which were used to seed the new exchange.

Besides this historic event, NewLibertyStandard also helped to start the conversation and debate about markets and pricing for Bitcoin. Many great ideas and methods that are used today were birthed in those early conversations. With the ability to trade bitcoins in a formal setting established, the way was paved for future Bitcoin exchanges, market services and other companies to include their services in the Bitcoin world.

Those initial debates on whether or not the New Liberty Standard method of pricing Bitcoin were essential for the community to find a standardized way to figure out how much Bitcoin would cost. Of course, once the markets were up and running, the price of Bitcoin was determined by supply and demand, and the New Liberty Standard method was now obsolete. However, it takes someone to start something off, and that is what NewLibertyStandard did, started off the Bitcoin market. New Liberty Standard, both the method and the BitcoinTalk user have proved to be a serious cryptocurrency game changer in every respect.

 

O - Cryptocurrency Game Changer: October 31, 2008

Cryptocurrency Game Changer The day it all started. This is the date that Satoshi Nakamoto released the Bitcoin White Paper to the public. For the first time, the problems that had previously prevented digital currencies from existing before had been solved, and in quite an ingenious way. The white paper was released to the members of the Cypherpunk cryptography mailing list and sought to provide the information on Bitcoin and how it could change the way that currency was traded between individuals with no need for a trusted third-party, or middleman. An excerpt directly from Satoshi’s Bitcoin White paper explains it best,

“[Bitcoin] a purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work.”

The Bitcoin White paper goes on to fully describe how, using methods that had recently been released, as well as some very old cryptographic standards, mixed with Satoshi’s own strategies could foster this new and innovative currency. This was the day that Bitcoin was officially born, from this point on, it would grow and it would grow fast. Within 3 months, the Bitcoin network would be up and running and the very first bitcoin transaction would occur. Satoshi Nakamoto sent Hal Finney some Bitcoins, marking that first legendary transaction.

This single event, the release of the Bitcoin White paper is the cryptocurrency game changer that started it all and one that goes down in the history books as the day that change the world of finance forever.

 

P - Proof of Stake Security

Cryptocurrency Game Changer In 2012, Peercoin was released and it featured a brand-new way to create digital currencies. Proof of Stake (POS) method depends on coins that are already in existence, and, in Peercoin’s case, is used to then determine the number of future coins investors receive.

Created as an alternative to the power-hungry Proof of Work method, Proof of Stake aimed to tackle issues that PoW faced. Since, in Bitcoin’s Proof of Stake mining method, the difficulty would be ever increasing, it would mean that as time went on, the cost to mine Bitcoin would grow exponentially. In fact, this was not only correct, but proved to be a major hurdle for anyone who wishes to mine Bitcoin. By 2015, it was estimated that it took the power of 1.57 American households in order to perform a single bitcoin transaction and since then, it has only increased. In June 2018 it is estimated that the Bitcoin mining process uses approximately the same amount of electricity as the entire city of Vienna, Austria.

The Proof of Stake method sought to counter that problem by attributing mining power to the proportion of coins held by miners themselves. In this way, instead of utilizing energy to answer PoW puzzles, a PoS miner is limited to mining a percentage of transactions that is reflective of his or her ownership stake. For instance, a miner who owns 4% of the Bitcoin available can theoretically mine only 4% of the blocks.

Another difference between PoW and PoS is that an attacker only needs to control 51% of the network with the PoW method, whereas, with PoS, an attacker would need to control 51% of the total circulating coin supply itself.  While neither is feasibly possible, it would be even more difficult to control 51% of the total coins in circulation. There are coins that use PoW and those that use PoS, but there some coins that implement both of them at the same time in their mining process, which is considered a fully attack proof system.

The creation of the Proof of Stake method of mining was a true cryptocurrency game changer, as it gave the cryptocurrency world another choice, an added benefit and allowed for the growth and development of future coins.

 

Q - Quarrels Within the Community

 

Cryptocurrency Game Changer Fighting and arguing are not necessarily always a bad thing. Sometimes these squabbles lead to bigger and better things. Take the disagreement amongst the Bitcoin community regarding the block size. There were two main points of argument. As the old saying goes, you can please some of the people some of the time, and you can please all of the people some of the time, but you cannot please all of the people all of the time.

So, what happened? After months of bickering, debating, squabbling and drama, we ended up with a new cryptocurrency, which is flourishing alongside bitcoin. In the end, even though the journey was strife with turmoil, something positive was born. A new cryptocurrency that has helped the community to grow.

We saw the same sort of thing transpire within the Ethereum network when the DAO project got hacked. Again, bickering, squabbling and debating led to two cryptocurrencies that are coexisting together in the greater cryptocurrency community.

In the end of both situations, both sides of the argument got what they wanted and the cryptocurrency community, as a whole, benefited by offering more options to its ever-growing user base. That is the real key to the success of cryptocurrency: the options that people want being available to everyone. These options might not all be the same for everyone. So, it is important to make sure that there is a coin out there that offers something that everyone in the world could possibly want. As long as there is at least one cryptocurrency coin that someone likes, then how it became a coin is unimportant, what is important is that it is there and that person has access to it.

Every single time that someone questions the norm, it is a crypto currency game changer. If it were not for these quarrels, where would we be? We need to think of these squabbles as just another way to advance our precious community even further.

Segwit2x Quarrel

 

R- RSA Algorithm Released

 

Cryptocurrency Game Changer We need to go 31 years before Bitcoin was announced for this one. In 1977, MIT’s Ron Rivest, Adi Shamir and Leonard Adleman published a paper, laying out a new way to secure data and prove who we are to organizations. The RSA algorithm, named by using the first letter of the three inventors last names, is the backbone of cryptography. Without it, Bitcoin never gets invented in the first place. The RSA algorithm is something that everyone who has ever used cryptocurrency has seen, dealt with and used on a daily basis, as it is your public key, or wallet address.

RSA is one of the most widely used forms of public key encryption that is used today. RSA is widely used, and has been since the late 1970’s in every kind of application that you could imagine. It is considered to be one of the most secure ways to transmit data over the internet. The algorithm itself is very slow and therefore, most data is not encrypted directly by RSA, but rather it passes the encrypted shared keys and symmetric key cryptography is used instead.

RSA was patented by MIT in September of 1983 and was released to the public after the patent was expired in the year 2000. The explanation of RSA is bet told by the exact wording of the patent application itself, which states,

“The system includes a communications channel coupled to at least one terminal having an encoding device and to at least one terminal having a decoding device. A message-to-be-transferred is enciphered to ciphertext at the encoding terminal by encoding the message as a number M in a predetermined set. That number is then raised to a first predetermined power (associated with the intended receiver) and finally computed. The remainder or residue, C, is… computed when the exponentiated number is divided by the product of two predetermined prime numbers (associated with the intended receiver).”

With RSA being they key way that all cryptocurrencies are even possible, it is a huge cryptocurrency game changer. Without it, we would not have a way to secure our wallets and keep people from accessing our funds.

 

S - Satoshi Nakamoto

Cryptocurrency Game Changer The mysterious creator of Bitcoin is obviously a cryptocurrency game changer. While his identity is a mystery and been the topic of much speculation and media coverage, there can be no doubt that this phantom of a genius is the sole reason we are all sitting here today, enjoying cryptocurrencies as a part of our everyday lives.

What we do know about Satoshi is what he told us, and that is about it, other than speculation and educated guesses. According to Satoshi’s various online profiles, he is a Japanese male, born on 5 April 1975. We also know that his Bitcoin wallets hold approximately 1 million bitcoins, valued at well over $7.6 billion USD and the bitcoins in those wallets has never been touched. They are considered Zombie coins at this point and there is much worry that if Satoshi ever resurfaced and decide to sell off those Bitcoins, then the entire market could suffer a catastrophic crash. However, no one would imagine that the creator of Bitcoin would return only to destroy what he had created, especially after the success and positive impact it has had on the world.

Satoshi Nakamoto was a man with a vision and he took that vision and made it a reality and then gave to the world for free. The freedom that Bitcoin has given the financial aspect of all of our lives is a gift that cannot be shrugged off. The doors that have opened up due to Bitcoin have already begun to change the world and have disrupted the globe like no other single event since the great flood. The father of cryptocurrency is an apt title to bestow upon Satoshi Nakamoto, at the very least.

While it has taken others to further the cryptocurrency cause and it has been others that have presented us with some very great innovations, it will always be remembered that it was Satoshi Nakamoto to which we all owe a huge debt of gratitude and that we will always have to remember when we think back on how fortunate we are that cryptocurrency is now a part of our everyday lives. A cryptocurrency game changer is just not enough of a description of Satoshi Nakamoto, but I am afraid that there are no words to properly honor him.

 

T - Tiger Direct & Overstock Start Accepting Bitcoin

Cryptocurrency Game Changer Neither of these two online retailers were the first to accept Bitcoin, and in fact, by the time that they Announced they would begin accepting Bitcoin, there were reportedly thousands of online retailers who had already been accepting Bitcoin for some time. What makes Tiger Direct and Overstock a cryptocurrency game changer is that they were the first two major online retailers to accept bitcoin, making it more of legitimate currency to the mainstream public.

As has been proven over the last few years, it only takes one to get the ball rolling. After the announcements by both Tiger Direct and Overstock, that they would begin accepting Bitcoins, other large, mainstream corporations also announced plans to include Bitcoin as a payment method on their websites. These included Microsoft, Expedia, Virgin, NewEgg and Zynga. This All occurred in 2015, and since then, the number of major retailers and even governmental bodies that accept Bitcoin has grown to practically unmeasurable amounts. It is becoming more and more common place to find retailers that accept Bitcoin for payments, and where they do not, there is a gift card company that does that will sell you a gift card that you can pay for using Bitcoin.

It is these events that help to further promote Bitcoin and cryptocurrencies in general to the mainstream public. When major companies decide to accept Bitcoin as payment, it helps to counter most of the negative things people hear about it and helps to make it a legitimate thing in people’s eyes. This is why these two companies are both a huge cryptocurrency game changer. They simply took the chance, started the ball rolling and paved the way for other retailers to also accept Bitcoin, ushering in a new era of online payments to the world.

 

U - Unicode Consortium Proposal

Cryptocurrency Game Changer Some events may not seem like they should be deemed a cryptocurrency game changer, but sometimes it is not always obvious as to why this designation is given. Sometimes, you need to read between the lines to understand why an event, such as having the Bitcoin currency symbol officially included in the Unicode library, is so important.

In 2017, a proposal was put forth to have the Bitcoin symbol included, officially, by the Unicode Consortium. Efforts to have the Bitcoin symbol included had been in the works since 2011, and after 6 long years, the Unicode Consortium finally accepted the proposal and Bitcoin was added.

The reason that this was cryptocurrency game changer is due to the fact that the Unicode Consortium is the standard for all characters that you can type on your keyboard. This meant that the world was accepting of Bitcoin and it was deemed important enough, relevant enough and was widely used enough to be given its own Unicode entry. The event, while small in comparison to some others on this list was significant because it further helped to tell the world that bitcoin was here to stay and that it was real and legit.

 

V - Vincent Durham Creates Namecoin

Cryptocurrency Game Changer In April of 2011, Namecoin is the first Altcoin to ever be released following the launch of Bitcoin. It was also the first introduction of expanded technologies. Namecoin added a special feature to the main infrastructure of Bitcoin: Decentralized Domain Name System, or DNS. This allowed Namecoin users to store date and transact on the network in an even more secure way than Bitcoin allowed.

Of course, Namecoin eventually became worthless and was delisted by almost every exchange. However, it is not the success or failure of Namecoin that makes it a cryptocurrency game changer. No, Namecoin changed the game of cryptocurrency by showing others that creating your own coin and expanding on the Bitcoin technology was quite possible. Vincent Durham allowed the world to see how a new Altcoin would work, how things could be the same as Bitcoin, yet different. The failures in security which were discovered by the Kraken exchange also showed the cryptocurrency world how to learn from its mistakes.

Namecoin was the first Altcoin in what would become an endless line of altcoins to be released. Some failed, some struggled and some made it, but all of them took lessons from Namecoin and what Vincent Durham had done and they built upon it, whether in theory or practical application. The results have spawned even more insightful technologies and have furthered the advance of the cryptocurrency world.

Being a pioneer in cryptocurrency altcoins is why we are naming Namecoin a cryptocurrency game changer.

 

W - Waves Coffee House Introduces First Bitcoin ATM

Cryptocurrency Game Changer BitNational introduced the world to Bitcoin ATM machines by installing the very first one in a Waves Coffee house in Vancouver, British Columbia Canada in 2013. On the very first day, 81 people used the Bitcoin ATM machine to buy and sell bitcoin, as well as a substantial number of those first patrons creating Bitcoin wallets for the very first time.

This started a chain reaction of companies that wanted to get Bitcoin ATMs installed around the world. While not an ATM, in the traditional sense, Bitcoin ATMs allow the user to connect to the internet, insert cash or swipe their debit cards and then have the equivalent amount of bitcoin sent to the public key of their choosing. Users can also create a new wallet address at the Bitcoin ATM machine and will receive the public/private key data on a printed receipt. This has greatly fostered mainstream adoption by those who need that physical element of the ATM to try Bitcoin.

Since that fateful day in 2013, there has been an explosion of Bitcoin ATMs popping up all over the world. According to the Coin Radar ATM Map, there are 3,137 Bitcoin ATM Machines around the world that are distributed throughout 70 countries. There are currently 31 companies producing the machines, 437 operators who maintain the software and place the machines at retailers in local communities.

In addition to an actual machine, there are over 41,000 services in local communities that offer some kind of over the counter type of transaction to facilitate the buying and/or selling of Bitcoin. As more of these types of services make Bitcoin more readily accessible to the general public I a way that is familiar to them, we will see an increase in adoption. The rates at which mainstream adoption is already occurring is great and it can only get better with new ways to introduce people to cryptocurrency.

It is also important to note that most of these Bitcoin ATM machines and over the counter services also support Litecoin, Ethereum and Bitcoin Cash. Anyone can buy a Bitcoin Atm. With prices ranging from $3,500 USD to upwards of $10,000 USD, it generally means that you will find these machines in larger retailers. A map of the current and active Bitcoin ATMs can be found at CoinRadar.com.

 

X - XRP Bridges the Gap between Fiat and Cryptocurrencies

Cryptocurrency Game Changer Technically speaking, the Ripple token, XRP does no such thing. ‘X’ is just a hard one to cover, so the ticker symbol for the Ripple token suited here well. Ripple, the network for processing global transactions, however, does allow for cross-border and cross-blockchain transactions and opened the doorway for users to pay in one currency and receive a different currency in exchange. This innovative technology has allowed the fast growth in mainstream adoption of cryptocurrencies. Ripple has already partnered with several leading financial institutions around the world.

The most outstanding feature of the Ripple protocol is that it is immediate and distributed. By getting rid of the middleman, the system cuts out all the cost of sending cash electronically.

For instance, if you need to send cash for an installment to another person by means of PayPal, the recipient would be charged three-percent for the expense. With Ripple, the recipient pays almost nothing. I say “almost,” because 1/100,000th of one Ripple unit is used for security purposes for every transaction. Another advantage of Ripple is that the system is geared to exchange various currencies (including Bitcoin). So whatever currency you have can be converted into any other form of currency. You can trade dollars for yuan, Bitcoin for pounds, and so on and so forth.

Say, for example, you’re sending cash to another nation. You could send it in dollars and they could get it in any currency of their choice with no charges for money trade. This opens the doors for people, organizations and institutions to adopt this technology as simple business sense, if for no other reason. With the adoption of the Ripple network comes the adoption of cryptocurrencies by default.

The Ripple Pay network has been the major way that traditional financial institutions have entered the cryptocurrency universe. By making it possible to conduct financial transactions for practically free and in a timespan of seconds, it offers the most viable solution for any transactions. As with any new technology, it only takes one layer to make the move and the rest will follow suit. We have seen that occur already with US banks and it is starting to spread to the rest of the world at an unbelievably fast rate.

 

Y - Yearly Cryptocurrency Conventions

Cryptocurrency Game Changer Every year, there are several conventions that are dedicated to cryptocurrency. Whether they are called conventions, meetings, gatherings or conferences, one thing is the same: They change the world with every single meeting.

Consensus, Blockchain World Conference and many other annual events bring together the top players in the world of cryptocurrency. Decisions are made, items of importance are discussed and the latest breakthroughs are shared. The community, as a whole benefits from every singe on of these conventions. Partnerships are made and projects are launched, while others get the much-needed updates planned and implemented.

These annual meetings allow for eh growth and advancement of cryptocurrency and also allow for the major contributors to meet and discuss how this future will proceed. These yearly events are a cryptocurrency game changer because without them, the teamwork and comradery which defined the cryptocurrency world would not exist without them.

Z - Zombie Bitcoins

 

Cryptocurrency game Changer Zombie Bitcoins can be defined as Bitcoins that are sitting in a wallet that has not had a send transaction in at least 18 months. This would include the approximately 1,000,000 Bitcoin that are assumedly the rightful possession of Satoshi Nakamoto. Others are most likely the result of lost private keys, destroyed hardware or simply lack of faith in the early days when Bitcoin was pretty much worthless. With hundreds of millions of dollars’ worth of Bitcoin stagnant, just sitting there, what would happen if it all suddenly reappeared and got sold off? The implications of that event are disastrous for the current economy of Bitcoin. There is really no need to worry, as it is assumed, with great confidence that most of these wallets that hold Zombie Bitcoins are lost forever.

The bitcoin blockchain records transactions which represent the transfer of value throughout the network over time and, by analyzing these transactions, we can know some things with certainty.  For example, we know which bitcoin public key addresses have ever been used in history.  We know how many spend transactions and how many receive transactions have ever been performed relative to that address and we know the last time someone ever did a spend transaction using a particular public key address.  Only a spend transaction definitely proves that someone owns and controls the private key, since anyone can send money to a bitcoin public key.

While there can be no way to know with absolute certainty the status of zombie coins, by looking at trends historically over time, it is probably safe to assume that the vast majority are irrevocably lost forever, most having been thrown out because they were worthless at the time or the victim of a hard drive crash. Even though we cannot know with absolute certainty we can still monitor these zombie bitcoins over time and increase our level of confidence that they are unlikely to re-enter the active economy and cause disruption.  Moreover, if we were able to know with an even higher degree of certainty we could adjust some of our assumptions about the overall bitcoin economy in terms of things like market-cap and relative velocity.

No matter how relatively secure we can feel regarding Zombie bitcoins and their effect on the Bitcoin economy, they play an important role in Bitcoin, and cryptocurrency, as a whole. Every cryptocurrency relies on the private key for accessing your wallet and the funds inside. So, losing the private key will simply create Zombie cryptocurrency in any coin. While the amount of Zombie cryptocurrency would need to be staggering in order to negatively, or positively, affect a cryptocurrency’s economy, it could happen and it could reshape the entire market.

 

Cryptocurrency Game Changer A-Z Conclusion

As stated in the beginning of this article, this list is by no means supposed to be taken as a complete list of cryptocurrency game changer entries. While there are sure to be many other entries that could have easily made this list, there can be no argument that the ones that are included in this list belong here for sure. The world of cryptocurrency is getting ready to turn 10 years old and still has a long, unknown journey that lies ahead. There will be many more cryptocurrency game changer moments for sure, and hopefully, we can all benefit even more when these events, people and moments emerge to help lead us into the future of cryptocurrency.

It takes a special kind of person to take a chance, go against the grain and help to lead the way for the rest of us. We all need to stop a moment and think of all of these, and the other, cryptocurrency game changers that have, and who will, continue to foster the community that we all love so much. Be thankful that these people, and those to come, decided to take the chance and showed the courage needed to go against the norm and lead us into the future.

The cryptocurrency world is flourishing, and for that, we all deserve thanks as we have all stood by what we believe and stuck it out during those not so great moments, held our coins even though the markets dipped way down and continued to support our beloved universe. In a way, we are all cryptocurrency game changer list members.

So, here is to another 10 years of cryptocurrency greatness. Although, there is no way to know exactly what the future holds, one thing can be guaranteed: it will be an exciting ride.

You can read about all of these items and more on our website, Coinstaker.com

About Gene

Gene writes about cryptocurrencies, blockchain & Fintech. He lives, with his girlfriend and son, in Daytona Beach, FL gene.cotillo@coinstaker.com ~ BitcoinTalk: toodamntired

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