In this article, you’ll explore the history of cryptocurrency. They’ll cover where it came from, why it’s important and what to expect in the future. This is an ongoing process; there are many more developments to come as well as a lot of misinformation out there about what crypto is really all about.
The history of cryptocurrency is full of twists and turns
The history of cryptocurrency is full of twists and turns. It’s also not a history that’s easy to trace back, as the industry’s early pioneers took many different paths.
You’ve probably heard about Bitcoin, but do you know why it was created? Bitcoin was designed in 2008 by Satoshi Nakamoto, who published his findings on an online forum for programmers called the Cryptography Mailing List.
The goal was to create an anonymous currency that could be used without government intervention or regulation. This would allow users to exchange money without banks or other intermediaries taking a cut (similar to how people use cash).
There have been several key moments in its evolution over the last decade
Bitcoin was the first cryptocurrency that used blockchain technology to create a decentralized system for peer-to-peer transactions. Bitcoin’s creator, Satoshi Nakamoto, is a pseudonym for the person or group of people who created Bitcoin. His true identity is still unknown today.
Cryptocurrencies have evolved since their inception in 2009 and have seen several key moments in their evolution over the last decade:
- In 2011, Litecoin was launched as an alternative to Bitcoin. Litecoin uses Scrypt instead of SHA-256 as its hashing algorithm and has faster transaction confirmation times than Bitcoin with lower transaction fees.
- In 2014 Ethereum was released into the wild with its own native token, Ether (ETH). ETH can be used as a currency like bitcoin or simply as gas to pay for computation services on all Ethereum-based applications such as smart contract computer programs. It has been gaining traction since then due to its flexibility and efficiency compared to other cryptocurrencies.
The underlying technology behind cryptocurrency is here to stay
The underlying technology behind cryptocurrency is here to stay. Blockchain, the decentralized public ledger on which cryptocurrencies are based, has been around since 2008. There are many use cases for blockchain beyond cryptocurrencies; it can be used to track ownership of other assets, such as real estate or intellectual property.
It started with an anonymous paper called “Bitcoin- A Peer-to-Peer Electronic Cash System”
Satoshi Nakamoto initially proposed Bitcoin in a white paper in October 2008. The paper, now known as “Bitcoin- A Peer-to-Peer Electronic Cash System,” outlined the concept of a peer-to-peer electronic cash system. The idea was to create and use digital currency online without needing third parties like banks or credit card companies.
The world is still figuring out how to deal with the financial crisis that rocked the global economy in 2008. Every day, there’s another story about bank bailouts or massive corporate layoffs due to debt issues. But while this may seem like old news, it’s important to understand how you got here in order to chart a course forward for yourselves as individuals and societies.
