Although the domain name bitcoin.org was registered on August 18th 2008, it wasn’t until later that year on October 31st that a link to Bitcoin: A Peer-to-Peer Electronic Cash System (its white paper) was posted online. It was authored by the mysterious Satoshi Nakatomo, the legendary Bitcoin creator whose identity remains unknown to date.
The white paper, viewed today as something of a Crypto Bible, spoke of Nakotomo’s aspirations for a peer-to-peer network establishing a unique e-transaction system not reliant on trust. Cryptocurrency has changed so much over the years, and the rise of altcoins, such as HUH Token, have taken centre stage.
In 2009, the bitcoin network ensued, so mining commenced. In 2010, the first commercial Bitcoin transaction took place whereby 10,000 Bitcoins were exchanged for two Papa Johns’ pizzas. 2011 marked the iconic year in which Bitcoin first exploded, experiencing a 3200% gain between April and June. Revolutionising how we perceive currency, from institutional to decentralised and encrypted, rival altcoins began emerging to bank in on Bitcoin’s traction.
Faced with the need to differentiate, crypto began evolving at a rapid pace. Altcoins’ shot at going viral was to offer various advantages absent from the original Bitcoin design, such as faster speed or more anonymity. For example, Dogecoin – initially an Internet meme – processes approximately 33 transactions per second as opposed to Bitcoin’s average of 7. Shiba Inu prides itself in being more than a Dogecoin copy – built on the Ethereum network, it’s more adaptable than Bitcoin and incentivises its users using DEX.
People utilised altcoins to help them invest in the volatile crypto market and generate a stable stream of passive income, As of August 2021, 1 in 10 people invest in crypto, and 18,000 businesses accept crypto payments. Needless to say, the industry has evolved past something possibly Nakatomo himself didn’t even anticipate. Moreover, crypto has been called the future of finance, as nearly two thirds of Gen Z investors believe that crypto will make them rich.
However, Bitcoin is currently going through a rough patch. Its price fell by almost 20% following a selloff last weekend, which also hit altcoins including Ethereum, Shiba Inu and Dogecoin. The market capitalisation of crypto assets dropped to $2 trillion. In this age of crypto evolution, are there any altcoins that go untouched by volatility and price fluctuations?
That’s what stable coins are trying to do. Attached to an external asset to reduce volatility, they appear to be sweeping the market since Bitcoin’s crash. One of the most famous stable coins, Tether, minted an extra $3 billion over the past 2 weeks, totalling its value to $76 billion. Despite its success, Tether is no stranger to controversy, from regulatory scrutiny to a trillion-dollar lawsuit, meaning that investors are looking for a new stable coin to flock to.
HUH Token launched on December 6th on PancakeSwap and is quickly becoming a hot topic. Coining the term ‘utimeme’ to describe itself, HUH Token has an 888 billion total supply, with 1% having already been allocated during the presale, according to its White Paper. HUH also has a standard buy fee of 15% and a standard sell fee of 20%. By making the sell fee higher, HUH incentivises its users to hold for longer, thereby fostering sustainable long-term investment. Another technique HUH uses is a reward-based referral system in which users can earn more HUH tokens by referring friends, and when their friends refer friends, from which they’ll all profit off in the long run. HUH have already locked liquidity for 2 years and have big aspirations, including reeling in Elon Musk with a wallet worth half of all HUH token supply at launch. Now the question is, will HUH live up to its hype and become the next Bitcoin of the crypto evolution?
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