How did cryptocurrency start?

Every day, we hear about cryptocurrency either in the news or by someone in our friend circle or by any means. It raises curiosity to know more about the term, how it functions, and whatnot. But some more curious people are interested in going deeper into the history of cryptocurrency. 


I know, if you are here. You must be one of them. We can learn about its advantages, popularity and market value but what needs more of our attention is its interesting history. 

Some must have been thinking, it is just a decade old. Some are even clueless, from where this term came. Why are people eager to know more and more about cryptocurrency? There are lots of speculations going on but we are here. We have brought the journey of cryptocurrency. How this new digital revolution that is cryptocurrency started at first. 

Journey of cryptocurrency all through these years:

Cryptocurrency has its history way back in 1983 when cryptographer David Chaum developed e-cash. This was a transaction system for digital cash. Later, followed by the development of another system called Digicash. The main point to note here is that the Digicash system introduced transactions over public networks without losing anonymity. But the term cryptocurrency was given in 1990. 

In 2008 the value of gold and coins saw a dramatic fall. Here, the real journey of cryptocurrency started. Japanese entity Satoshi Nakomoto, seeing an opportunity to introduce Bitcoin transactions. At that time, Bitcoin was the only known cryptocurrency. The time he chose for this was quite game-changing.

Satoshi Nakomoto also invented blockchain technology to further work on Bitcoin. In the next two years, many coders and developers joined for the same. In these years many Bitcoin transactions happened which increased the interest of other people. Later, some more cryptocurrency platforms came into practice and this digital currency started setting its foot in the business. 

From 2010 to 2017, cryptocurrencies came a long way and they became globally popular. Investors, entrepreneurs, businesses, leaders, and even celebrities started talking about cryptocurrencies. It saw a boom in the market value and is getting recognition lately. 

The technology used in cryptocurrency:

Cryptocurrency is mainly based on blockchain technology. This technology helps in maintaining and functioning cryptocurrencies. It stores all the databases and has a finite length. 

Once you put your transaction in the Blockchain, it becomes irreversible and will be finalized in minutes. 

There is another technology called cryptography used in making crypto transactions more secure. This technology follows a crypto protocol that was designed using mathematical calculations and coding. This ensures a safe and secure transaction. Cryptography is the reason through which you can maintain your anonymity. Yuan Pay Group is one example of this cryptography apps that utilizes bots for trading cryptocurrencies. You can read more about this remarkable app at www.chesworkshop.org/yuan-pay-group/.

Apart from this many other technologies are used in the mining of cryptocurrencies. 

Some globally popular cryptocurrencies:

There are many options available in cryptocurrencies but not each one is worth it. Only some of them are up to the hype and the expectations. Some of them are Bitcoin, Ethereum, Litecoin, Dogecoin, Cardano, etc. 

Bitcoin is among the first digital currencies to gain popularity. Even today, its estimated valuation is in trillions. People easily rely on this one to invest. Bitcoin has a bigger market in terms of investors and buyers. 

Ethereum is another big cryptocurrency in terms of market value. After Bitcoin, users are relying on Ethereum for high profits. This is a decentralized software platform. In the same way, Litecoin, Dogecoin, and Cardano are also popular cryptocurrencies. Where you can invest for high investment returns and a safe payment network. 

Concluding notes:

Cryptocurrency seems new to us but it has a history way beyond the 1990s. It emerged at a time when traditional coins were falling. In all these years, it is proving to be a future ruler of the financial world.  From leaders to common people, industrialists to small business owners. Everyone is showing their interest in cryptocurrencies. The market value is rising and giving tough competition to our traditional coins and currencies.

How did cryptocurrency start?
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Bibliography ►

phoneia.com (December 10, 2021). How did cryptocurrency start?. Bogotá: E-Cultura Group. Recovered from https://phoneia.com/en/how-did-cryptocurrency-start/