Curious about how and when cryptocurrency came to being and evolved to the position it has in the world today? Well this article tells just that! Learn More
What is cryptocurrency?
Cryptocurrency is a digital currency, it is like normal currency but everything about it is in digital form. There are no coins or notes associated with it nor does it have some organizations linked with it. The very first cryptocurrency that was invented was Bitcoin by Satoshi Nakamoto in 2009. Even though there were a lot of trials for cryptocurrency before that, many investors believe Bitcoin to have given the face to cryptocurrency to the crypto world.
Over the years Bitcoin has evolved tremendously and with that has been the growth of many other digital currencies as well. The market is yet to witness and set new records for not only the potential growth of Bitcoin but many other promising digital currencies too.
The history of cryptocurrency:
Americans in 1983 developed a system which they called eCash, after twelve years another system was developed with the same core idea called the DigiCash. DigiCash used economic transactions through cryptography and the first time when cryptocurrency got is true meaning was in 1998.
The contributions of Satoshi Nakamoto:
Satoshi Nakamoto created Bitcoin, but this software developer has done more that has contributed greatly to the world of cryptocurrency and to the position on which it stands today.
During his process of creating something new for the world, he created the very system through which each cryptocurrency works, and that is blockchain. Blockchain and the whole system behind it that enables so much ease for digital currencies, is now in use with many other larger parties who are slowly relying on it for their own processes. After that came the slow and steady success of Bitcoin that we are all aware of.
The future of cryptocurrency:
While most governments in the world do not like the idea of this digital currency, it still remains a fact that cryptocurrency is in fact the very future of this world. Many huge organizations are adopting cryptocurrency as their way of paying their employees and deals between businesses are also being made on the basis of cryptocurrency. It is only a matter of time when each one of us will be using cryptocurrency for all our basic needs!
Conclusion: To see the evolution of cryptocurrency is enough to make anyone believe in what it has to offer to the future. Even though the cryptocurrency world is full of risks and surprises, but it also has allowed many to earn huge profits in return. It is only up to see in how cryptocurrency is more to take from the world. There have been very mixed reviews about cryptocurrency and whether or not someone should invest on it. China recently put a ban on the exchange of digital currencies while other countries such as America are soon to adopt a program just to give a platform for the growth of cryptocurrency.