When Satoshi Nakamoto (probably a pseudonym) invented the Bitcoin, there was no ICO launched for it. However, he did something that made the Bitcoin valuable. Satoshi wrote a paper on his cryptocurrency in 2008 before launching Bitcoin. That helped in generating little hype for it. But it wasn’t until 2012 before it gained more attention and its value began to rise. Bitcoin became successful for the following reasons.

It was considered as a good method of payment for illegal services: If you’re into bad trade, you’ll want to be anonymous as possible. So what better way can that be done? One way is by using an encrypted internet connection and a VPN. But what about the payment method? If you’re using fiat money on credit (and debit cards) you must reveal your identity (since KYC is required). This is where Bitcoin comes in. Being the first cryptocurrency to offer this solution, many traders on the dark web saw it as a means of paying for goods and services.

It generated so much hype and interest in it: As the value of Bitcoin increases, so was the attention it was getting. Many people acquired mining devices to cash into the cryptocurrency frenzy. And as such, the cryptocurrency gained value.

It is the foundation of all cryptocurrencies: There is no ICO that doesn’t accept Bitcoin as a method of payment. Whenever an ICO is launched Bitcoin is always an accepted payment method. This is true for all new cryptocurrency in 2017 and beyond.

Leave a Reply