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August 10, 2020

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Money is Morphing: 7 Crypto Facts Your Credit Union Needs to Know

"In 2010, a resident of Jacksonville (FL) completed the first real-world purchase of consumable/material goods using Bitcoin.  Laszlo Hanyecz, a pioneering spirit, paid 10,000 Bitcoin for a couple of Papa John’s pizzas. To complete his purchase Hanyecz had to recruit co-conspirators via a Bitcoin chat room/forum, where he solicited support from another Jacksonville resident who agreed to purchase his pizzas with US Dollars (as the local Papa John’s didn’t yet accept Bitcoin) and deliver them to Hanyecz’s house.  Thus began what we’ll most likely (eventually) understand as the currency and commerce wars of the 21st Century; and this event, “Bitcoin Pizza Day,” is now recorded as one of the pivotal moments in the history of Bitcoin and cryptocurrency.


If “Bitcoin Pizza Day” marked the first shot fired in a revolutionary war against the empires of banks and traditional financial institutions (and the associated fiat currencies), then who is winning the war; who has the momentum in the battle for the future of money?


Let’s take a look at some stats, data, and current events (or reports from the frontlines of this often mistakenly belittled battle):"


Continue reading full article and the 7 Crypto Facts here, at CUInsight.




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