2.

0 Chronology of cryptocurrency

2.1 Emerging Of Cryptocurrency:

2008- Bitcoin was originally created by software developer with the

pseudonym Satoshi Nakamoto who developed the electronic payment system and
based it around mathematical proof. The result was a currency independent from
central authorities and almost instantly transferable with very low transaction
fees.

2009- Satoshi Nakamoto had to develop something new, this is when

Blockchain, the digital ledger of Bitcoin transactions, was created.

2009- The first transaction of Bitcoin currency, in block 170 that was called
Genesis Block to represent the first of Bitcoin’s mining. It was.takes place
between Satoshi and Hal Finney, a developer and cryptographic activist. Then in
the same year, New Liberty Standard opens a service to buy and sell bitcoin, with
an initial exchange rate of 1,309.03 BTC to one U.S. Dollar, or about eight
hundredths of a cent per bitcoin. The rate is derived from the cost of electricity
used by a computer to generate, or mine the currency.

2.2 Development Of Cryptocurrency:

2010- With bitcoin open to the market for transactions, Bitcoins were valued
at 1,309 BTC to $1 USD. This means that even at the highest exchange rate of $1
USD to $1 SGD, 1 Bitcoin would have 0.001 cents. For the first real-world
transaction, a programmer from Florida bought 2 pizzas for 10,000 BTC.
Furthermore, over a five day period beginning on July 12, the exchange value of
Bitcoin increases ten times from US$0.008/BTC to US$0.080/BTC. However,
this is when things got bad. A loophole in the systems verification got found out
and Bitcoin got hacked of 184 Billion Bitcoins which cause a drop in value.

2011- Calculated by multiplying the number of Bitcoins in circulation by the

last trade on MtGox, the Bitcoin economy exceeds US$1 million. The price on
MtGox reached US$0.50/BTC. In 2011 was also the year Litecoin was created by
Charlie Lee.

2011- first major theft. Bitcoin Forum member, allinvain, claims that 25,000
BTC were stolen from his wallet. At the time, the exchange rate put the amount
close to US$375,000.

2013- Bitcoin’s value managed to reach a value of 1 BTC = $31 USD!

Bitcoin has many interesting things happening. Virgin Galactic accepted the use
of Bitcoin for space travel trips as well as the value of 1 BTC increasing to $700
USD. While Litecoin was in its second year, Ripple was formed! According to
Coindesk, Ripple was built by OpenCoin and was co-founded by Chris Larsen
(CEO) and Jed McCaleb (CTO). Furthermore, in 2013 the white paper for the
Ethereum Project was released.

2014- Around 2011, Bitcoin was used as a way to conduct illegal business by
selling drugs. As Bitcoin was untraceable back then, the drug marketplace used it
to buy and sell drugs online. However, in June 2014, that illegal businesses was
put to a stop. 29,000 Bitcoins were seized from the illegal drug trade and
auctioned off.

2015- The Ethereum project is created and introduces smart contracts. The
period of time that Ethereum Genesis Block was launched, Ethereum gave
investors the opportunity to unlock a new way of how blockchains work. This
then led to 40 over financial groups committing to implementing and exploring
blockchain.

2.3. Establishment Of Cryptocurrency Market:

2016- cryptocurrencies rose in value steadily but did not capture any major
headlines. With its slow and steady growth, the number of developers and coin
miners grew. Top 7 Crypto Currencies establish themselves and all gain value
(Dash, Ethereum Classic. Monero, Litecoin, Ripple, Ethereum , Bitcoin).

2017- Over 1000 different cryptocurrencies are in the market, all with
different purpose but exceeding the market cap and exposure of cryptocurrencies
to the whole world. Several companies raise large amounts of money (as much as
$232 million in 10 hours ) through initial coin offerings without showing any
product. Market capacity exceeds $100 Billion calculated on coinmarket cap and
reported by techcrunh.

2017-The community decides to fork the bitcoin project and create Bitcoin
Cash to offer quicker transactions. Bitcoin splits into Bitcoin (BTC) and Bitcoin
cash (BCH). 2017 experience the Bitcoin boom. Everyone and anyone was
talking about bitcoin. With countries like China which was totally against it in the
past slowly accepting Bitcoin into the market, the demand as well as the value
increased.