Best Moments in the History of Decentralized Finance

  • April 2, 2024
  • Jennifer Moore
Best Moments in the History of Decentralized Finance

Cryptocurrency is the predominant form of decentralized finance in the world. The history of the world’s first cryptocurrency began in 2009, through the creation of Bitcoin by an eponymous creator called Satoshi Nakamoto. Since then, Bitcoin is growing in value, popularity, and applicability.  Many altcoins and other cryptocurrencies are also available in the sector. Therefore, it is essential to trace and highlight some of the most noteworthy historical moments of decentralized finance.

2008 Whitepaper release and 2009 Bitcoin Launch

The first whitepaper was released about cryptocurrencies on October 31st, 2008. The document has become famous and is available in 19 languages. It mainly deals with how Bitcoin can function in an electronic peer-to-peer cash system. The documents also showed digital money and revealed how a timestamp can eliminate the lingering issue of erroneous double-spending.

January 3rd, 2009 should be remembered as a memorable day in the history of decentralized finance. Bitcoin was launched and there were no huge celebrations because very few people at that time knew the importance and magnitude of the creation. Nevertheless, it was an important event as it paved the way for the popularization of decentralized currencies as we see today.

2010 Pizza Day

On 22nd May 2010, the Bitcoin holiday is celebrated widely and is called Pizza Day. It was the first time Bitcoins were used to buy commodities. On that day, Laszlo Hanyecz a Floridian crypto miner officially posted that he would pay 10,000 Bitcoin to anyone interested in picking and delivering large pizzas. 

2013 Silk Road

Peer-to-peer electronic currency is highly advantageous. In 2013, the dark web exploration led to many marketplaces. The most famous one was Silk Road. Ross Ulbricht created the Silk Road in 2013 to serve as a completely open retail market. In those days, Bitcoin was an acceptable currency. However, the market started facing numerous problems and its creator stated that he has no role in monitoring the activities in the market. However, the side effect of exploring the Silk Road market led to a huge boost in the value of Bitcoin. The token crossed the $1 million market capitalization for the first time. It was the first historical event in 2013. Subsequently, federal agents arrested Ulbricht and closed down the Silk Road market. 

2017 Crypto Frenzy

2017 was a memorable year in the history of decentralized finance. Bitcoin boomed significantly and broke the $20K price point. The breakthrough led to garnering of widespread support The year was also significant for many crypto traders and users. Bitcoin became a household name in 2017. Since then, many people continue to wrongly believe that Bitcoin is crypto and crypto is Bitcoin.

2021 Bitcoin Becomes the Legal Tender in El Salvador

Decentralized finance has the potential to break free the monopoly of central banks and governments concerning currencies. El Salvador was the first country to realize this enormous revolutionary potential. Therefore, to combat economic challenges, in September 2021, the government gave legal tender status to Bitcoin. Eventually, El Salvador opened a Bitcoin vacation destination town. However, the financial regulators criticized the move. 

Important Decisions of SEC

In 2021, the first US Bitcoin futures exchange-traded fund got approval from the SEC. This was a historic move. This move was a clear signal that the government authorities are no longer skeptical about the prospects of cryptos. This change in attitude is indeed true as proved by the recent decision of the SEC taken in January 2024. The SEC accepted the first 11 spot Bitcoin ETFs. This is helping in the simplification of investor access.

Also Read- Top White Label Crypto Exchange Providers in 2024

Looking Forward

These were some of the best moments in the short history of decentralized finance. There is a high possibility that more positive incidents will happen in this sector. These positive changes may eventually culminate in making cryptocurrencies more acceptable and mainstream just like the fiat currencies currently are. 

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