January 2023
Intermediate to advanced
224 pages
7h 14m
English
Content preview from Catching Up to Crypto
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CHAPTER 11Crypto Turning Point: The Crypto‐Rich
As we've covered in the previous chapters, the crypto industry was in an experimental phase for the first few years of its existence, and was taken seriously by only a core community of nerds, rebels, and true believers. But before long it was clear that some real value was being created with this technology. By 2016, Bitcoin was regularly trading above $500.1 There were also new competitors, dubbed “altcoins,” popping up every day, creating new opportunities for people who felt they were late to Bitcoin. The businesses developing around crypto were getting very rich very fast, and so were their customers. Eventually, the mainstream started to take notice and they wanted a piece of the action too. Many users in the United States started their journey with Coinbase (launched in 2012 in the US), where they purchased their first Bitcoin. Coinbase supported only Bitcoin and Litecoin at the time, so many of its customers transferred their BTC to other exchanges2 like Bitfinex (launched in 2012 in Hong Kong), Cryptopia (2014, New Zealand), Poloniex (2014, United States), and later Binance (2017, China, then Japan), where they were able to exchange their BTC for a variety of different crypto assets that seemed to have a lot more room to grow.
Binance had a late start compared to its competitors, but it quickly dominated the market; by April 2018, it had become the largest cryptocurrency exchange in the world with a market capitalization ...
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