Cryptocurrencies are a type of decentralized digital currency that is not governed by any government. Cryptocurrencies have a long history, dating back to the 1980s when they were referred to as “cyber currencies.” With the introduction of Bitcoin, created by an unknown programmer or team of programmers underneath the name Satoshi Nakamoto in 2008, these coins began to gain popularity.
Bitcoin was indeed appreciated for the first time in 2010
It was inconceivable to assign a value to the emerging cryptocurrency’s units because it had never been traded, only mined. Someone decided to sell theirs for the first time in 2010, exchanging 10,000 of them for two pizzas. If the buyer had kept those Bitcoins, they would be worth more than $100 million at today’s prices.
Rival cryptocurrencies emerge in 2011
As Bitcoin’s popularity grows and the concept of decentralized and encrypted currencies gains traction, the first alternative cryptocurrencies emerge. These are sometimes referred to as altcoins, and they generally attempt to improve on the original Bitcoin design by providing greater speed, anonymity, or some other benefit. Namecoin and Litecoin were among the first to emerge. There are currently over 1,000 cryptocurrencies in circulation, with new ones appearing on a regular basis.
2017 – Bitcoin reaches $10,000 and continues to rise
A gradual expansion of the places where Bitcoin could’ve been spent contributed to its continued popularity during a period when its value stayed below previous peaks. As more and more applications emerged, this became clear that more money was pouring into the Bitcoin as well as the crypto-coin ecosystem. During this time, the total market capitalization of all crypto coins increased from $11 billion to over $300 billion. Banks such as Barclays, Citi, Deutsche Bank, and BNP Paribas have stated that they are looking into ways to collaborate with Bitcoin. Meanwhile, the technology that underpins Bitcoin – blockchain – has brought a revolution in the fintech industry that is still in its early stages.
A combination of inflation and devaluation is causing a crypto boom that players like Binance, Coinbase, and Crypto.com do not want to waste.
Several global exchanges see Brazil as Latin America’s main market in 2022, owing to a crypto boom in the country.
As the region’s largest economy grapples with significant economic imbalances, interest in Brazil has grown among exchanges such as Binance, Coinbase, Crypto.com, and others.
In 2021, Brazil experienced 10% inflation and steady depreciation of the Brazilian real against the US dollar, pushing the local currency from $0.25 in January 2020 to $0.18 this month.
The crypto boom in recent years has been fueled by a cocktail of macroeconomic imbalances. Brazilian stable coin traders quadrupled in number by 2020, according to crypto exchanges.
According to Receita Federal, the Brazilian tax authority, locals traded $11.4 billion in stable coins between January and November 2021, nearly tripling the total traded in 2020, while bitcoin trading reached $10.8 billion during the same period.
Brazilians have an incentive to buy cryptocurrency instead of dollars to protect themselves from inflation and devaluation. Brazilians are required to pay a tax on financial operations – IOF in Portuguese – that ranges from 1.1 percent to 6.38 percent when purchasing foreign currency. Stablecoins are exempt from the tax.
Furthermore, the Brazilian Central Bank forbids Brazilians from storing US dollars in domestic bank accounts. To be sure, the monetary authority lifted the ban in December 2021 when it approved a new exchange rate framework, but it has yet to be implemented.
Bitso isn’t the only Latin American cryptocurrency exchange aiming for the Brazilian market. Ripio, an Argentine crypto exchange, purchased BitcoinTrade, Brazil’s second-largest crypto exchange, in January 2021.
The Blockchain Rio Festival is the largest Blockchain event in Latin America
Blockchain Rio includes a dynamic mix of cutting-edge technology, entrepreneurs, as well as academics who are at the forefront of the blockchain and digital asset landscape in Brazil and around the world.
At the Blockchain Rio Festival, there will be a large business hub, lectures spanning from the fundamentals to deep industry dive into the global implications of this emergent technology, roundtables, live panels, immersive activities, and much more.
The event will take place at CidadeMaravilhosa for four days (September 01 to September 04’2022) of transformative immersion, bringing together technology, business, culture, as well as sustainability to assist people and businesses position themselves for the future. It will be one of the world’s largest face-to-face events on the subject, bringing together some of the world’s brightest minds.
The Blockchain Rio Festival brings together a vibrant mix of cutting-edge technology, entrepreneurs, and academics who are leading the way in the blockchain and digital asset environment in Brazil and throughout the world.
- 60,000-person capacity
- 13,500 M2 event structure
- The main stage has a seating capacity of 1000 people.
- Blockchain Insider Stage has a capacity of 200 PEOPLE
- 150 speakers from around the world
- There is space available for 180 exhibitors
- Thematic panels at the Startup Hub
- Expert-led workshops
- Hackathon for Blockchain Innovation
- Blockchain Academy international certifications
- Experience in the metaverse
- Gamefi environment
- Fan token/e-sports space
- Exhibition of augmented reality
- Musical performances
- Two meeting rooms are available for rent