As cryptocurrencies became more integrated in daily life, retailers started to accept them as payment in 2012. WordPress, Newegg, Expedia, and Microsoft were among the first to allow purchases via Bitcoin. Cryptocurrencies then experienced some growing pains in 2013 and 2014.
Due to the historically unregulated nature of cryptocurrencies, their value is a bit more volatile than nationally backed money, known as Fiat. In 2013, Bitcoin reached $1,000 per coin, but then quickly fell to $300. Also, because cryptocurrency transfers are final/hard to reverse, scammers benefited from questionable trading platforms.
In 2014, the biggest exchange platform, Mt. Gox went offline, and took 850,000 Bitcoin. As cryptocurrencies don’t fall under any particular jurisdiction, this case became difficult to investigate. However, a resolution does seem possible.
Despite all these challenges, cryptocurrencies show no signs of slowing down. In fact, these experiences continue to fuel global dialogue, facilitating increased awareness of how crypto works. Additionally, there’s much safer trading platforms, and more merchants accepting crypto. At the very least, they change how we approach financial transactions.