History of Cryptocurrencies and Cryptocurrency Timeline

Cryptocurrency is the buzzing word nowadays. These digital currencies are not even two decades old, but their history is very interesting. I...

Cryptocurrency is the buzzing word nowadays. These digital currencies are not even two decades old, but their history is very interesting. Investors and traders are taking an interest in cryptocurrencies and consider them to be a potential investment option. After the first crypto bitcoin came on the market in 2009, many cryptocurrencies have been developed and used. In this article, the history of cryptocurrencies is discussed. This article will help us understand the need for cryptocurrencies and how each was developed.

History of Cryptocurrencies

The crypto concept is actually older than 2009; it was the idea of the 1980s. Cryptocurrencies were called cyber currencies at that time. Here is the chronology of cryptocurrency that will make you understand the evolution of cryptocurrencies and how they became popular. Check out this https://bitcoin-profitapp.com/ for more info.

History of Cryptocurrencies and Cryptocurrency Timeline

1. The Pre-Bitcoin Years (1998-2009)

The first established cryptocurrency was bitcoin, but before it, developers were actually attempting to create such things many years back. Those online currencies were created along with ledgers that used encrypted codes for security. The two examples of such online currencies were Bit Gold and B-money. These currencies were formulated but could not be developed fully. More than ten years before cryptocurrencies, the concept of digital or online currencies was introduced by Wei Dai, a computer engineer. In 1998, he referred to that money as B-money’. In 1998, Nick Szabo, a blockchain pioneer, introduced Bit Gold, another digital currency.

2. Mr. Nakamoto (2008)

In October 2008, an anonymous person, Satoshi Nakamoto, published a white paper titled Bitcoin. Bitcoin was described as a direct transfer of funding system. Bitcoin did not need any third-party entity for the transaction and was a decentralized digital currency. The introduction of bitcoin revolutionized the cryptocurrency industry.

3. The Launch of Bitcoin (2009)

Bitcoin was launched in the year 2009. It is open-sourced and can be used by anyone. Since its launch, it is still the most popular cryptocurrency and is used as a payment system across the globe. Though the market of bitcoin has witnessed a downfall its value is rapidly rising. The transactions of bitcoins started on blockchain technology, making them highly secure.

4. Bitcoin Gets Its Value (2010)

Bitcoin was never traded but mined. So, it was difficult to assess the monetary value of bitcoins. In 2010, a bitcoin miner decided to sell bitcoins and exchanged two pizzas for 10,000 bitcoins. According to the current bitcoin value, 10,000 bitcoins would have been worth $100 million.

5. More Cryptocurrencies Emerged (2011)

Bitcoin was a decentralized cryptocurrency and after 2009, other rivals of bitcoins were developed and launched in the market. Litecoin and Namecoin were the first rivals of bitcoins and were developed to overcome the limitations of bitcoins. Right now, there are more than 2000 cryptocurrencies used in the market.

6. Bitcoin Price Crash (2013)

In 2013, the bitcoin price reached $1000, and then it declined rapidly. The price of bitcoins lowered to $300 when many investors of it suffers much and lost a lot of their invested money. But, bitcoins regained their value and reached $1000 again.

7. Ethereum and ICOs (2016)

In 2016, Ethereum came close to bitcoins. Ethereum was a fund-raising platform and investors were offered to trade and invest in cryptocurrencies. Ethereum came with ICO (Initial Coin Offerings).

8. Bitcoin Continues to Grow (2017)

As more organizations started accepting bitcoins as a mode of payment, their demand increased and the market cap of cryptocurrencies increased to $300 billion from $11 billion. The popularity of bitcoin is continuing.

9. The Future of Cryptocurrencies

People are interested in the history and future of cryptocurrencies alike. People across the globe have a different opinions based on their unstinting when it comes to the future scenario of this cryptocurrency. According to some, cryptocurrencies are better than traditional currencies while others feel that these digital currencies should not be accepted and may lead to many scams and cyber frauds. According to some market experts, cryptocurrencies will occupy 25% of the national currencies by 2030. It has already been accepted by many organizations and governments and more will accept it as a payment mode in the coming years.

Conclusion:

Bitcoin is still holding the first position since its launch. There are finite numbers of bitcoins and their demand is increasing. These factors have made bitcoins one of the most sought-after cryptocurrencies. Bitcoin trading is not an easy task. Whether a new or veteran cryptocurrency trader, you can try out the El app for bitcoin trading. It not only makes the trading process interactive and easy to understand but also maintains the safety of the transaction.

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TechGlobeX: History of Cryptocurrencies and Cryptocurrency Timeline
History of Cryptocurrencies and Cryptocurrency Timeline
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