History of Cryptocurrency

Cryptocurrencies or the virtual currencies are the digital assets used by people in today’s era. The era of technology has produced a great innovation for people. It has shrunk the world into a compact form through these financial transactions. People can transact on the go; all they need is an internet and a smart phone.

Ever wondered how such a hype about the cryptocurrencies came into existence? What is the history behind this? This is what I would be writing today to let all the curious people out there to know what cryptocurrency is and how it came into existence.

What is cryptocurrency?

Cryptocurrencies are basically new digital assets that use cryptographic protocols. The cryptocurrency developers build such protocols that is entirely based on the advanced mathematics. They are decentralised assets having no other intervention and is completely safe. Cryptocurrencies are based on the blockchain technology.

There is a master ledger or the blockchain that store all the transactions and the activities involved in the crypto world. The finite length of the blockchain increase within time. The transaction is finalized on the ledger and once done it becomes irreversible.

History of cryptocurrency.

Cryptocurrency existed before the invention. There was a theoretical construct long before the release of them. Bitcoin was the first introduced cryptocurrency that was publicly used as a means of exchange. It was outlined by Satoshi Nakamoto and in 2009 he published bitcoin publicly. The group of supporters started mining and exchanging bitcoin. However, in 2010 the currencies similar to bitcoin like Litecoin were also introduced. During this period of time the bitcoin‘s first public exchanges also occurred.

WordPress was the first merchant to accept bitcoin as payment. After that dozens did this way and bitcoin was becoming renowned. Now all the merchants around the world view it as the most popular way to transfer money. Since then there is an increase in the number of merchants and even PayPal has allowed the exchange of bitcoins and accepted it as a means of payment. Moreover, they would even provide bitcoin wallets to the customers.

Bitcoin being the most famous currency had a rollercoaster ride and it gained exposure to many good and bad.  Good in a sense that people started tapping into it and many bitcoin bots helped them in. Most of the people chose this bitcoin trader platform as a start to their journey and earned loads of money while some started deceiving others through the black bitcoin money. However, many officials have banned such sites to make the road clear of the scams.

The Rise in Bitcoin Price.

2016 marked as a major rise in bitcoin and it rose up to $1000 in 2017 early months. The meteoric rise came when the price doubled to $5000 in November and again in November it came up to $10,000. So, 2017 is the major rally of the time.  $20,000 was reached in December 2017 and many critics started calling this a price bubble. People were eager into this but then the crash of decline happened. By November 2018 the price fell down to $3500 and that was the sad news! 2020 was a year with COVID-19 but still the bitcoin price fluctuated up to $12000 recently.

Cryptocurrencies now have a fully developed industry that is regulated by institutions. These institutions are dedicated in supervising all the coin exchanges taking place globally. Cryptocurrency does not need any bills such as electricity to be paid. So, they never charge more for the transactions.

There are no employee wages in this so why ask more from the customers. Thus, it encourages more and more people to trust these financial tools so that the world becomes interwind. You can even start your trade with a zero-depositor depending on some brokers.

The older price fluctuations predict that the history would repeat and very soon bitcoin would reach a great rise again. That’s the good news for the investors! The great profit awaits them now! Many people get scared by the volatility but the profitable amounts of bitcoin are the best reason to opt for! When are you entering into the virtual coin’s world?