Cryptocurrency is known as digital currency, which any government does not control. They were first pronounced as cyber currency in 1980. In 2008 Bitcoin was the main reason for making cryptocurrency a popular currency worldwide. Some say that Satoshi Nakamoto, a single programmer, developed Bitcoin, but some say that was the group’s name.
2008 since Bitcoin and other cryptos were launched, they got too much popularity in the past few years. But how did it get its popularity? How does it gain its trust? “bankomat” will discuss it in this post ahead, so go on reading.
History of Cryptocurrency
Following are some primary timelines discussed briefly in digital currency and bitcoin.
Concept of Cryptocurrency
1989, cryptocurrency was first used, and a few years after that, in 1980, David Chaum got the idea of digital currency by using cryptography techniques. But after a few years, cryptographic, customs, and software technology started developing more progress in this field, making it possible to make a trust fully digital currency. So in 2008, Satoshi Nakamoto posted the news in a paper. The title was on a peer-to-peer digital cash system without a third party. This news affected the revolution of digital currency.
2009 Bitcoin Launched
Satoshi launched Bitcoin in the year of 2009. Also in this, it was established as open-source software. Suppose you want to send money from one country to another one. Then that was not easy like crypto-one because it has 3rd party like the Government or Banks. Nakamoto and Hal Finney were the first who did their first Bitcoin transaction. And in the following, one person bought two pizzas and asked the rider to exchange them with his bitcoins. In the end, he paid his payment of 10,000 bitcoins to the rider. Compare this to the current bitcoin value, which will equal millions of dollars. That shows that this technology will gain interest in the coming future.
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The Situation Of The Crypto Market from 2010 Onward
At the beginning of 2010 Cryptocurrency Market only had one currency, Bitcoin. It got the price of a few cents until other new digital currencies came into the market. After that, other currencies fell and rose along with bitcoin. In the next few years, people lost trust in cryptos, but in 2017, cryptocurrency prices took colossal growth. In the year of 2018 market cap of all cryptocurrencies increased to 820million$, which seems to be like the growth of the crypto market. Also, between these years, especially in 2017, many people started the wrong cryptocurrency news and scams. Scammers targeted investors with fake initial currency. Still, in 2022 people are not safe from scammers because even more scams surface.
Bitcoin is discussed as the main subject in many debates around the world nowadays. But there are also some other cryptocurrencies out there. Following is the cryptocurrency list
- USD Coin (USDC)
- XRP (XRP)
- Binance USD (BUSD)
- Cardano (ADA)